Closing capital can be found by preparing a statement of affairs at the ___ of the year.
9th month
End
Middle
None of these
The total assets of a proprietor are Rs.5,00,000. His liabilities Rs. 3,50,000. Then his capital in the business is
8,50,000
6,00,000
2,00,000
1,50,000
In ____ system, only personal and cash accounts are opened.
Single entry
Double entry
Both single and Double entry
A statement of affairs resembles a
Trading Account
Profit and Loss Account
Balance sheet
Trial Balance
_________ capital can be found by preparing a statement of affairs at the beginning of the year.
Closing
Opening
Total
Net
When closing Owner's Equity is greater than opening Owner's Equity, it denotes
Profit
Loss
Profit, if there is no introduction of fresh capital
No profit no loss
The excess of assets over liabilities is
Capital
Goodwill
The capital of a business is ascertained by preparing
Trading account
Statement of Profit and Loss
Statement of affairs
Increase in owner's equity at the end of the period represents.
Profit or Loss
No profit or no loss
Incomplete records are generally used by
Small traders
Company
Government
Multinational Companies
