Accounting · Single Entry System
Which of the following statements represent the features of a single-entry system, generally maintained by small traders? (i) Personal accounts are maintained fully, while real and nominal accounts are neglected. (ii) A cash book is maintained which usually mixes personal and business transactions. (iii) The form and accounting precision of the system vary from firm to firm.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All (i), (ii), and (iii)✓
- 2Only (i) and (iii)
- 3Only (ii) and (iii)
- 4Only (i) and (ii)
Correct answer
All (i), (ii), and (iii)
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