​Identify Whether the Following Description Is an Advantage of the Double-Entry

question 23

Multiple Choice

​Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once.
-​Inclusion of assets and liabilities in bookkeeping accounts

• A)​advantage of double-entry system over the single-entry system
• B)​characteristic of the single-entry system

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Definitions:

Increase in Price

A situation where the cost of goods or services rises, potentially due to factors like higher demand, production costs, or inflation.

Supply and Demand

Supply and demand is an economic model that explains the interaction between the availability of a resource and the desire for that resource, affecting its price.

Bid-ask Spread

The difference between the highest price a buyer is willing to pay for an asset and the lowest price a seller is willing to accept.

Market Maker

A participant in the financial markets who stands ready to buy and sell securities regularly at their own risk to provide liquidity and help the market function smoothly.