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what is the meaning of single entery system and double
entery system ?
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Answer Posted / dharmesh sati
Double Entry System
An accounting technique which records each transaction as
both a credit and a debit. Credit entries represent the
sources of financing, and the debit entries represent the
uses of that financing. Since each credit has one or more
corresponding debits (and vice versa), the system of double
entry bookkeeping always leads to a set of balanced ledger
credit and debit accounts. Selected entries from these
ledger balances are then used to prepare the income
statement.
Single Entry System
An accounting method in which transactions are recorded as
a single entry, rather than as both a debit and a credit as
in double-entry bookkeeping. When using single entry
bookkeeping, taxable income is just the difference between
cash expenses and cash receipts over the relevant time
period. Single entry accounting tends to be suitable only
for small companies with simple financial statements.
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