JAMB - Accounts Principles Of Accounts (2015 - No. 34)
Keeping records under single entry system has the advantage of
Quality in terms of records
Simplicity in terms of operation
Accuracy in terms of operation
Completeness in terms of records
Explanation
Advantages Of Single Entry System. Single entrysystem does not need any special accounting knowledge and personnel to record financial transaction of the business. It can be maintained easily by the business owner. So, this system of book-keeping is simple to maintain and easy to practice.
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