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Question
Do you agree with the following statement?
Real and Nominal accounts are not maintained under Single Entry System.
Options
Agree
Disagree
Solution
Real and Nominal accounts are not maintained under Single Entry System. - Agree.
Explanation:
- 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.
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