Question

single entry system of accounting can be adopted by?​

Answer 1

Answer:

Single Entry System of Accounting, also known as Accounting from Incomplete Records, is a non-standard and non-scientific system of accounting. This system is adopted by small businessmen as they do not have enough capital and expertise to employ the standard double entry system of accounting in their business.

Explanation:

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Answer 2

Single entry system is used by small firms that have just started business.

Explanation:

Single entry accounting system can be described as a system that businesses use to get by rather than something that companies may find desirable.

Single entry system is used by small firms that have just started business. Such firms do not have the resources that are required to put up a full-fledged accounting system in place.

However as and when their business grows most firms are compelled to adopt the double entry system. This is because the single entry system is highly inefficient and can be used only by sole proprietors when the scale of business is very small and the transactions to be undertaken are not very complicated.