GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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No entry in respect of some transactions such as bad debts etc.
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Double entry for certain transactions such as cash received from debtors
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Single entry in respect of some transactions such as purchase of fixed assets etc.
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All of the above
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Detailed explanation-1: -A single entry system records the date, description, the value of the transaction and whether it’s an income or expense, and then the balance. This is done for every transaction a company is involved in. Depending on the business, some may also include the tax amounts. The “Balance” is how much money you have on hand.
Detailed explanation-2: -One of the most popular single-entry bookkeeping systems is the cash book. Accounting is the recording and classification of financial transactions quantifiable in monetary terms.
Detailed explanation-3: -There are generally 3 different types such as Pure, Simple & Quasi single entry system.
Detailed explanation-4: -Single entry bookkeeping is where a transaction only has to be recorded against one category, either an income account or an expense account. A cash book is a perfect example of this method of bookkeeping.