How does single entry system differ from double entry system? - Vidyadip

Question

How does single entry system differ from double entry system?

✓

Answer

Single entry system differs from double entry system in the following manner:

Single entry system	Double entry system
Every transaction does not have two effects.	Every transaction has two effects.
Only personal accounts are maintained in the ledger.	All accounts are maintained in the ledger.
Trial balance and Balance sheet cannot be prepared.	Trial balance and Balance sheet can be prepared.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "questions in two to three sentences . (2 Marks)" from P2 C10 Accounts from Incomplete Records→P2 C10 Accounts from Incomplete Records — all question types→Account STD 11 Commerce question papers→Gujarat Board STD 11 Commerce question papers→Gujarat Board question paper generator→

Similar questions

When is the concept of true and fair position of business realized?

Which accounts will be debited and credited in the following transaction? $(A) Rs.1,200$ paid for refreshment at inaugural function of shop. $(B)$ A currency note of $Rs.100$ eaten by goat.

Distinguish between trade discount and cash discount

Explain accounting as an art and science.

State three reasons for difference between balance as per cashbook and passbook.

Explain the following terms used in Deshi Nama : $(1)$ Hatthu Khatu :

Explain Kacha Khata and Paka Khata.

Describe the characteristics of journal

Give the detailed information regarding different forms (types) of ledger.

What is provision?