The single entry system, also known as the cash basis accounting system, has several distinctive features. Firstly, it records only cash transactions, such as cash received and cash paid. It does not account for accounts receivable, accounts payable, or other complex financial transactions. Secondly, it does not require double-entry bookkeeping, making it simpler and easier to maintain. However, it lacks the accuracy and completeness provided by double-entry systems. Lastly, the single entry system does not provide detailed financial statements like balance sheets and income statements.