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easyMCQCUET Accountancy 2022 23 Aug Shift 2 PYQs2026Accountancy
1 mark

Modern Accounting is based on :

  1. A
    Cash basis
  2. B
    Single entry system
  3. C
    Double entry system
  4. D
    Liabilities

Solution & Step-by-step Explanation

Modern accounting worldwide is based entirely on the Double Entry System, which mandates that every financial transaction has equal and opposite effects in at least two different accounts (Debit and Credit).

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Modern Accounting is based on :
A
Cash basis
B
Single entry system
C
Double entry system
D
Liabilities

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