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Sia ? 4 years, 9 months ago
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Sia ? 4 years, 9 months ago
| Meaning | The system of accounting in which only one sided entry is required to record financial transactions is Single Entry System. | The accounting system, in which every transaction affects two accounts simultaneously is known as the Double Entry System. |
| Nature | Simple | Complex |
| Type of recording | Incomplete | Complete |
| Errors | Hard to identify | Easy to locate |
| Ledger | Personal and Cash Account | Personal, Real and Nominal Account |
| Preferable for | Small Enterprises | Big Enterprises |
| Preparation of Financial Statement | Difficult | Easy |
| Suitable for tax purposes | No | Yes |
| Financial position | Cannot be ascertained easily. | Can be ascertained easily. |
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Honey 8 8 years ago
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