Book-keeping system: Book keeping is the art of recording monetary transactions in the books of account in a proper manner. It primarily focuses on the recording aspect of the transactions. 1. Single entry system : A system in which we do not record both aspects of the transactions i.e. debit and credit. It is normally used by the small businesses who keep the incomplete record of the transactions. Feature of single entry system: 1. Oldest system of recording. 2. Simple and easy. 3. No professional Knowledge is required. 4. No definite methods or principles. 5. Suitable for small business. 6. No complete record of all transaction 7. Not acceptable by the audit and tax authorities. 8. Income or loss is calculated by increase or decrease in assets and liabilities over a period. 2. Double entry system : It is a system of accounting in which both debit and credit aspects of the transactions are
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