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Question
Write the word / term / phrase which can substitute the following Statement.
A system of book-keeping in which both the aspects of transaction are recorded.
One Word/Term Answer
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Solution
Double entry system
Explanation: In contrast to single-entry system, under double-entry system, the dual aspect of each transaction is recorded. In other words, debit and credit aspects of nominal, real and personal accounts are recorded. Therefore, this system is considered more reliable and scientific.
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