What is single entry system? (Answer in one sentence)
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SINGLE ENTRY SYSTEM IS A SYSTEM IN WHICH ONLY ONE ASPECT OF THE BUSINESS WAS RECORD
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=) A single entry system records each bookkeeping exchange with a single entry to the bookkeeping records, instead of the endlessly progressively far reaching twofold entry system .
Single entry system is a deficient type of chronicle monetary exchanges. It is the system, which does not record two perspectives or records of all the monetary exchanges. It is the system, which has no settled arrangement of principles to record the money related exchanges of the business. Single entry system records just a single part of exchange.
=) A single entry system records each bookkeeping exchange with a single entry to the bookkeeping records, instead of the endlessly progressively far reaching twofold entry system .
Single entry system is a deficient type of chronicle monetary exchanges. It is the system, which does not record two perspectives or records of all the monetary exchanges. It is the system, which has no settled arrangement of principles to record the money related exchanges of the business. Single entry system records just a single part of exchange.
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