Question

what do you understand by 'Double Entry System'? How is it different from 'Single Entry System'? Discuss.

Answer 1

The single-entry system of bookkeeping requires inputting the entry only once in either the credit column or the debit column. The double-entry system requires putting one entry twice, once in the credit column and once in the debit column of another account.

Answer 2

heya.......
here is ur ans....
SINGLE ENTRY SYSTEM=>A Single Entry system records each accounting transaction with a single entry to the accounting records.Asset and liability records are usually not tracked in a single entry system
Single entry systems are strictly used for manual accounting systems, since all computerized systems utilize the double entry system

DOUBLE ENTRY SYSTEM=>Every business transaction causes at least two changes in the financial position of a business concern at the same time - hence, both the changes must be recorded in the books of accounts.For each debit there will be a corresponding credit entry of an equal amount. Conversely, for every credit entry there will be a corresponding debit entry of an equal amount. So, the system under which both the changes in a transaction are recorded together - one change is debited, while the other change is credited with an equal amount - is known as double entry system.

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