A statement of affairs resembles a
Trading Account
Profit and Loss Account
Balance sheet
Trial Balance
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
Closing capital can be found by preparing a statement of affairs at the ___ of the year.
9th month
End
Middle
None of these
Credit sales is obtained from:
Bills Receivable
Accounts Receivables
Accounts Payable
Cash Summary
Discount received from accounts payable may be obtained from
Cash statement
Bills Receivables
Accounts playable
Credit purchase can be ascertained as the balancing figure in the
Accounts payable
Accounts receivable
Creditors account
Debtors account
Incomplete, records are those records which are not kept under
Single entry system
Double entry system
Compound entry
Contra entry
_________ capital can be found by preparing a statement of affairs at the beginning of the year.
Closing
Opening
Total
Net
The excess of assets over liabilities is
Capital
Goodwill
Incomplete records are generally used by
Small traders
Company
Government
Multinational Companies