A Statement of assets and liabilities prepared under the single entry system is called:
A)Balance sheet
B)Financial statement
C)Cash statement
D)Statement of affairs

Question

Quizplus · Accepted Answer

A Statement of assets and liabilities prepared under the single entry system is called a Statement of Affairs. Unlike a balance sheet prepared under the double-entry system, the Statement of Affairs is an estimate of the financial position of a business when accounts are not maintained systematically.

A Statement of Assets and Liabilities Prepared Under the Single