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State True or False.Single Entry System is not useful for large business.OptionsTrueFalse |
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Answer» True Explanation: Single-entry system, i.e. a system of incomplete records, is usually followed by traders engaged in small businesses. It maintains records only of personal accounts and cash account. Moreover, the dual aspect of a transaction is ignored under this system. Therefore, it is not desirable to adopt this system for large business firms completing numerous transactions. |
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