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Home Analysis of Business Transactions and Double Entry System Single Entry System
 
 

Single Entry System:

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Definition and Explanation:

From the very name of the system it apparently seems that a system in which only one aspect of the transaction is recorded, is called single entry system. But in fact it is not so. This system does not observe any systematic rule. Under single entry system, some transactions are recorded on both the sides like double entry system, some are recorded on one side only, while some others are not recorded.

According to Arthur Fieldhouse, "single entry is faulty, incomplete, inaccurate, unscientific and unsystematic style of account keeping". For this reason many persons call the single entry system as accounting from incomplete records.

Single entry system is a misnomer. So it is very difficult to give a proper definition of the system. On the whole, "single entry is that which which is not double entry".

It can be said that this system is nothing but a mixture of double entry, single entry and no entry.

 

More study material from this topic:

 Analysis of Business Transaction
 Double Entry System
 Single Entry System
 Difference Between Double Entry System and Single Entry System
 What is An Account?
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Financial Accounting Topics


  Introduction to Accounting
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  Transactions and Accounting Equation
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  Analysis of Business Transactions
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  Journal, Ledger and Trial Balance
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  Accounting for Bills of Exchange
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  Special Journals
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  Cash Book
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Bank Reconciliation Statement
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  Final Accounts
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  Work Sheet
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  Capital and Revenue Items
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  Valuation of Inventories
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  Accounts of Non-profit Making Organizations
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  Statement of Cash Flows
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  Accounting Ratios Analysis
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  Depreciation, Provisions and Reserves
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  Accounting Dictionary
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  Financial Calculators
 
 
 
Managerial Accounting Topics

  Financial Statements
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  Cost Volume Profit Relationship
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  Variable Costing System
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  Materials and Inventory Cost Control
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  Activity Based Costing System
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  Standard Costing and Variance Analysis
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  Balanced Scorecard
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  Capital Investment Analysis/Capital Budgeting
 
 

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