The main characteristics of single entry system are:
1. It has no fixed rules and principles, hence it may vary in different institutions.
2. Only cash book is kept, in which both personal and business entries of cash transactions are made.
3. Only personal accounts are opened in it.
4. One has to depend on original documents for getting information for various dealings.
5. No trial balance can be made for examining the mathematical accuracy.
6. Due to incomplete accounts the estimated profit or loss cannot be called accurate or exact.
7. Exact financial position cannot be known through this system.
8. As it is incomplete it cannot be presented as an authentic proof in any court.
9. It is more suitable for smaller businessmen as it is single and time saving.
