Consider these statements about 'Single Entry System': 1. Only personal accounts are maintained completely. 2. Profit is ascertained by comparing opening and closing capital. 3. It is based on dual aspect concept. Which are correct? MCQ with Answer and Explanation
Consider these statements about 'Single Entry System': 1. Only personal accounts are maintained completely. 2. Profit is ascertained by comparing opening and closing capital. 3. It is based on dual aspect concept. Which are correct?
A. All of the above
B. 1 and 3 only
C. 1 and 2 only
D. 2 and 3 only
Answer: Option C
Solution (By JKSSB Mock Tests)
Single entry does not follow dual aspect; 3 is incorrect. 1 and 2 are true.
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