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
Which type of systems of accounting is accepted by tax authorities?
Single entry
Incomplete entry
Dual entry
No entry
What is the other name of incomplete entry?
Single
Double
Dual
Triple
Trial balance is prepared to check the arithmetical accuracy. This is the feature of:
Double entry
The system is economical as lesser number of books need to be maintained. It is the advantage of:
Which one is a method of ascertaining the profit and loss of a firm?
Statements of affairs
Profit & loss account
The gross profit measured as a percentage of selling price is:
Mark-up
Balance
Margin
Stock turn over
Accounts under this system are NOT acceptable to tax authorities.
Amount received from debtors is:
Equal to credit sale
Does not equal to credit sale
It might be equal
Depend upon the firm
Where will you get information about opening stock?
List of opening assets
List of closing assets
Sales
Income
