Can final accounts be prepared under Single Entry System? Why? - Vidyadip

Question

Can final accounts be prepared under Single Entry System? Why?

✓

Answer

In Single Entry System as assets accounts are not kept and trial balance Is also not preptred, it is not possible to prepare final accounts.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "Answer In One Or Two Sentence .(1 Marks)" from P2 C10 Accounts from Incomplete Records→P2 C10 Accounts from Incomplete Records — all question types→Account STD 11 Commerce question papers→Gujarat Board STD 11 Commerce question papers→Gujarat Board question paper generator→

Similar questions

Write the main limitations of accounting.

State two transactions which are recorded first in pass book and then recorded in cashbook.

What is main motive of Non-Trading Conerns?

Why cash account has always debit balance?

Which account should be debited when the donation given from the business in the memory of grandmother?

Where and how depreciation is disclosed in the balance sheet ?

Which facility should be provided by Accounting Software?

When is outward supply $GST$ applicable?

How many types of subsidiary books for bills are there? Which are they?

What do you mean by Journalisation?