Single Entry System

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10 Questions - Developed by: OMTEX CLASSES - Developed on: - 2.414 taken

BOOK KEEPING & ACCOUNTANCY TRUE OR FALSE SECTION CARRIES 5 MARKS

  • 1
    Statement of profit is just like Profit and Loss Account.
  • 2
    Single Entry system is based on certain rules and principles.
  • 3
    All transactions are recorded in Single Entry System.
  • 4
    Arithmetical accuracy cannot be checked in Single Entry.
  • 5
    Under Single Entry System it is not possible to prepare Trial Balance.
  • 6
    Only cash transactions and personal transactions are recorded in Single Entry.
  • 7
    Drawings made during the year decreases the profit under Single Entry System.
  • 8
    Statement of Profit shows Financial position of business.
  • 9
    Double Entry System is scientific method of books of accounts.
  • 10
    Single Entry System is not useful for large business.

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