Advantages And Disadvantages of Single Entry System of Accounting
Single Entry System is suitable for small enterprises but these businesses can adopt Double Entry System of Bookkeeping that have lots and Advantages and some Disadvantages. Single Entry System has some advantages but it is not Recommended in Modern Accounting , especially for Lager Business Organizations. You Can Also Find This Article Valuable,” Advantages And Disadvantages of Double Entry System ” Advantages / Merits of Single Entry System 1. It is less expensive and simple to use as there are some main accounts for Bookkeeping to be maintained such as Journal Proper or General Journal, Cash Book , Accounts Receivable and Accounts Payable . 2. It doesn’t requires any Specialized Qualification and Skill. Any Ordinary person having common sense can do the business and earns huge N et Profit / N et Income if Sales increases during the Accounting Period with Less Expenses . Disadvantages / Demeri...