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 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
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
Cash paid to creditors + closing creditors- opening creditors= _____________
Total purchase
Cash purchase
Credit purchase
None of these
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
Books maintained under double entry system are less reliable because of -------------
They are based on facts
They are based on estimates
Both of these
Incomplete records mechanism of book keeping is
Scientific
Unscientific
Unsystematic
Both b and c
_________ system of accounting become difficult to convince the income tax authorities about the reliability of the computed income
Single entry
Double entry
Management accounting
Computerized accounting
Cash received from debtors can be taken form_________ account
Total debtors account
Cash book
Statement of affairs
Both a and b
Capital accounts are not prepared under--------------- system
