State the difference between single entry system and double entry syst

1.	State the difference between single entry system and double entry system. 12 std
Answer» Explanation: Single Entry System The single entry system is a method of recording financial transactions where only one entry is marked for EITHER a debit entry or credit entry for a specific operation. For example, if a customer pays CASH to the enterprise, either cash account will be credited, or debtor account will be DEBITED Double Entry System The double entry system ensures that for every single debit entry, a corresponding credit entry MUST be RECORDED while every credit entry is completed by filing a similar debit entry, which means that each entry has an opposite entry.

State the difference between single entry system and double entry system. 12 std

Answer»

Explanation:

Single Entry System

The single entry system is a method of recording financial transactions where only one entry is marked for EITHER a debit entry or credit entry for a specific operation. For example, if a customer pays CASH to the enterprise, either cash account will be credited, or debtor account will be DEBITED

Double Entry System

The double entry system ensures that for every single debit entry, a corresponding credit entry MUST be RECORDED while every credit entry is completed by filing a similar debit entry, which means that each entry has an opposite entry.

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