Under__________ system real and normal aspect of each transaction is not recorded.
single entry system
double entry system
None of these
Both of these
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
Incomplete records are usually maintained by
Company
Government
Small traders
Which of the following statements is correct in respect of returns out wards?
Deducted form purchases
Debited to total creditors
In the case of incomplete records, a _________picture of all transaction will be available.
full
complete
partial
When closing capital is more than opening capital, it means:
Profit
Loss
Additional capital
____________ account is prepared to find out credit sales.
Debtors
Creditors
Sales
Purchase
Incomplete records of business transaction are termed as
Single entry
Double entry
Statement of affairs is prepared to ascertain
Capital
Expenses
Income
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