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Why is the single entry system said to be a lack of system?
ANo uniform method is followed
BIt records every item twice
CIt needs costly software
DIt is banned for small firms
Answer & Solution
Correct answer: A. No uniform method is followed
Some transactions have one aspect recorded and others both, so no uniform method is followed.
Related questions
Under the cash basis of accounting, when are entries made?Poor single-entry records most directly hurt management by limiting which activity?Which is a disadvantage of keeping only single-entry books?What is the primary record in single-entry bookkeeping?Which principle underlies the double entry system but not the single entry system?A trader records only some transactions with one aspect and others with both. Which systemWhich type of business mostly follows the single entry system?Single entry system is also known as which kind of records?