How does single entry system differ from double entry system? – InterviewSolution

1.

How does single entry system differ from double entry system?

Answer»

Single entry system differs from double entry system in the following manner :

Single entry system	Double entry system
1. Every transaction does not have two effects.	Every transaction has two effects.
2. Only personal accounts are maintained in the ledger.	All accounts are maintained in the ledger.
3. Trial balance and Balance sheet cannot be prepared.	Trial balance and Balance sheet can be prepared.

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