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Question
State True or False.
Only cash transactions and personal transactions are recorded in Single entry.
Options
True
False
Solution
True
Explanation: Only transactions related to cash and personal accounts are recorded under single-entry system. Real and nominal accounts are ignored. As accounts under single-entry are maintained by small businesses with limited number of transactions, incomplete records are maintained under this system.
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Fill in the blank:
In _________Book Keeping System, in every business transaction we find two effects.
