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Question
Answer the following question in one sentence only.
What is single entry system?
Solution 1
Single entry system is a system of book keeping in which incomplete records are maintained. Under this system, records of only cash and personal accounts are maintained. There are no defined set of rules to be followed. It is particularly suitable for small businesses with a limited number of transactions. Accounts maintained under this system are known as incomplete double-entry records.
Solution 2
A bookkeeping system that only records one aspect of each business transaction. i.e. either debit or credit is called single entry system.
Solution 3
A bookkeeping system that only records one aspect of each business transaction. i.e. either debit or credit is called single entry system.
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RELATED QUESTIONS
Which accounts are normally kept under single entry system?
Answer in one sentence only.
Which type of transactions are recorded in Single Entry System?
Answer in one sentence only.
Why is it difficult to ascertain the correct profit or loss under Single Entry system?
Answer in one sentence only.
Which types of accounts are normally not kept under Single Entry System?
Write the word / term / phrase which can substitute the following Statement.
A system of accounting which is not scientific.
Write the word / term / phrase which can substitute the following Statement.
Name the method in which only cash and personal transactions are recorded.
Write the word / term / phrase which can substitute the following Statement.
System of accounting normally suitable to small business organization.
Write the word / term / phrase which can substitute the following Statement.
The accounting method in which profit is calculated by comparing opening and closing statements of affairs.
Select the most appropriate answer the alternatives given below and rewrite the Sentence.
Under Single entry System only _______________.
State True or False.
Single Entry System is based on certain rules and principles.
State True or False.
Single Entry System is not useful for large business.
