single entry system
Answers
Answer:
single-entry bookkeeping system or single-entry accounting system is a method of bookkeeping relying on a one sided accounting entry to maintain financial information. It's also known as incomplete or unscientific method for recording transactions
Answer:
A single entry system is a method of maintaining financial information through one sided accounting entry. Small businesses preferred to maintain single-entry bookkeeping system with records of minimum necessities. Single entry system example: such accounting system is pretty good to maintain records related to cash, account payable, receivables, taxes paid account and few other accounts. Accountant professionals typically include additional information along with this single-entry system to prepare financial reports and statements of the business.