Question

Aim and objective of single entry system

Answer 1

Answer:

Single Entry System objectives :-

1. A system of book - keeping in which both the aspects of transaction are recorded.
2. An excess of assets over liabilities.
3. A system of accounting which is not scientific.
4. Name the method, in which only cash and personal transactions are recorded.
5. The method in which Trading Account, Profit and Loss Account and Balance Sheet can be prepared.
6. A statement similar to Balance Sheet.
7. A statement similar to Balance sheet prepared to ascertain the amount of Closing Capital.
8. System of accounting normally suitable to small business organisation.
9. The accounting method in which profit is calculated by comparing opening and closing statement affairs.
10. The system of accounting which is most scientific and reliable.

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