Question

advantages of single entry system? ​

Answer 1

Answer:

Single entry system is an economical system of recording financial transactions. It does not require hiring skilled accounting personnel to record financial transactions of the business. Further, it does not require large number of books to record the limited number of financial transactions.

Answer 2

Answer:

1. simple system-single entry is the simple system of recording business transactions

2.less expensive -single entry system is less expensive if compared to double entry method of book-kepping

3. suitable for small business - single entry system is suitable for small business having very few transaction,assets and liabilities

4. accountancy knowledge not required-to write accounts in single entry system no specific accounting knowledge is required