To get profit, closing capital is adjusted by__________drawing.
Adding
Deducting
Dividing
Balancing
Incomplete records mechanism of book keeping is:
Scientific
Unscientific
Unsystematic
Both b and c
____________ cannot keep its book under singe entry system.
Sole proprietor
Partnership firm
Joint stock companies
All of these
In capital comparison method of singe entry system, the profit or loss is ascertained by
Preparing statement of affairs
Preparing trading and profit and loss account
Preparing statement of profit and loss account
Which of the following statement is correct?
Usually incomplete records are maintained by sole trader
Excess of opening capital over closing capital is loss
Incomplete records are often called as single entry
Books maintained under double entry system are less reliable because:
They are based on facts
They are based on estimates
None of these
Both of these
Cash paid to creditors + closing creditors- opening creditors = _________.
Total purchase
Cash purchase
Credit purchase
Find the odd one and state the reason.
Sales account
Purchase account
Wages
Carriage outwards
____________ system of accounting can be adopted by people who do not have the proper knowledge of accounting principles.
Single entry system
Incomplete records
Both a and b
_________ is prepared on the basis of those which are not based on double aspects.
Balance sheet
Statement of affairs
Trail balance
Journal
