Interested to Buy Any Domain ? << Click Here >> for more details...
Let me know the differences between singlr entry and double
entry system of accounts
- 3 Answers
- 6542 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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 |
what is mean by bank reconciliation?
euro dollars are best described as ?
define export sales contract. distinguish between export sales contract and domestic sales contract.
Choose the correct answer: In case of assesses other than companies, the following is advance tax rate to be payable on or before of 15th September on the current fringe benefits. (1) 15 per cent; (2) 30 per cent; (3) 45 per cent; (4) 60 per cent.
WHICH IS MORE RISKY TO A BANKER, A CASH CREDIT OR A LETTER OF CREDIT
fill in the Blanks Fringe Benifit Tax will be levied on the ___________
Received an order from Babu for the supply of goods Rs.200/-. state whether the the following transcation is business transcation or non business transcation? with reson or explaination?
who to culculated depriciation of fixed asstes & buildings
fill in the Blanks One Example of external users of accounting information_____
what is the difference between a call option and a put option?
what are the golden rules of accounts and the items of personal accounts,real account,nominal accounts?
Hello Frd's This is Mohd NaseerUddin. Is Anyone can help me out to findout a Accounting Peachtree 7.2 note's aswel as Focus notes also Plsssssss helpme out to find it. My E-mail id is mohd_naseeruddin43@yahoo.com
Audit 
