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Question

Q.1. Define Single Entry System. Give any three advantages of Single Entry System of Accounting.

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Solution

Dear Student,
Accounting records which are not prepared as per the principles of Double Entry System is Known as Single Entry system.

Advantages:
1. It is a very easy method of recording business transaction.
2. It is suitable for small businesses only.
3. No special knowledge is required for this system.

Regards

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