Spot out the odd one.
Alex account
The account of limited company
The account of co-operative society
The account of school
Advantage of double entry system are:
Scientific system
Knowledge of financial position
Knowledge about different account
All the above
The total of the debit balances listed in a trial balance will not be equal to that of the credit balances:
If an amount entered in the prime entry book is not posted.
If an amount paid for purchases is posted to stationery account.
If an amount drawn by the owner is posted to the debit of the capital account.
If a transaction has not been entered in the book of prime entry.
Double entry system is a scientific system of recording transaction as it keeps:
Books of accounts
Audit
Specific rules and principles
Trial balance
Rs 5,00,000/- paid to acquire a lorry for business use.
Capital Account
Motor Vehicle Account
Transport Account
Drawings Account
Pick up the odd one.
Trade mark
Patents account
Goodwill
Cash
Every transaction changes:
The assets
Liabilities
Capital
Either or all of these
