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Mr.Vinod a small shop-keeper is using single entry system because____
- a)It is not costly
- b)Credit transactions are many
- c)Cash transactions and credit transactions are more
- d)None of these
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Mr.Vinod a small shop-keeper is using single entry system because____a...
Cost-effective:
Single entry system is preferred by small shop-keepers like Mr. Vinod because it is cost-effective. Unlike double entry system which requires more resources and expertise to maintain, single entry system is simpler and less expensive to implement and maintain. This is important for small businesses with limited financial resources.
Less complexity:
Single entry system involves recording transactions only once, unlike double entry system which requires recording transactions in multiple accounts. This reduces the complexity of record-keeping for small shop-keepers who may not have the time or expertise to manage a more intricate accounting system.
Focus on cash transactions:
Small shop-keepers like Mr. Vinod may primarily deal with cash transactions rather than credit transactions. Single entry system is well-suited for businesses with a high volume of cash transactions and fewer credit transactions. This system allows them to easily track their cash flow and monitor their financial performance.
Limited transactions:
Since single entry system is suitable for businesses with a limited number of transactions, small shop-keepers who have a relatively small-scale operation find it sufficient for their accounting needs. This system is easier to understand and implement for businesses with a lower volume of transactions.
In conclusion, Mr. Vinod's choice of using single entry system is driven by its cost-effectiveness, simplicity, focus on cash transactions, and suitability for businesses with limited transactions.
Single entry system is preferred by small shop-keepers like Mr. Vinod because it is cost-effective. Unlike double entry system which requires more resources and expertise to maintain, single entry system is simpler and less expensive to implement and maintain. This is important for small businesses with limited financial resources.
Less complexity:
Single entry system involves recording transactions only once, unlike double entry system which requires recording transactions in multiple accounts. This reduces the complexity of record-keeping for small shop-keepers who may not have the time or expertise to manage a more intricate accounting system.
Focus on cash transactions:
Small shop-keepers like Mr. Vinod may primarily deal with cash transactions rather than credit transactions. Single entry system is well-suited for businesses with a high volume of cash transactions and fewer credit transactions. This system allows them to easily track their cash flow and monitor their financial performance.
Limited transactions:
Since single entry system is suitable for businesses with a limited number of transactions, small shop-keepers who have a relatively small-scale operation find it sufficient for their accounting needs. This system is easier to understand and implement for businesses with a lower volume of transactions.
In conclusion, Mr. Vinod's choice of using single entry system is driven by its cost-effectiveness, simplicity, focus on cash transactions, and suitability for businesses with limited transactions.
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Mr.Vinod a small shop-keeper is using single entry system because____a)It is not costlyb)Credit transactions are manyc)Cash transactions and credit transactions are mored)None of theseCorrect answer is option 'A'. Can you explain this answer?
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Mr.Vinod a small shop-keeper is using single entry system because____a)It is not costlyb)Credit transactions are manyc)Cash transactions and credit transactions are mored)None of theseCorrect answer is option 'A'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Mr.Vinod a small shop-keeper is using single entry system because____a)It is not costlyb)Credit transactions are manyc)Cash transactions and credit transactions are mored)None of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr.Vinod a small shop-keeper is using single entry system because____a)It is not costlyb)Credit transactions are manyc)Cash transactions and credit transactions are mored)None of theseCorrect answer is option 'A'. Can you explain this answer?.
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