Accounting · Single Entry System
In relation to the Single Entry System, which of the following statements is INCORRECT?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Personal accounts and cash book are mainly maintained in this system.
- 2The single entry system is a scientific and systematic method of maintaining financial records.✓
- 3Since it is not based on debit and credit rules, it fails to ensure arithmetical accuracy.
- 4The single entry system is an incomplete bookkeeping system as it does not record dual aspects of all transactions.
Correct answer
The single entry system is a scientific and systematic method of maintaining financial records.
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