The profit or loss for the year can be ascertained with a high degree of accuracy under which of the following system?
Cash system
Incomplete records system
Double entry system
None of the above
The profit or loss for the year can be ascertained with a high degree of accuracy under double entry system.
Analysis of profitability, liquidity and solvency of the business can be done under incomplete records system.
In the single entry system, state any one method which is used to ascertain profit or loss.