| 1 |
Closing capital in single entry system is calculated by preparing, |
- A. Opening statement of affairs
- B. Closing statement of affairs
- C. Opening balance sheet
- D. Closing balance sheet
|
| 2 |
In single entrey system statements of assets and liabilities is called. |
- A. Balance sheet
- B. Statement of Affair
- C. Trial balance
- D. Income statement
|
| 3 |
Not worth method is equal to. |
- A. Liabilities - assets
- B. Assets- liabilities
- C. Capital + assets
- D. None of these
|
| 4 |
In single entry system real accounts are not maintained so the preparation of, |
- A. Correctly
- B. Effectively
- C. Wrongly
- D. Approximately
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| 5 |
Single entry system contains, |
- A. A daybook or general journal
- B. A cash book
- C. Ledger accounts for individual customers and creditors
- D. All of the above
|
| 6 |
In increased net worth method, profit or loss is calculated by preparing, |
- A. Income and expenditure account
- B. Profit and loss account
- C. Statement of profit or loss
- D. Balance sheet
|
| 7 |
The closing balance of trade debtors can be located from. |
- A. Total debtors account
- B. Balance sheet
- C. Bils receivable account
- D. Cash book
|
| 8 |
Cash received from the debtors can be find out by preparing. |
- A. Debtors account
- B. Creditors account
- C. Balance sheet
- D. Trial balance
|
| 9 |
In single entry system ledger contains the accounts of, |
- A. Debtors, creditors and cash
- B. Wages and carriage
- C. Salaries and insurance
- D. Assets and liabilities
|
| 10 |
Double entry system means |
- A. The recording of same things twice
- B. Double accounting
- C. The two sides of every transaction are recorded
- D. Entry at two dates
|
