Question
Write any three characteristics of Single Entry System.
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Answer
Characteristics of Single Entry System:
- Suitability: This system is suitable for small-size businesses where the number of transactions is less.
- No Uniformity: This system may differ from firm to firm as it is a mere adjustment of Double Entry System according to requirements and convenience.
- Maintenance of Personal Accounts: Usually under this system, only personal accounts are maintained and real and nominal accounts are avoided. Therefore sometimes, it is defined as a system where only personal accounts are kept.
- Maintenance of Cash Book: Generally, a Cash Book is maintained in this system which mixes up business as well as personal transactions.
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