Which of the following statements is correct in respect of returns inwards?
Deducted from sale
Credited to total debtors account
None of them
Both of them
____________ cannot keep its book under singe entry system.
Sole proprietor
Partnership firm
Joint stock companies
All of these
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
Find the odd one and state reason.
Dishonor of bill
Bills receivable
Dishonor of discounted bill
Dishonor of endorsed bill
Cash paid to creditors + closing creditors- opening creditors = _________.
Total purchase
Cash purchase
Credit purchase
_________ is prepared on the basis of those which are not based on double aspects.
Balance sheet
Statement of affairs
Trail balance
Journal
Statement of affairs is prepared to ascertain
Profit
Capital
Expenses
Income
Incomplete records mechanism of book keeping is:
Scientific
Unscientific
Unsystematic
Both b and c
Endorsement of bill
Returns inwards
Return to suppliers
Find the odd one and state the reason.
Credit sale
Discount allowed
Sales returns
Return outwards
