Question

single entry system format

Answer 1

A single entry system is a method of maintaining financial information thru one sided accounting entry. It method is also known as single-entry accounting system. Normally 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.