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Distinguish between Double entry and Single Entry system of accounting.

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BASIS FOR COMPARISONSINGLE ENTRY SYSTEMDOUBLE ENTRY SYSTEM
MeaningThe system of accounting in which only one sided entry is required to record financial transactions is Single Entry System.The accounting system, in which every transaction affects two accounts simultaneously, is known as the Double Entry System.
NatureSimpleComplex
Type of recordingIncompleteComplete
ErrorsHard to identifyEasy to locate
LedgerPersonal and Cash AccountPersonal, Real and Nominal Account
Preferable forSmall EnterprisesBig Enterprises
Suitable for tax purposesNoYes

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