Give any five features of single entry system.

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Asked: 2023-02-27T03:34:20+05:30 In: Commerce
Give any five features of single entry system.

Hi, I have a question and I hope anyone could answer it:

Give any five features of single entry system.

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  1. Best Answer
    Gandalf

    Answer:

    1. It is an unscientific, unsystematic, and incomplete system.
    2. Mainly personal accounts are prepared by ignoring fully or partially the impersonal accounts.
    3. It is used by small traders.
    4. Profit or loss under this system is only an estimate.
    5. True financial position cannot be ascertained.
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