Advertisements
Advertisements
Question
Answer in one sentence only.
Which types of accounts are normally not kept under Single Entry System?
One Line Answer
Advertisements
Solution
Real and nominal accounts are not maintained under single-entry system. Only cash and personal accounts are recorded under this system. Single-entry is an incomplete system of recording transactions and is considered to be suitable for small organisations. Therefore, only entries related to personal and cash accounts are recorded, while others are ignored.
shaalaa.com
Is there an error in this question or solution?
