Maharashtra State BoardHSC Arts 11th
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State True or False with reasons:Only Cash and Personal accounts are maintained under Single Entry System. - Book Keeping and Accountancy

MCQ
True or False

State True or False with reasons:
Only Cash and Personal accounts are maintained under Single Entry System.

Options

  • True

  • False

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Solution

This statement is True.
In the small organization where the number of business transactions are limited and they have very few assets and liabilities and also they do not want to bear the expenses for the accounting system. Therefore, they prefer the Single Entry System in which only cash and personal accounts are maintained.
  Is there an error in this question or solution?
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APPEARS IN

Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 10 Single Entry System
Exercise Q.4 | Q 5 | Page 356
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