The simplest form of single entry procedure consists of keeping a
Question
The simplest form of single entry procedure consists of keeping a
Options
A)
day book or general journal
B)
cash book and ledger accounts showing debtors and creditors balances
C)
cash journal, sales journal and purchases journal
D)
day book in which transactions are described in chronological order
The correct answer is B.
Explanation:
A single-entry bookkeeping system or single-entry accounting system is a method of bookkeeping relying on a one sided accounting entry to maintain financial information. The simplest form of single entry procedure consists of keeping a cash book and ledger accounts showing debtors and creditors balances.
More Past Questions:
Dicussion (1)
Other Subjects
- English Language
- Biology
- Mathematics
- Government
- Physics
- Economics
- Chemistry
- Christian Religious Knowledge
- Commerce
- Geography
- Literature In English
- Agricultural Science
- General Paper
- Islamic Religious Knowledge
- History
- Further Mathematics
- Current Affairs
- Civic Education
- Math
- Reading
- Writing and Language
- Computer Studies
- French
- Home Economics
- Hausa
- Yoruba
- Igbo
- Fine Arts
A single-entry bookkeeping system or single-entry accounting system is a method of bookkeeping relying on a one sided accounting entry to maintain financial information. The simplest form of single entry procedure consists of keeping a cash book and ledger accounts showing debtors and creditors balances.