Question

8) Under single entry system usually two-fold effect is given in respect of
transactions involving cash and ____
accounts.​

Answer 1

Answer:

Under single entry system usually two-fold effect is given in respect of

transactions involving cash and personal accounts.​

Explanation:

• The single-entry bookkeeping system means using a single entry to record in the books of accounts rather than the more common double-entry bookkeeping. The company results reported in the income statement are the focus of bookkeeping.
• This type of system records transactions only related to cash and personal accounts and ignores nominal or real accounts.
• This type of system is usually maintained by small businesses.

#SPJ3