| 1 |
A statement of assets and liabilities is prepared under the single entery system is called. |
- A. Balance sheet
- B. Financial statement
- C. Statement of affair
- D. Cash transaction
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| 2 |
Single entry system is generally adopted by, |
- A. Small business concerns
- B. Large business concerns
- C. Medium business concerns
- D. All of the above
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| 3 |
Bills payable issued durint the period must be debited to total creditors account credited to. |
- A. Bills payable account
- B. Bills receivable account
- C. Debtora account
- D. Cash account
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| 4 |
The opening and closing balance of bills Receivable can be calculated by preparing the. |
- A. Total debtors accounts
- B. Total creditors account
- C. Bills Recivable accounts
- D. Salaes accounts
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| 5 |
The figure of the bills receivable can be worked out from. |
- A. Total debtors account
- B. Total creditors account
- C. Trail balance
- D. Balance sheet
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| 6 |
Cash received from the debtors can be find out by preparing. |
- A. Debtors account
- B. Creditors account
- C. Balance sheet
- D. Trial balance
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| 7 |
Both aspects of a transaction must be recorded in, |
- A. Single entry system
- B. Barter system
- C. Double entry system
- D. Islamic system
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| 8 |
Due to fresh capital introduced during the year, the closing capital will, |
- A. Increase
- B. Decrease
- C. Constant
- D. Multiply
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| 9 |
Net worth is equal to, |
- A. Assets - Liabilities
- B. Liabilities - Assets
- C. Liabilities + Capital
- D. Capital + Assets
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| 10 |
In case of dissolution, assets sold for cash are debited to. |
- A. Realization account
- B. Cash account
- C. Assets account
- D. None of these
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