| Basis | Double Entry System | Single Entry System |
| Accounts Maintained | All personal, real and Nominal
Accounts are maintained. | Only personal accounts and Cash/ Bank balances are generally maintained |
| Trial Balance | Trial Balance is prepared, hence arithmetic accuracy of the accounts is verified | Trial Balance is not prepared, hence arithmetic accuracy of the accounts is not verified |
| Profit or Loss | Correct Profit and Loss is ascertained through Profit and Loss Account | Estimated Profit and Loss is ascertained, which might / might not be correct, as scientific ways are not followed |
| Financial Position | Correct Financial Position is ascertained | Estimated Financial Position is ascertained |
| Authenticity | Court accepts it as an authentic system | Court doesn’t accept it as an authentic system |
