Question

write any two profit of single entry system​

Answer 1

Answer:

Profits of Single Entry System :

1. Accounting records can easily be maintained as it does not require adequate skills and knowledge of principles of Book Keeping.
2. It is a very simple method of recording business transactions.
3. It is less expensive as compared to Double Entry System.
4. It can be prepared easily in a short time.

Meaning and extra information:

Under Single Entry system of accounting, only Cash book and Personal accounts are recorded.

[Real and Nominal accounts are not maintained.]

It does not have proper set of rules that are to be followed.

Single Entry System is useful only for small business concerns. And so, it is with limited number of transactions and very few assets and liabilities.