In single entry system only accounts are opened:
A)Personal A/c
B)Real A/c
C)Nominal A/c
D)Real & Nominal A/c

Name: In single entry system only accounts are opened: A)Personal A/c B)Real A/c C)Nominal A/c D)Real & Nominal A/c
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Question

Quizplus · Accepted Answer

In a single entry system, only personal accounts are opened and maintained. This system typically records cash, personal accounts receivable, and payable, ignoring real and nominal accounts, which are essential for a double-entry system.

In Single Entry System Only Accounts Are Opened