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Categories  >>  Accounting  >>  Accounting AllOther
 
 


 

 
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 Accounting AllOther interview questions  Accounting AllOther Interview Questions
Question 
DEFECTS OF SINGLE ENTRY SYSTEM
 Question Submitted By :: Dr. R.srinivasan
I also faced this Question!!     Rank Answer Posted By  
 
  Re: DEFECTS OF SINGLE ENTRY SYSTEM
Answer
# 1		 
This system does not track the assets and liabilities 
account such as inventory, account receivable and account 
payable.

It facilitates the calculation of income but not the 
financial position. There is no direct linkage between the 
income and the balancesheet.

Errors may go undetected and often are identified through 
bank reconciliation statement
 
Is This Answer Correct ?    3 Yes 1 No
Sonali
 

 
 
 
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