The single entry system is defective because-
I. only one account is maintained
II. the trial balance cannot be prepared
III. the net profit cannot be accurately calculated
IV. the possibility of fraud and misappropriation is great
Select the correct answer from the following:
A. I, III and IV
B. I and II
C. II, III and IV
D. I only
Answer: Option C
This Question Belongs to Commerce >> Accounting
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