single-entry bookkeeping

single-entry bookkeeping definition - business

single-entry bookkeeping

A simplified accounting system that records transactions with a single entry rather than as a debit and credit. Single-entry bookkeeping does not track assets and liabilities, and makes it more difficult to detect errors. For example, an entry for purchasing supplies does not identify whether the purchase was made with cash or on credit.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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