Advertisements
Advertisements
Question
Write the word / term / phrase which can substitute the following Statement.
Name the method in which only cash and personal transactions are recorded.
One Word/Term Answer
Advertisements
Solution
Single entry system
Explanation: Under single-entry system, only cash and personal accounts are maintained, while real and nominal accounts are ignored. It is an incomplete and unscientific system, as incomplete accounts are maintained with no proper rules adopted for recording of transactions.
shaalaa.com
Is there an error in this question or solution?
