Question

Answer in One sentence only.
1. What do you mean by Single Entry System?
2. What is Statement of Affairs?
3.
4.
Which types of accounts are normally not kept under the Single Entry System?
Which statement is prepared under the Single Entry system to ascertain the capital
balances?
5.
6.
7.
How Opening Capital is calculated under Single Entry System?
Which type of accounts are maintained under Single Entry System?
Can a Trial Balance be prepared under Single Entry System?
8. Which type of organization generally follows Single Entry System?​

Answer 1

only personal accounts and cash book can be maintained in the single entry system..