MGT611 FINAL TERM PAST PAPER BY GETCAREERALERT

MGT611 FINAL TERM PAST PAPER

This is the customary way of tracking monetary exchanges. In single section accounting framework, as it is obvious from the name, just a single part of the exchange is recorded. This really isn’t a framework however is a strategy by which private venture concerns, similar to retailers and little businesspeople,

keep record of their deal/pay. In this framework, there are generally a few registers “Khata”. In one register cash got from clients is recorded, though the other one is a personwise record of products sold using a credit card “Udhar Khata”. There might possibly be a register of providers to whom cash is payable. MGT611 FINAL TERM PAST PAPER

That implies, just a single part of exchange for example either cash receipt or the reality that cash is receivable from somebody is recorded. Twofold Entry Book-keeping The idea of twofold section depends on the way that each exchange has two perspectives for example getting a advantage and giving an advantage.

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The bookkeeping framework that records both the parts of exchange in books of records is called twofold passage framework. The record that gets the advantage is charged and the record that gives the advantage is credited. ‘Charge’ and ‘Credit’ are indicated by ‘Dr’ and ‘Cr’ separately. MGT611 FINAL TERM PAST PAPER

A definitive aftereffect of the framework is that for each Debit (Dr) there is an equivalent Credit (Cr). Single and Double Entry Book-keeping Distinguished  The twofold passage framework is a more complex, exhaustive and solid type of single section book. MGT611 FINAL TERM PAST PAPER

keeping framework. Single passage framework records just a single part of the exchange, for example, o Cash got from deal is recorded in sales register only, o Goods sold on layaway are recorded in the singular’s record as it were, o When money is gotten from the client, to whom something was sold using a loan, the receipt may simply be recorded in the record of individual as it were. Twofold passage framework records both the parts of the exchange;

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