Question

characteristics of single entry system​

Answer 1

Answer:

The main characteristics or features of single entry bookkeeping system can be highlighted as follows:

• Lacks Fixed Rules And Principles. ...
• Incomplete Accounting System. ...
• Lacks Arithmetical Accuracy. ...
• No Final Accounts. ...
• No True Profit Or Loss. ...
• No Disclosure Of Financial Position. ...
• Suitable For Small Business Firms. ...
• Economical System.

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Answer 2

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➥The main characteristics or features of single entry bookkeeping system can be highlighted as follows:

• Lacks Fixed Rules And Principles
• Incomplete Accounting System
• Lacks Arithmetical Accuracy
• No Final Accounts
• No True Profit Or Loss
• No Disclosure Of Financial Position
• Suitable For Small Business Firms
• Economical System