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Let me know the differences between singlr entry and double
entry system of accounts
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Answer / bindu
In case of single entry system only one side of the entry
got posted.This system is almost all similar to cash/cheque
book register.For example assume opening balance as 10,000
debit.In case of payables this amount got decreased and
vice versa.This system used only by small organisation
where audit is not required.In case of errors, tracking
happens only through Bank Reconcilation statement.
Where as in case of double entry system for each and every
debit there should be credit with equal and opposite
amount.So tracking will be easier for each trasaction.
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / shameem
1.Double entry maintains a complete record of (a)personal
accounts,(b)real accounts, and (c)nominal accounts
whereas single entry is an incomplete record,only personal
accounts and cash accounts are maintained
2.Double entry is the only scientific system of keeping
books of accounts, whereas single entry is not a system,it
is incomplete and unscientific
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / hemant rawat
the system which does not follow the principle of double entry system called single entry.under this system complete record of each and every transaction is not maintained.under this real and nominal accounts are not maintained transaction record only in cash book and only personal account are maintained.
in double entry every transaction has two aspect examle one party is receiving benefit and other giving benefits.when we receive something we give something else in return.for examle when we purchase goods in cash we receive goods and give cash in return.
| Is This Answer Correct ? | 1 Yes | 0 No |
plz send me the accounting questions and answers of bank of america.
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