Question

explain single entry system​

Answer 1

Answer:

A single entry system records each accounting transaction with a single entry to the accounting records, rather than the more common double entry system. The single entry system is centered on the results of a business that are reported in the income statement.

Explanation:

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Answer 2

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. This process does not require formal training and is usually used by new small businesses because of its simplicity and cost effectiveness.