Can you explain the advantages of recording transactions under the double entry system?

Answer by  Anmar (7)

It enable you to prepare the Trail Balance and accordingly the Trading, Profit and Loss accounts and the balance sheet. Those will help you to know your current financial position and your financial results for ended period of time (usually year or quarter)

Answer by  JohnAndrew (199)

The advantages or recording transactions under the double entry system is that you can monitor your financial results and progress for a specific time.