Question

Single Entry System is based on certain rules and principles. (State True or False)

Answer 1

False
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Answer 2

Answer:

The statement is False.

Explanation:

Single entry system in account is referred to a book keeping system in which one sided entry is recorded for the accounts heads. For example if cash is received against account receivables, then there would be an entry of cash received, and another entry of account receivables gone. There is no hard and fast rule and principle to enter transactions in the single entry system. Entries are written right away.