Why is double-entry bookkeeping important? What will be an ideal resp

QUESTION

Why is double-entry bookkeeping important?

What will be an ideal response?

ANSWER

Answer: With double-entry bookkeeping, each transaction is recorded as both a credit and a debit, making it less likely that there will be errors because both accounts must be reconciled with each other.
Explanation: With double-entry bookkeeping, each transaction is recorded in two different accounts, making it less likely that there will be errors and making it easier to find errors when they occur.