Advantages of the Single-entry System:
The main advantages of Single-entry System are:
1. It is a simple method of recording business transactions because an elaborate accounting procedure is not involved in this system.
2. It is less costly when compared with the double-entry system, fewer books are maintained under this system.
3. As this system is simple and less costly, it is suitable for small concerns.
The main advantages of Single-entry System are:
1. It is a simple method of recording business transactions because an elaborate accounting procedure is not involved in this system.
2. It is less costly when compared with the double-entry system, fewer books are maintained under this system.
3. As this system is simple and less costly, it is suitable for small concerns.
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