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A trader records only some transactions with one aspect and others with both. Which system is this?
AAccrual system
BDouble entry system
CSingle entry system
DPerpetual system
Answer & Solution
Correct answer: C. Single entry system
Recording one aspect for some transactions and both for others describes the single entry system.
Related questions
Under the cash basis of accounting, when are entries made?Poor single-entry records most directly hurt management by limiting which activity?Which is a disadvantage of keeping only single-entry books?What is the primary record in single-entry bookkeeping?Which principle underlies the double entry system but not the single entry system?Which type of business mostly follows the single entry system?Why is the single entry system said to be a lack of system?Single entry system is also known as which kind of records?