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
Both b and c
Capital accounts are not prepared under__________system.
single entry
double entry
None of these
Both of these
_____________ system of accounting is inexpensive as compared to double entry system.
Single entry
Cost accounting
Management accounting
Computerised accounting
Cash paid to creditors + closing creditors- opening creditors = _________.
Total purchase
Cash purchase
Credit purchase
____________ account is prepared to find out credit sales.
Debtors
Creditors
Sales
Purchase
When closing capital is more than opening capital, it means:
Profit
Loss
Additional capital
Which of the following items of bill payable account are transferred to total creditors account?
Closing balance of bills payable
Bills payable dishonored during the year
Opening balance of bills payable
Bills payable issued during the year
Which of the following statements is correct in respect of returns out wards?
Deducted form purchases
Debited to total creditors
None of them
Both of them
Which of the following statements is correct in respect of returns inwards?
Deducted from sale
Credited to total debtors account
____________ 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
