Deprecated: Return type of AdvancedAds\Abstracts\Data::offsetGet($offset) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/erudites/web/erudites.ng/public_html/wp-content/plugins/advanced-ads/includes/abstracts/abstract-data.php on line 431
An Organization Which Has Records Of Only Personal Accounts Is Said To Be Operating On The Basis Of? - Erudites Academy

An organization which has records of only personal accounts is said to be operating on the basis of?

A. single entry
B. real accounts
C. nominal accounts
D. double entry

Correct Answer:

Option A – single entry

Explanation

A single entry system records a transaction with a single entry and only maintains one side of every transaction.

Sunday

Next Determine the profit for the year? »

Previous « What is the total income for the period?

Published by

Sunday

Tags: Accounting

4 years ago