To get profit, closing capital is adjusted by__________drawing.
Adding
Deducting
Dividing
Balancing
Under single entry system no________can be prepared to verify the arithmetical accuracy of the records kept.
trail balance
profit and loss account
balance sheet
ledger account
____________ account is prepared to find out credit sales.
Debtors
Creditors
Sales
Purchase
_____________ system of accounting is inexpensive as compared to double entry system.
Single entry
Cost accounting
Management accounting
Computerised accounting
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
In the case of incomplete records, a _________picture of all transaction will be available.
full
complete
partial
None of these
Statement of affairs is prepared to ascertain
Profit
Capital
Expenses
Income
Incomplete records are usually maintained by
Company
Government
Small traders
Find the odd one and state reason.
Dishonor of bill
Bills receivable
Dishonor of discounted bill
Dishonor of endorsed bill
Cash account will not be affected by
Bad debts
Cash received from customers
Discount allowed
All of the above