The proprietor of a very small, part-time business was not interested in keeping detailed accounts for the business. Recently, an accountant advised that the business should have its account recorded under the double-entry system. The proprietor argued that the system was too costly and too detailed for the needs of the business.

What arguments should the accountant use to support the double entry system? Do you agree with the proprietor? Why

One often hears the statement: "Debits are bad and credits are good for the business."

Do you agree? Why?