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Question
Write the word / term / phrase which can substitute the following Statement.
Name the method in which only cash and personal transactions are recorded.
Solution
Single entry system
Explanation: Under single-entry system, only cash and personal accounts are maintained, while real and nominal accounts are ignored. It is an incomplete and unscientific system, as incomplete accounts are maintained with no proper rules adopted for recording of transactions.
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A system of accounting which is not scientific.
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Under Single entry System only _______________.
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Single Entry System is based on certain rules and principles.
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Single Entry System is not useful for large business.
