Amount received from debtors is:
Equal to credit sale
Does not equal to credit sale
It might be equal
Depend upon the firm
Statement of affairs is similar to:
Trading account
Profit and loss account
Balance sheet
Final accounts
The gross profit measured as a percentage of selling price is:
Mark-up
Balance
Margin
Stock turn over
The system is economical as lesser number of books need to be maintained. It is the advantage of:
Incomplete entry
Single entry
Double entry
No entry
Which one is a NOT a mixture of single entry?
Verify entry
Statement of affairs is prepared in the time of:
Full set of accounts maintained
Full set of accounts not maintained
As per government instruction
As per the MOA
Capital = ?
Asset + Liabilities
Income + Revenue
Asset - Liabilities
Asset + Income
Which type of systems of accounting is accepted by tax authorities?
Dual entry
Profit or loss under this system is only an estimate. This system is:
Which one is a method of ascertaining the profit and loss of a firm?
Statements of affairs
Profit & loss account
