Differentiate between double entry system and single entry system

Double entry accounting is a method of bookkeeping where every financial transaction is recorded in at least two different accounts. This system of accounting is based on the concept of debit and credit, and ensures that the financial statements are accurate and reliable.

Single entry accounting, on the other hand, is a method of bookkeeping where transactions are recorded in one account only. This system is less formal and less accurate than double entry accounting, and is typically used by individuals or small businesses with simple financial needs.

In summary, double entry system is a more formal, accurate and reliable method of bookkeeping, while single entry system is less formal and less accurate, and typically used by small businesses with simple financial needs.

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