Question

System in which accounting records are not kept strictly according to double entry system is called

Answer 1

Hello mate..

Ur answer is Single Entry System.


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Answer 2

SINGLE ENTRY SYSTEM OF BOOK KEEPING

System in which accounting records are not kept strictly according to double entry system is called single entry system of book keeping.

GETTING TO KNOW MORE ABOUT SINGLE ENTRY SYSTEM OF BOOK KEEPING:

* A single entry bookkeeping system is one in which the company' transactions effect just one account, i.e. only one account's value decreases or increases as a result of the transaction amount.

* A cash book is created in this system, which shows the payment and receipts of cash transactions.

* The cash book and personal accounts of creditors and debtors are managed under the single entry method of bookkeeping, and no additional ledger is maintained.

* Every company transaction is documented in the cash book without using the concepts of the double-entry bookkeeping system. This approach does not distinguish between nominal and real accounts.