Question

Only cash transactions and personal transactions are recorded in Single entry. (State True or False)

Answer 1

ONLY CASH TRANSACTION RECORD IN SINGLE ENTRY SYSTEM

Answer 2

Answer:

True

Explanation:

Only cash transactions and personal transactions are recorded in Single entry. - True

Single entry system is a book keeping system that maintains incomplete documents. Records of money only and private accounts are retained under this scheme. There is no set of guidelines to follow. It is particularly appropriate with a restricted amount of transactions for small companies. Accounts kept under this scheme are referred to as incomplete records of double entry.