Single Entry System is
A Scientific method
An Incomplete Double Entry system
A systematic Record
A complete Double Entry system
Increase in owner's equity at the end of the period represents.
Loss
Profit
Profit or Loss
No profit or no loss
Incomplete records are generally used by
Small traders
Company
Government
Multinational Companies
Discount received from accounts payable may be obtained from
Cash statement
Bills Receivables
Accounts Receivables
Accounts playable
Incomplete, records are those records which are not kept under
Single entry system
Double entry system
Compound entry
Contra entry
A statement of affairs resembles a
Trading Account
Profit and Loss Account
Balance sheet
Trial Balance
Credit purchase can be ascertained as the balancing figure in the
Accounts payable
Accounts receivable
Creditors account
Debtors account
Credit purchases can be obtained from:
Statement of Affair
Bank
Bills Receivable
Account payable
A firm has assets worth Rs. 60,000 and capital Rs.45,000. Then its liabilities is
10,000
20,000
15,000
25,000
Under the net worth method the basis for ascertaining the profit is
The difference between the capital on two dates
The difference between the liabilities on two dates
The difference between the gross assets on two dates
None of these
