Advertisements
Advertisements
Question
Answer in one sentence only.
Which types of accounts are normally not kept under Single Entry System?
Solution
Real and nominal accounts are not maintained under single-entry system. Only cash and personal accounts are recorded under this system. Single-entry is an incomplete system of recording transactions and is considered to be suitable for small organisations. Therefore, only entries related to personal and cash accounts are recorded, while others are ignored.
APPEARS IN
RELATED QUESTIONS
Which accounts are normally kept under single entry system?
Answer the following question in one sentence only.
What is single entry system?
Answer in one sentence only.
Which type of transactions are recorded in Single Entry System?
Answer in one sentence only.
Why is it difficult to ascertain the correct profit or loss under Single Entry system?
Write the word / term / phrase which can substitute the following Statement.
A system of accounting which is not scientific.
Write the word / term / phrase which can substitute the following Statement.
Name the method in which only cash and personal transactions are recorded.
Write the word / term / phrase which can substitute the following Statement.
System of accounting normally suitable to small business organization.
Write the word / term / phrase which can substitute the following Statement.
The accounting method in which profit is calculated by comparing opening and closing statements of affairs.
Select the most appropriate answer the alternatives given below and rewrite the Sentence.
Under Single entry System only _______________.
State True or False.
Single Entry System is based on certain rules and principles.
State True or False.
Single Entry System is not useful for large business.
