Only Cash and Personal accounts are maintained under the Single Entry System.

Monjur Alahi

State True or False with reason:

Only Cash and Personal accounts are maintained under the Single Entry System.


0 like 0 dislike
1 views
Share with your friends

1 Answers

Salim Ahmed Kawsar

Call

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 books of accounts. This system does not follow any accounting rules. To know the cash collections and amount payable or receivable only cash and personal accounts are maintained under a single entry system.

0 like 0 dislike
1 views
Talk Doctor Online in Bissoy App
i. Land and Building account is _____ ii. Cash Book and Personal Accounts are only maintained under ____system.

i. Real ii. Single Entry iii. Real iv. Nominal v. Two Fold

2 Answers 1 views
Why is Cash Flow Statement prepared? Or What is the objective of preparing a Cash Flow Statement? Or State the primary objective of preparing Cash Flo

Cash Flow Statement is prepared to determine the cash flows of an enterprise during a specific period from its Operating, Investing and Financing Activities.

2 Answers 1 views
Net increase in Working Capital other than Cash and Cash Equivalents will increase, decrease or not change Cash Flow from Operating Activities. Give r

Net increase in Working Capital implies that more cash is invested in working Capital and thus decreases Cash Flow from Operating Activities.

2 Answers 1 views
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

2 Answers 1 views
i. The entry is recorded on both sides of the cash book. ii. Name the account which encourages personal savings.

i. Contra Entry ii. Saving Account iii. Debit Note iv. Credit Note v. Current Account

2 Answers 1 views
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.

2 Answers 1 views
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.

2 Answers 1 views
Which types of accounts are maintained under the Single Entry System?

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

2 Answers 1 views
Amount withdrawn by the owner for his personal expenses is called __________  (a) Drawings  (b) Personal expenses  (c) Cash  (d) Assets

Correct option is (a) Drawings

2 Answers 1 views
(i) A book of accounts in which all ledger accounts are maintained.

(i) Ledger (ii) Nominal Accounts (iii) Purchases Account (iv) Trial Balance

2 Answers 1 views
X