state the difference between single entry system and double entry system. 12 std
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Explanation:
Single Entry System
The single entry system is a method of recording financial transactions where only one entry is marked for either a debit entry or credit entry for a specific operation. For example, if a customer pays cash to the enterprise, either cash account will be credited, or debtor account will be debited
Double Entry System
The double entry system ensures that for every single debit entry, a corresponding credit entry must be recorded while every credit entry is completed by filing a similar debit entry, which means that each entry has an opposite entry.
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