distinguish between double entry system and single entry system.(in points)

Dear Student,
 
Basis of Difference Single Entry System Double Entry system
1. Definition System of accounting wherein only single side of a financial transaction is recorded in the books is termed as Single Entry book-keeping system System of accounting wherein both the impacted sides through a transaction is recorded in the books is termed as Double entry book-keeping.
2. Recording It is an incomplete system of recording It is a complete system of recording
3. Dual concept  Not based on dual concept Based on dual concept
4.Errors identification Under this system , it is difficult to locate errors Errors can be identified easily under this system
5.Prefered by Small Enterprises, as transactions are not many Big Enterprises to ensure effective recording & reporting
6. Preparation of Trial Balance Not Possible as all accounts are not maintained Easily possible
7. Ascertaining Profit & Loss
Difficult in ascertaining the profit /loss under this system 
Comparatively easy.
8. Simple/Complex Its Simple but not reliable Complex but reliable

Regards,

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