Capital = ?
Asset + Liabilities
Income + Revenue
Asset - Liabilities
Asset + Income
Trial balance is prepared to check the arithmetical accuracy. This is the feature of:
Single entry
Double entry
Incomplete entry
No entry
Source of information about bills payable:
Bills receivable account
Bills payable account
Purchases
Incomes
Which one is a NOT a mixture of single entry?
Verify entry
Which account is usually prepared to find out the capital?
Balance sheet
Statement of affairs
Final accounts
Trading accounts
Where will you get information about opening stock?
List of opening assets
List of closing assets
Sales
Which one is a method of ascertaining the profit and loss of a firm?
Statements of affairs
Profit & loss account
What is the other name of incomplete entry?
Single
Double
Dual
Triple
Profit or loss under this system is only an estimate. This system is:
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
