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Categories of Cash Flow Statement

State True or...

Question

State True or False.

Only cash transactions and personal transactions are recorded in Single entry.

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Solution

True

Explanation: Only transactions related to cash and personal accounts are recorded under single-entry system. Real and nominal accounts are ignored. As accounts under single-entry are maintained by small businesses with limited number of transactions, incomplete records are maintained under this system.

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All transactions are recorded in Single Entry System.

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In Book-keeping & Accountancy non-monetary transactions are also recorded.

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Name the method in which only cash and personal transactions are recorded.

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