Question

Explain difference between single accounting system and double accounting system

Answer 1

Single entry system means there is only one aspect of transaction.

Double entry system means there are two aspects of transactions.

Single entry system is cheap.

Double entry system is costly.

. Single entry system has no rules for accounting.

Double entry system has many rules..

Single entry system is not useful in preparation for trial balance

Double entry system is helpful

. Single entry system is not helpful for preparations for final accounts

Double entry system is helpful