1. Statement of profit is just like Profit and Loss Account. (False)
2. Single Entry system is based on certain rules and principles. (False)
3. All transactions are recorded in Single Entry System. (False)
4. Arithmetical accuracy cannot be checked in Single Entry. (True)
5. Under Single Entry System it is not possible to prepare Trial Balance. (True)
6. Only cash transactions and personal transactions are recorded in Single Entry. (True)
7. Drawings made during the year decreases the profit under Single Entry System. (False)
8. Statement of Profit shows Financial position of business. (False)
9. Double Entry System is scientific method of books of accounts. (True)
10. Single Entry System is not useful for large business. (True)
