In both, single entry system and a double entry system, accounting records are maintained due to a common objective. State the objective.

Open in App

Solution

In both, single entry system and a double entry system, accounting records are maintained to ascertain the net profit or loss of the business for a particular period.

Suggest Corrections

Similar questions

Q. Objective type questions.
Answer in one sentence only.

Which type of accounts are maintained under Single Entry System?

The accountant of a small firm feels that incomplete records system should not be followed. In spite of that it is easy to maintain accounts on single entry basis. The accountant suggest that double entry accounting system should be followed. Is the suggestion correct? Give reasons.

Q. Under double entry system both aspects of transaction are recorded, while Under single entry system, both aspects of transaction are not recorded.

Books maintained under double entry system are more reliable as compared to when maintained under single entry system. Comment.

Q. Objective type questions.
Answer in one sentence only.

Which type of transactions are recorded in Single Entry System?

Join BYJU'S Learning Program