Advantages & Disadvantages of Single Entry System
Advantages & Disadvantages of Single Entry System
·
Advantages of Single Entry System :-
(i)
Simple
Method: Single Entry System is a simple method of recording
business transactions.
(ii)
Less
Expensive: It is less expensive when it is compared to Double
Entry System of book keeping.
(iii)
Suitable
for Small Businesses: It is mainly suited to small
businesses with limited number of transactions and very few assets and
liabilities.
(iv)
No
Need of Expert Knowledge: Under Single Entry System,
accounting records can be easily maintained as their maintenance does not
require expert knowledge of the principles of book keeping.
(v)
Easy
to Ascertain Profit or Loss: Ascertainment of profit or loss
is much easier. To ascertain the profit or loss, the proprietor has to compare
the financial condition of business at the close of the accounting period with
that in the beginning.
·
Disadvantages of Single Entry System :-
(i)
Arithmetical
Accuracy cannot be Proved: Trial Balance cannot be prepared
hence, arithmetical accuracy of books cannot be proved or tested. Chances of
error, mischief or fraud remaining undetected are high.
(ii)
No
Control on Assets: Since assets accounts are not
maintained, it is difficult to keep full control, in order to avoid
misappropriations of assets.
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