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The Single Entry System and Double Entry System are two methods of maintaining accounting records. They differ significantly in their principles, scope, accuracy, and usefulness. The Double Entry System is the scientific and widely accepted method of accounting, whereas the Single Entry System is an incomplete and relatively simple method of recording financial transactions. Under the Single Entry System, only some aspects of transactions are recorded in the books of accounts. It is not a complete system of accounting because both debit and credit aspects of every transaction are not necessarily recorded. Generally, cash transactions, personal accounts of debtors and creditors, and some other selected records are _______ _________ _____ ____ __________.
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