what is the meaning of single entry system ?explain briefly.
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A single entry system of bookkeeping is where the transactions of the business affect only one account, i.e. only one account's value will decrease or increase based on the transaction amount. ... The nominal accounts and real accounts are not recognised under this system.
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Single entry system is an incomplete system of maintaining records of financial transaction. It does not record two aspects of every transaction. It maintains only personal account and cash book and ignores all other accounts. Under this system, the accounts maintained are not complete, and therefore are not reliable.
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