Question

The accounting method in which profit is calculated by comparing opening and closing statements of affairs. Answer in a word / phrase / term.

Answer 1

Hey mate ✌️✌️


The accounting method in which profit is calculated by comparing opening and closing statements of affairs⤵️⤵️⤵️⤵️⤵️


(Single Entry Book.)

Answer 2

● The accounting method in which profit is calculated by comparing opening and closing statements of affairs is called single entry system.

● Under Single entry System just close to home records and money A/c are opened.

● Real and ostensible records are not kept up under single entry system.

● Just personal and money accounts and the money and credit exchanges (identified with individual records) are recorded under this system.