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The single-entry system is a rudimentary method of accounting that records only one aspect of each financial transaction. Unlike the double-entry system, where every debit has a corresponding credit, the single-entry system typically involves the recording of only cash and personal accounts. This approach is primarily used by small businesses and individuals who do not require a complete accounting system. The single-entry system is not based on scientific principles of accounting. It often involves the maintenance of a cash book, which records receipts and payments, and some ledger accounts, particularly those relating to debtors and creditors. Other elements such as assets, liabilities, expenses, and income are either partially recorded or not recorded at all. This system does not provide a comprehensive view of financial position and performance, and it is not suitable for larger or more complex business operations. Features of Single-Entry System 1. Incomplete Records: The single-entry system is often referred to as a system of incomplete records. It fails to record both aspects of a transaction, and hence, financial data is not entirely accurate or reliable. 2. Personal and Cash Accounts Only: Generally, only personal accounts (accounts of debtors and creditors) and a cash book are maintained. Real and nominal accounts are _____ ________ _____ ________ _______ ________ _______ _________.
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