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Single-entry bookkeeping

An Accounting method in which transactions are recorded as a Single entry, rather than as both a Debit and a Credit as in Double-entry bookkeeping. When using Single entry bookkeeping, Taxable income is just the difference between Cash expenses and Cash receipts over the relevant time period. Single entry Accounting tends to be suitable only for small companies with simple Financial statement.

Related Terms: 19 Account, Accounting, Action, Cash, Credit, Debit, Double-entry bookkeeping, Expense, Financial statement, FIN, Inc., Record, Receipt, SIMPLE, Single, Transaction, Tax, Taxable income, UIT
Other Related Pages: Category: Accounting Starting With: S
Semi Related Terms: 632 CLICK HERE TO VIEW
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