Under single entry system, only personal accounts are kept and in some cases:

Related MCQs

• In single entry system only accounts are opened:
• Under single entry system the main account book kept is
• Single entry system of accounts is maintained by ______
• Procedure of conversion of Single entry books into Double entry
• A Statement of assets and liabilities prepared under the single entry system is called:
• Match List I (Financial Statements and Accounts) with List II (special matters associated with statements and accounts) and select the correct answer using the codes given below the lists: List I List II i) Receipts and Payments Account I. Revenue ii) Income and Expenditure Account II. Cash iii) Club subscription received in III. Liability Advance Account Codes:(i) (ii) (iii)
• The statement of profit or loss is prepared according to _______ method to calculate profit or loss under single entry system
• Under single entry system , drawings is _____ to know gross profit
• Statements of assets & liabilities prepared under single entry system is called:
• Under single entry system, certain transactions are recorded :