Question # 1

In increased net worth method, profit or loss is calculated by preparing,

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Income and expenditure account

Profit and loss account

Statement of profit or loss

Balance sheet

Single entry system is generally adopted by,

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Small business concerns

Large business concerns

Medium business concerns

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

Due to drawings made during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

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

Single entry systme can bot be maintained by.

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Sole owner

Partnership concern

Joint stock companies

All of the above

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

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

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Balance sheet

Trading account

Trial balance

Statement of affairs

How many mathods are available to calculate the profit or loss under single entery system.

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One

Two

Three

Four

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Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test MCQs With Answers

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