MANAGEMENT

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: -There are two primary methods of accounting-cash method and accrual method. The alternative bookkeeping method is a modified accrual method, which is a combination of the two primary methods. Cash method-income is recorded when it is received, and expenses are recorded when they are paid.

Detailed explanation-3: -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-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.