need and importance of single entry system
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Answer:
The incomplete form of recording financial transaction is known as single entry system.
Explanation:
Needs and Importance Of single entry system:
1. Simple and easy: As this system has no fixed principles to follow while recording the transactions, hence it is simple and easy to maintain.
2. Economy: As it does not require skilled accounting personnel so this system is an economical system of recording transactions.
3. Suitable for small business: The small businesses cannot afford the cost of double entry system so it is helpful for small business.
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