what is the difference between single entry accounting and double entry accounting 
in single entry accounting when a business completes a transaction it records that transaction in only one account for example if a business sells a good the expenses of the good are recorded when it is purchased and the revenue is recorded when the good is sold with double entry accounting when the good is purchased it records an increase in inventory and a decrease in assets when the good is sold it records a decrease in inventory and an increase in cash assets double entry accounting provides a holistic view of a company s transactions and a clearer financial picture 