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what is the meaning of single entery system and double
entery system ?
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Answer / vijaykumarreddy
double entry -- a method of bookkeeping in which there are
two entries for each transaction, one as a debit and the
other as a credit, that check and balance each other
single entry -- a method of bookkeeping in which each
transaction is entered only once on the account books
| Is This Answer Correct ? | 26 Yes | 7 No |
Answer / dharmesh sati
Double Entry System
An accounting technique which records each transaction as
both a credit and a debit. Credit entries represent the
sources of financing, and the debit entries represent the
uses of that financing. Since each credit has one or more
corresponding debits (and vice versa), the system of double
entry bookkeeping always leads to a set of balanced ledger
credit and debit accounts. Selected entries from these
ledger balances are then used to prepare the income
statement.
Single Entry System
An accounting method in which transactions are recorded as
a single entry, rather than as both a debit and a credit as
in double-entry bookkeeping. When using single entry
bookkeeping, taxable income is just the difference between
cash expenses and cash receipts over the relevant time
period. Single entry accounting tends to be suitable only
for small companies with simple financial statements.
| Is This Answer Correct ? | 11 Yes | 3 No |
Answer / mohammed
single entry means recorded once in the financial statement
double entry means recorded twise in the financial statement
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / deepak singh
sigle entry : that's mean this is effect only one time
in book keeping .
and
double entry : that's means this is effect two different
entry in book keeping (its effect only two times different
entry in cashbook).
| Is This Answer Correct ? | 5 Yes | 7 No |
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