Single Entry System Vs Double Entry System

 

 Accounting System are divided into two part .  1^st Single Entry  system  and  2^nd Double Entry  system   .

1)    Single Entry System  =  A single entry system of accounting is a form of accounting that is recorded as a single entry of a log in each of the financial transactions. This process is commonly used by new small businesses due to its simplicity and cost effectiveness.

2)    Double Entry System = Double-entry is the Simple equation asset = liability + owners' equity following the accounting concept. In the double-entry system, transactions are recorded in terms of debits and credits.

 

Difference Between  Single Entry System Vs  Double Entry System

Single Entry System		Double Entry System
A single entry system of accounting is used by very small businesses.		Double Entry System of accounting is used by medium and big  businesses .
Single Entry System not need any Software .	Double Entry System need costly Software .
Single Entry System is  not easily  found any Error  .	Double Entry System is easily found  any Error quick .
Tax authorities do not recognize single entry systems for any reporting purposes.	Tax authorities do recognize Double  entry systems for any reporting purposes.

                So the information given by the double entry system is more 

             reliable comparison to Single Entry System .