Question

In single entry system prepaid insurance is taken under the head expenses & loss.. state this statement is true/false.​

Answer 1

Answer:

Single entry system is a system of book keeping in which incomplete records are maintained. Under this system, records of only cash and personal accounts are maintained. There are no defined set of rules to be followed. It is particularly suitable for small businesses with a limited number of transactions. Accounts maintained under this system are known as incomplete double-entry records.