Definition and Explanation:
From
the very name of the system it apparently seems that
a system in which only one aspect of the transaction
is recorded, is called single entry system.
But in fact it is not so. This system does not
observe any systematic rule. Under single entry
system, some transactions are recorded on both the
sides like
double entry system, some are recorded on one
side only, while some others are not recorded.
According to Arthur Fieldhouse, "single entry is
faulty, incomplete, inaccurate, unscientific and
unsystematic style of account keeping". For this
reason many persons call the single entry system as
accounting from incomplete records.
Single
entry system is a misnomer. So it is very difficult
to give a proper definition of the system. On the
whole, "single entry is that which which is not
double entry".
It can
be said that this system is nothing but a mixture of
double entry, single entry and no entry. |
