Accounting International Marketable Securities Standard

The preparation of financial statements commence with a simple process that is known as double entry book-keeping. Double entry book keeping is the corner stone of all accounting and all the accuracy and reliability of financial statement depend on whether the double entry has been done correctly.

In accounting generally there are two forms of score keeping approaches and they are;

• single entry accounting
• double entry book keeping

Single entry accounting

Single entry involves entering or recording business transactions such as a cash purchase or cash sale for example on a spread sheet. The data entered in single entry book keeping need further manipulation for it to be used in preparation of financial statements.

Data from single entry need to be converted into double entry for financial statements to be able to be prepared. It is therefore important that a business owner or book keeper uses a double entry system when recording business data because data from a single entry system is not very useful in preparation of accounts without further manipulation.

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