Can a Trial Balance be prepared under a 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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The trial balance is based on the double-entry principle that for every debit there is an equal amount of corresponding credit.
This statement is True. Trial balance is an extract of ledger balances. Ledger is prepared of journal book which follows the Double Entry System of bookkeeping. When both the effects of...
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Trial Balance is prepared from the balance of ledger accounts.
This statement is True. A Trial balance is a statement of debit and credit balances extracted from the various accounts in the ledger. All business transactions are recorded first in Journal...
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Which type of accounts are normally not kept under the Single Entry System?
Under a single entry system, records of impersonal accounts i.e. real accounts and nominal accounts are not maintained.
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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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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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