_______________ system of accounting is inexpensive as compared to double entry system
Single entry
Cost accounting
Management accounting
Computerised accounting
____________ 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
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
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
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
If opening capital is Rs. 60,000, drawings Rs. 5,000 Capital introduced during the period Rs 10,000, closing capital Rs. 90,000 the value of profit earned during the period will be
20,000
25,000
30,000
4,000
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
Double entry
Management
Books maintained under double entry system are less reliable because of -------------
They are based on facts
They are based on estimates
Both of these
Cash account will not be affected by
Bad debts
Cash received from customers
Discount allowed
All of the above
