Under single entry system the profit and loss can be found out and also it’s comparison will be available.

Related MCQs

• Single entry system is mixture of single entry, double entry and no entry.
• Single entry constitutes incomplete records rather than single entry
• Profit and losses can’t be ascertained because Trading and Profit and loss account can’t be prepared.
• Under single entry system arithmetical accuracy of the Accounting records can be checked.
• Under pure single entry system only……………..Account are kept.
• In single entry system it’s difficult to operate …………….system
• IF Gross profit rate is 20% and Short Sales is Rs. 400000, then Loss of Profit on Sales will be ………..
• IF Gross profit rate is 40% and Short Sales is Rs. 250000, then Loss of Profit on Sales will be ………..
• A business takes a……………insurance policy to cover the claims for loss of stocks and loss of profit.
• In single entry system it’s difficult to detect