Trial balance is prepared to check the arithmetical accuracy. This is the feature of:
Single entry
Double entry
Incomplete entry
No entry
Statement of affairs is similar to:
Trading account
Profit and loss account
Balance sheet
Final accounts
Which account is usually prepared to find out the capital?
Statement of affairs
Trading accounts
The number of times a business replaces its stock in a given period of time.
Mark-up
Balance
Margin
Stock in turn over
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
Source of information about bills payable:
Bills receivable account
Bills payable account
Purchases
Incomes
Amount received from debtors is:
Equal to credit sale
Not equal to credit sale
It might be equal
Depend upon the firm
Profit or loss under this system is only an estimate. This system is:
Accounts under this system are not acceptable to tax authorities.
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
