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      Question

      Which of the following statements is correct?

      A Under single entry system, personal and the business transactions are maintained separately in the cash book. Correct Answer Incorrect Answer
      B Under single entry system, usually a cash book and personal accounts are maintained. Correct Answer Incorrect Answer
      C Usually real and nominal accounts are kept in the single entry system. Correct Answer Incorrect Answer
      D Limited companies can also keep books under single entry system. Correct Answer Incorrect Answer

      Solution

      The correct answer is B

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