Question

System of accounting normally suitable to small business organisation. Answer in a word / phrase / term.

Answer 1

Hey mate ✌️✌️


System of accounting normally suitable to small business organisation.

ANSWER ⏬⏬⏬

SINGLE ENTRY STATEMENT.


(BECAUSE IT INCLUDE ONLY CASH TRANSACTION)

Answer 2

The system of accounting normally suitable to small business organisation is the single entry system.

• A single entry system documents each of the accounting transaction with a single entry in the accounting records, rather than the much broader dual entry system. The single entry process focuses on the results of a company recorded in the statement of profits.
• Example single entry system: this accounting system is pretty good for keeping track of money, accounts payable, receivables, account taxes paid and few other accounts