The disadvantage of single entry system
A) Incomplete and Unscientific System
B) Difficulty in preparing Balance Sheet
C) True Profit or Loss cannot be ascertained
D) All of the above
Correct Answer:
Verified
Q27: Single entry system contains
A)All the relevant accounts
B)Only
Q28: Bill dishonored is shown in
A)Bills receivable account
B)Bills
Q29: Credit sales can be ascertained by preparing
A)Creditors
Q30: Credit purchases can be ascertained by preparing
A)Creditors
Q31: The advantage of a single entry system
A)It
Q33: The content of single entry system is
A)Double
Q34: Net Profit under single entry system is
Q35: Receipts and Payments Account generally shows:
A)A Debit
Q36: Income and Expenditure Account records transactions of:
A)Revenue
Q37: Income and Expenditure Account reveals
A)Surplus or Deficiency
B)Cash
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents