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Recap of Accounting Process

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Question

Write the word / term / phrase which can substitute each of the following Statements.

A system of accounting which is not scientific.

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Solution

Single entry system

Explanation: Single-entry system is an incomplete and unscientific system of accounting. Only personal and cash accounts are maintained under it. This system is mostly suitable for small-scale businesses with limited number of transactions. Moreover, there are no set rules prescribed for recording transactions under this system.

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