Describe the uses (advantages) of single entry system.

1.	Describe the uses (advantages) of single entry system.
Answer» The advantages of single entry system are as under : Limited object: This method is very useful for small traders like hawkers, small retailers or street-venders because their utility to prepare the accounts is limited. Time and Expense : In this method, books of account are prepared by small traders with less expense and less time, because all accounts are not prepared. Limited books : Small traders keep the books as per their business requirement. Normally they prepare only personal accounts. So, it requires limited books.

Answer»

The advantages of single entry system are as under :

Limited object: This method is very useful for small traders like hawkers, small retailers or street-venders because their utility to prepare the accounts is limited.
Time and Expense : In this method, books of account are prepared by small traders with less expense and less time, because all accounts are not prepared.
Limited books : Small traders keep the books as per their business requirement. Normally they prepare only personal accounts. So, it requires limited books.

Discussion