True or False
State True or False with reasons:
Only Cash and Personal accounts are maintained under Single Entry System.
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.
Concept: Additional Information (Adjustments)
Is there an error in this question or solution?