Will you use single-entry bookkeeping or double-entry bookkeeping? explain why.

Which one you use will depend on what the individual business needs are.

Single entry bookkeeping is best for small, simple businesses with few transactions. There is a one-line entry for each transaction in a single worksheet, similar to a checkbook.

Double entry bookkeeping is better for larger businesses, ones with more transactions, or anyone who wants to keep track of more details. In double entry bookkeeping, TWO entries are made for each transaction: a debit in one account and a credit in another. For example, to pay a $200 bill to a utility the Cash Account would be debited $200 and the utility account would be credited the $200.

This method keeps better track of how money is moving in a business.

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.

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