1
Question
When a entry involves only two accounts it is called _______.
When a entry involves only two accounts it is called _______.
Open in App
Solution
The correct option is A Simple entry
Accounting is based on double entry system. that means every transaction will have two impact. When only two accounts are involved, its called simple entry.Goods worth Rs.500 purchased on cash.Goods account and Cash account will be impacted.
Accounting is based on double entry system. that means every transaction will have two impact. When only two accounts are involved, its called simple entry.
Goods worth Rs.500 purchased on cash.
Goods account and Cash account will be impacted.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
