Preparation of Trial Balance is not possible under the Single Entry System.

Correct Answer - Balance Method.

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...

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...

Under a single entry system, records of impersonal accounts i.e. real accounts and nominal accounts are not maintained.

A statement of Affairs is prepared under a single entry system to ascertain capital balances.

Under a single entry system, opening capital is ascertained by preparing the opening statement of affairs.

Under a single entry system, all personal accounts and cash accounts are maintained.

A trial balance cannot be prepared under a 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...

i. Balance Sheet ii. Opening Capital iii. Added iv. Double Entry System v. Capital vi. Sole Trader vii. Deducted viii. Small