difine single entry system
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A single entry system of bookkeeping is where the transactions of the business affect only one account, i.e. only one account's value will decrease or increase based on the transaction amount.
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.
A single entry system of accounting is a form of bookkeeping in which each of a company's financial transactions are recorded as a single entry in a log.
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