SINGLE ENTRY

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DOUBLE-ENTRY -RECORDING ACCORDING TO DUAL ASPECT(DEBIT AND CREDIT)

TRANSACTION- EXCHANGE(GOODS, SERVICES) BETWEEN TWO PARTIES.

BUSINESS TRANSACTIONS - MONETARY TRANSACTIONS (DEBIT-CREDIT)

SINGLE ENTRY - ACCOUNTS FROM INCOMPLETE SYSTEM OF RECORDING.

WHEN THERE ARE ANY INCOMPLETE RECORDS WHILE MAKING THE TRADING, P/L ACCOUNTS... OR WHILE LEAVING OUT SOME TRANSACTIONS WHILE PREPARING THE LEDGER (OMISSION).

KEEPING OF BOOKS AND RECORDS WHILE NOT FOLLOWING THE RULES OF DOUBLE-ENTRY.

ADVANTAGES

NO NEED FOR EXPERT KNOWLEDGE

EASY PROFIT CALCULATION

LESS EXPENSIVE

SIMPLE METHOD OF ASSESSMENT

DISADVANTAGE

ARTHEMITIC ACCURACY CANNOT BE PROVEN

NO CONTROL ON ASSET

FINANCIAL POSITION CANNOT BE ASSESSED

NO INTERNAL CHECK

STATEMENT OF AFFAIRS METHOD. (NET WORTH)

IF THE FEATURES ARE ASKED FOR THE EXAM. WRITE THE ADVANTAGES

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