BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Debits and credits are essential to the double entry system. In accounting, a debit refers to an entry on the left side of an account ledger, and credit refers to an entry on the right side of an account ledger.

Detailed explanation-2: -Single-entry bookkeeping uses cash-basis accounting, a system that gets its name because it focuses on recording cash coming in (revenue) and cash going out (expenses).

Detailed explanation-3: -The single-entry and double-entry bookkeeping systems are the two methods commonly used. While each has its own advantage and disadvantage, the business has to choose the one which is most suitable for their business.

Detailed explanation-4: -In single-entry bookkeeping, the income and expenses for the transactions are recorded in a cash register, whereas the double-entry system starts with a journal, followed by a ledger, a trial balance, and finally financial statements.