single entry (Meaning)
Wordnet
single entry (n)
a simple bookkeeping system; transactions are entered in only one account
Synonyms & Antonyms of single entry
No Synonyms and anytonyms found
single entry Sentence Examples
- The single entry system of accounting is suitable for small businesses with limited transactions.
- Single entry bookkeeping records each financial transaction only once, as either a debit or a credit.
- Unlike double entry accounting, single entry does not require an equal debit and credit for every transaction.
- The single entry system relies heavily on the accuracy of the source documents.
- Businesses using single entry accounting should reconcile their bank statements regularly to ensure accuracy.
- The single entry method is not as detailed as double entry, making it less suitable for complex financial reporting.
- Single entry accounting can be used to track cash flow and basic financial performance.
- The single entry system is not as auditable as double entry, so it is less reliable for financial reporting purposes.
- Businesses that grow or have more complex transactions may need to transition from single entry to double entry accounting.
- Single entry accounting is a simple and cost-effective solution for businesses with basic accounting needs.
FAQs About the word single entry
a simple bookkeeping system; transactions are entered in only one account
No synonyms found.
No antonyms found.
The single entry system of accounting is suitable for small businesses with limited transactions.
Single entry bookkeeping records each financial transaction only once, as either a debit or a credit.
Unlike double entry accounting, single entry does not require an equal debit and credit for every transaction.
The single entry system relies heavily on the accuracy of the source documents.
