The system is economical as lesser number of books need to be maintained. It is the advantage of:
Incomplete entry
Single entry
Double entry
No entry
Which account is usually prepared to find out the capital?
Balance sheet
Statement of affairs
Final accounts
Trading accounts
Source of information about bills payable:
Bills receivable account
Bills payable account
Purchases
Incomes
The full set of account helps in the preparation of:
Trading income
Nominal income
Real income
Accounts under this system are not acceptable to tax authorities.
Margin is a:
Cost price
Selling price
Invoice price
Detached price
Trial balance is prepared to check the arithmetical accuracy. This is the feature of:
Where will you get information about opening stock?
List of opening assets
List of closing assets
Sales
Statement of affairs is similar to:
Trading account
Profit and loss account
Which one is a method of ascertaining the profit and loss of a firm?
Statements of affairs
Profit & loss account