Question

Under Single entry System only ________. (Fill in the blank by choosing correct option)
(a) Personal accounts and cash A/c are opened
(b) Real accounts are opened
(c) Nominal accounts are opened
(d) Real and nominal accounts are opened

Answer 1

Hey mate ✌️✌️

Under Single entry System only ________. (Fill in the blank by choosing correct option)
(a) Personal accounts and cash A/c are opened
(b) Real accounts are opened
(c) Nominal accounts are opened ☑️☑️
(d) Real and nominal accounts are opened

Answer 2

The Option A is correct.

Explanation:

The “A” option is correct i.e. Personal account and Cash A/C accounts opened.

• Under single entry system, only personal and cash A/C accounts are opened.

• Real and nominal accounts are usually ignored at single entry system.

• Real and nominal accounts are ignored here because they are not usually maintained here.

• As accounts under single-entry are upheld by small businesses with partial number of transactions so partial records are maintained under this system.

Hope it helped...........