Single-entry system record cash flow events only, with a single journal entry

Double-entry bookkeeping means that each transaction is recordedin at least 2 account

Represent all documents in business

Contain financial records & acts as evidence of transactions

Include all accounts of a business

Used to record the transactions for the period

Include total from various ledger accounts

Acts as a preliminary check on accounts before producing final account

To show the financial performance and financial position of business entities

Transactions are recorded in a journal daily

Periodically, data are transferred in a ledger

Trial balance acts as a preliminary check on accounts before producing final accounts

At the end of the fiscal year, financial statements (final accounts) are prepared