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What does it mean if closing capital is less than opening capital? 1. Profit 2. Loss 3. Loss, if there is no drawing 4. None of the above
The correct option is: Loss, if there is no drawing
The correct option is: Loss, if there is no drawing
See lessCan a limited company maintain its account under single entry system?
No, a limited company maintain its account under single entry system
No, a limited company maintain its account under single entry system
See lessWhen closing capital is more than opening capital, it denotes. 1. Profit 2. Loss 3. No Loss, No Profit 4. Profit, if there is no introduction of fresh capital
Profit, if there is no introduction of fresh capital
Profit, if there is no introduction of fresh capital
See lessWhich two methods are used in determining profit and loss in a single entry system?
The two methods are used in determining profit and loss in a single entry system are. Statement of Affairs Method Conversation Method
The two methods are used in determining profit and loss in a single entry system are.
Statement of Affairs Method
See lessConversation Method
Which accounting principle is followed under single entry and also in double entry system?
Monetary unit principle is followed under single entry and also in double entry system
Monetary unit principle is followed under single entry and also in double entry system
See lessWhat is the common objective of single entry system and the double-entry system?
The common objective of single entry system and double entry system is to determine the net profit or loss of the company.
The common objective of single entry system and double entry system is to determine the net profit or loss of the company.
See lessState two account maintained in an account from incomplete records.
The two account maintained in an account from incomplete records are. Cash account Personal Account
The two account maintained in an account from incomplete records are.
Cash account
See lessPersonal Account
Give two limitations of keeping Incomplete Record?
The two limitations of keeping incomplete record are. Trial Balance preparation is not possible- This system does not record both the debit and credit aspect of a transaction. Due to which the trial balance cannot be prepared, and the accuracy of the financial transaction cannot be rectified. IncompRead more
The two limitations of keeping incomplete record are.
Trial Balance preparation is not possible- This system does not record both the debit and credit aspect of a transaction. Due to which the trial balance cannot be prepared, and the accuracy of the financial transaction cannot be rectified.
See lessIncomplete system- It is incomplete because of the fact that this system does not record both the aspect of a transaction (credit & debit). Also, this system does not follow any set of rules.
Give two reasons for keeping Incomplete Record?
The two reasons for keeping incomplete record are. Convenient Method- It is an easy and uncomplicated method of registering the company’s transactions as it does not demand any individual knowledge of the principles of double-entry Limited resources required – Since only cash book and few ledger accRead more
The two reasons for keeping incomplete record are.
Convenient Method- It is an easy and uncomplicated method of registering the company’s transactions as it does not demand any individual knowledge of the principles of double-entry
See lessLimited resources required – Since only cash book and few ledger accounts are recorded in this system, the staff required for support is also smaller as compared to the double-entry system.
Give two features of Incomplete Record?
The two features of incomplete record are. Lack of uniformity in the records. It is a mixed system of recording transactions of the business.
The two features of incomplete record are.
Lack of uniformity in the records.
See lessIt is a mixed system of recording transactions of the business.