state gov Kerala (കേരളം) PSC Divisional Accountant Test Series 2025 Financial Accounting Double Entry Book Keeping
One stated disadvantage of the Double Account System is that the General Balance Sheet does not show a true and fair view of the financial position. Why is this cited as a reason?
1
Assets are shown at market value
2
Assets are shown at cost price in the capital account and depreciation is handled separately
3
Liabilities are underestimated
4
Current assets are omitted