____________ account is prepared to find out credit sales.
Debtors
Creditors
Sales
Purchase
____________ 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
None of these
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
Under------------- system real and normal aspect of each transaction not recorded
Double entry system
Both of these
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
When closing capital is more than opening capital it means-----------
Profit
Loss
Additional capital
Find the odd one and state the reason
Credit sale
Discount allowed
Sales returns
Return outwards
Single entry system is defective because under this system
Trail balance cannot be prepared
Balance sheet cannot be prepared
Trading and profit and loss account cannot be prepared
All the above
Analysis of accounting is not possible through ______________ system of accounting
Single entry
Double entry
Cost accounting
Management
Which of the following statement is correct?
Usually incomplete records are maintained by sole trader
Excess of opening capital over closing capital is loss
In complete records are often called as single entry
All of these
