Question # 1

In appearance, the statement of affairs, is similar to a.

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Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

Due to fresh capital introduced during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

We cannot prepare the trial balance and precise balance sheet under,

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Single entry system

Double entry system

"a" and "b"

Barter system

In case of dissolution, assets sold for cash are debited to.

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Realization account

Cash account

Assets account

None of these

Teh single entry system of book keeping is generay followed by

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Small business concern

Large Business concern

Non trading concern

None of these

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

Single entry system contains,

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A daybook or general journal

A cash book

Ledger accounts for individual customers and creditors

All of the above

In single entry system,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

Bills payable issued durint the period must be debited to total creditors account credited to.

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Bills payable account

Bills receivable account

Debtora account

Cash account

How many methods are available to calculate the profit or loss under single entry system,

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One

Two

Three

Four

To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,

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Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

In single entrey system statements of assets and liabilities is called.

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Balance sheet

Statement of Affair

Trial balance

Income statement

Cash paid to creditors can be woked out from.

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Debtora account

Creditors account

Balance sheet

None of theses

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