If the credit side of income and expenditure account accedes
If the credit side of income and expenditure account accedes, it means:
Loss | |
Surplus | |
Deficit | |
Profit |
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Non-profit concerns are managed by their:
Non-profit concerns are managed by their:
Investors | |
Promoters | |
Shareholders | |
Members |
Subscription relating to current year:
Subscription relating to current year:
Liability | |
Income | |
Asset | |
Expense |
The excess of expenditure over income of a non-trading conce
The excess of expenditure over income of a non-trading concern is called:
Surplus | |
Deficit | |
Loss | |
All of these |
Example of non-profit making organization:
Example of non-profit making organization:
sugar industry | |
hospital | |
fan factory | |
shoe factory |
If opening stock Rs.15000; sales Rs.180000; purchase Rs.1400
If opening stock Rs.15000; sales Rs.180000; purchase Rs.140000; gross profit on cost 20% then the closing stock will be:
Rs.150,000 | |
Rs.5000 | |
Rs.10000 | |
nil |
The opening and closing balances of bills receivable can be
The opening and closing balances of bills receivable can be calculated by preparing the:
bills receiving account | |
sales account | |
total creditor’s account | |
total debtor’s account |
If the capital in the beginning Rs.65,650; fresh capital int
If the capital in the beginning Rs.65,650; fresh capital introduced during the year Rs.16,250; loss during the year Rs.11,375; then the capital at the end will be:
Rs.38,025 | |
Rs.48,075 | |
Rs.93,275 | |
Rs.70,525 |
If the capital at the end Rs.45000; fresh capital introduced
If the capital at the end Rs.45000; fresh capital introduced during the year Rs.15000; capital in the beginning Rs.32500; then the amount of loss will be:
Rs.45000 | |
Rs.62500 | |
Rs.2500 | |
Rs.27500 |
If the capital at the end Rs.30000; drawings Rs.1250; capita
If the capital at the end Rs.30000; drawings Rs.1250; capital in the beginning Rs.15000; then the amount of net profit will be:
Rs.16250 | |
Rs.13750 | |
Rs.43500 | |
Rs.43750 |
Single entry system is mixture:
Single entry system is mixture:
All of these | |
Single entry | |
No entry | |
Double entry |
In appearance, the statement of affairs is similar to:
In appearance, the statement of affairs is similar to:
Cash book | |
Profit or loss account | |
Balance sheet | |
Trading account |
Opening statement of affairs is prepared to find out:
Opening statement of affairs is prepared to find out:
Opening capital | |
Expense during year | |
Cash in hand | |
Profit during year |
Opening capital is ascertained by preparing:
Opening capital is ascertained by preparing:
Total debtor account | |
Cash account | |
None of these | |
Opening statement |
We cannot prepare the trial balance and precise balance shee
We cannot prepare the trial balance and precise balance sheet under:
barter system | |
“a” and “b” | |
single entry system | |
double entry system |
According to Companies Ordinance, single entry system cannot
According to Companies Ordinance, single entry system cannot be adopted by:
joint stock companies | |
“a” and “b” | |
partnership | |
sole proprietorship |
In single system, in order to calculate the true net profit
In single system, in order to calculate the true net profit or net loss, it is necessary that the amount of drawing should be subtracted from:
fresh capital | |
closing capital | |
adjusted closing capital | |
opening capital |
Due to drawing made during the year, the closing capital wil
Due to drawing made during the year, the closing capital will:
constant | |
multiply | |
decrease | |
increase |
Under single entry system, if ending capital is less then op
Under single entry system, if ending capital is less then opening capital, it represents:
Profit | |
None of these | |
Drawings | |
Loss |
In single entry system the final accounts are prepared by me
In single entry system the final accounts are prepared by means of statement of affairs:
correctly | |
approximately | |
effectively | |
wrongly |