Which type of accounts are normally not kept under the Single Entry System?
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State the accounts which are not considered while preparing the Trial Balance by Balance Method Accounts which do not show any balance are not conside
Correct Answer - Balance Method.
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i. Principal Book of accounts. ii. Transferring a journal entry to the appropriate accounts in the Ledger.
i. Ledger ii. Posting iii. Ledger folio iv. Balancing v. Debtor vi. Bank overdraft vii. Loss by fire viii. Net Trial Balance
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Which statement is prepared under the Single Entry system to ascertain the capital balances?
A statement of Affairs is prepared under a single entry system to ascertain capital balances.
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How Opening Capital is calculated under the Single Entry System?
Under a single entry system, opening capital is ascertained by preparing the opening statement of affairs.
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Which types of accounts are maintained under the Single Entry System?
Under a single entry system, all personal accounts and cash accounts are maintained.
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Can a Trial Balance be prepared under a Single Entry System?
A trial balance cannot be prepared under a single entry system.
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Which type of organizations generally follow the Single Entry System?
Organizations having small sizes of business such as sole trading concerns and partnership firms follow a single entry system.
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Preparation of Trial Balance is not possible under the Single Entry System.
This statement is True. Under the single entry system, only cash and personal accounts of debtors and creditors are open. So it is not possible to prepare. Trail balance under single...
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Only Cash and Personal accounts are maintained under the Single Entry System.
This statement is True. The single Entry System is an ancient and unscientific method of recording business transactions. This system maintains minimum accounts so it is easy for traders to write...
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i. Statement of Affairs is just like ______ ii. Under Single Entry System, Profit = Closing Capital Less _______
i. Balance Sheet ii. Opening Capital iii. Added iv. Double Entry System v. Capital vi. Sole Trader vii. Deducted viii. Small
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