Accounting · Single Entry System
Which of the following statements is correct in the context of the single-entry system?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Credit sales during the year can be ascertained as the balancing figure in the total creditors account.
- 2A statement of affairs is completely reliable as it is prepared from double-entry records.
- 3The objective of preparing a statement of affairs is to estimate the balance in the capital account on a particular date.✓
- 4Credit purchase during the year can be ascertained by preparing the total debtors account.
Correct answer
The objective of preparing a statement of affairs is to estimate the balance in the capital account on a particular date.
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