Tag Archives | Account System

In this article we will discuss about the important features of double account system of accounting.  1. Generally, a public utility undertaking needs a large amount of capital which is invested in the acquisition of fixed assets. Therefore, fixed assets, fixed liabilities, current assets and current liabilities are to be separately dealt with. Fixed Assets and Fixed or Long-term Liabilities [...]

In this article we will discuss about the advantages and disadvantages of double account system of accounting. Advantages of Double Account System: 1. The Capital Account prepared under double account system is similar to a Cash Account. This account shows how much capital has been raised from the public and what portion of it has been spent on permanent assets. [...]