Question

State the any two features of single entry.​

Answer 1

Answer:

Special Features of Single Entry System:

1. It maintains personal accounts and cash book, while real and nominal accounts are not maintained.

2. It depends on original documents, e., receipts/vouchers, together necessary data.

Answer 2

ANSWER :

✪ Two features of Single Entry System are as follows :-

• [1] Incomplete System : Single Entry System of accounting is an incomplete system of recording transactions in the books of accounts as the two fold aspects of each transactions are not recorded. Only the records of accounts relating to cash, debtorys and creditors are maintained.

• [2] No Fixed Rules : Single Entry System of accounting is not guided by any accounting rules or principles i.e., this system of recording accounting transactions in the books of accounts is not maintained on the basis of any specific accounting principles or rules.

MORE INFORMATION :

✪ Single Entry System :-

• ➺ According to Kohler, "Single Entry System is system which records its transaction relating to personal accounts".

• ➺ Single Entry System is an incomplete, partial and unempirical method of recording budiness transactions in the books of accounts.

• ➺ Instead of recording the two fold aspects of every transaction as per Double Entry System, only the transaction of accounts relating to cash debtor and creditor are maintained under Single Entry System.

• ➺ Single Entry System is a crude method of recording business transaction and the system is referred to as a system of "Imperfect Accounting".