Capital = ?
Asset + Liabilities
Income + Revenue
Asset - Liabilities
Asset + Income
Statement of affairs is similar to:
Trading account
Profit and loss account
Balance sheet
Final accounts
Profit or loss under this system is only an estimate. This system is:
Single entry
Double entry
Incomplete entry
No entry
What is the other name of incomplete entry?
Single
Double
Dual
Triple
The full set of account helps in the preparation of:
Trading income
Nominal account
Real account
Accounts under this system are NOT acceptable to tax authorities.
The gross profit measured as a percentage of selling price is:
Mark-up
Balance
Margin
Stock turn over
Which type of systems of accounting is accepted by tax authorities?
Dual entry
Which one is a method of ascertaining the profit and loss of a firm?
Statements of affairs
Profit & loss account
Some small businessmen do not maintain the complete books of account. Why?
It is by law
Unawareness
They don't have time
By the rules of society
