Question

What is Conclusion of single entry system

Answer 1

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Most businesses maintain a record of all transactions based on the doub-entrybookkeeping system. However, many small, simple businesses maintain only a single-entry system that records the "bare-essentials." ... "A single-entry system is based on the income statement (profit or loss statement).
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Answer 2

A few business choose single entry accounting instead of the more common single entry system  with the single entry approach, each financial event brings just one transaction  in the accounting system. This approach is similar to the way that individuals use a check register.   The single-entry approach is more straight forward to use than double entry  methods. It does not require training in accounting.    Single-entry accounting is a form of book-keeping transaction is a single entry in a journal or transaction log. As a result, the accounting system is called, not surprisingly, a single-entry system. And the approach is also known as single-entry book-keeping.....................