The content of single entry system is
A) Double entry
B) Single entry
C) No entry
D) A mixture of all the above
Correct Answer:
Verified
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
Q32: The disadvantage of single entry system
A)Incomplete and
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
Q38: The amount of 'Subscription received from members'
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