What are the advantages of Double Entry System?

According to double entry system, every transaction has two -fold aspects, debit and credit and both the aspects are to be recorded in the book of accounts. The advantages of double entry system are as follows: (i) By the use of this system the accuracy of the accounting work can be established, through the device of the trial balance. (ii) The profit earned or loss incurred during a period can be ascertained together with details. (iii) The financial position of the entity or the institution concerned can be ascertained at the end of each period, through preparation of the financial statements. (iv) The system permits accounts to be kept in as much details as necessary and, therefore provides significant information for the purpose of control and reporting. (v) Result of one year may be compared with those of previous years and reasons for the change may be ascertained.