Is it true that Single Entry System a separate system of bookkeeping?

January 29th, 2011 Comments off
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  • The Single Entry System is NOT a separate system of bookkeeping but an INCOMPLETE form of double entry system.
  • Also alternatively called accounting of transactions from incomplete records.
  • Under this system, either one aspect of the transaction may be recorded or both aspects may be recorded or no record may be made of a transaction.

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Financial Accounting

 
 

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