To get profit, closing capital is adjusting 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
Under------------- system real and normal aspect of each transaction not recorded
Single entry system
Double entry system
None of these
Both of these
In capital comparison method of singe entry system, the profit or loss is ascertained by
Preparing statement of affairs
Preparing trading and profit and loss account
Preparing statement of profit and loss account
Both b and c
Opening capital is ascertained by preparing
Total debtors account
Total creditors account
Cash account
Opening statement of affairs
Analysis of accounting is not possible through ______________ system of accounting
Single entry
Double entry
Cost accounting
Management
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
____________ system of accounting can be adopted by people who do not have the proper knowledge of accounting principles
Incomplete records
Both a and b
When closing capital is more than opening capital it means-----------
Profit
Loss
Additional capital
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
