Question

Explain the utilities of single entry system

Answer 1

Answer:

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.

Answer 2

Answer:

A single entry system records eachaccounting 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