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Recap of Accounting Process

Write the wor...

Question

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

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

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Solution

Single entry system

Explanation: Under single-entry system, only cash and personal accounts are maintained, while real and nominal accounts are ignored. It is an incomplete and unscientific system, as incomplete accounts are maintained with no proper rules adopted for recording of transactions.

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