Cyclopedia of Commerce, Accountancy, Business Administration, v. 04 (of 10)

7. As the name indicates, single entry is a single record of the

transaction--that is, a record of one phase of the transaction only. _Example_--John Doe's account would show that he received two tons of coal, but there would be no corresponding account to show that our supply of coal had been diminished. Single entry fails to fulfil the object of bookkeeping, as it does not exhibit the true financial condition of the business, and is incapable of proof of accuracy. DOUBLE ENTRY