Question

Difference between single entry and double entry system of book keeping

Answer 1

single entry is also called book keeping. and in single entry only transaction are recorded not the effective transaction.this is justify when the enterprise is a micro and the transaction are not that many or complex.

Double entry system there are always two entries are required for every transaction recorded. this is because any change in one account automatically results in a change in another account. both change must be recorded. the means by the way of debit and credit entries.