In the case of net worth method of single entry system, the net profit is ascertained by
A) Preparing trading and profit and loss account
B) comparing opening and closing capital
C) preparing
D) none of these
Correct Answer:
Verified
Q8: Goodwill is a
A)Fixed asset
B)current asset
C)intangible asset
D)fictitious asset
Q9: Income received in advance is
A)An income
B)a liability
C)an
Q10: Sales are equal to
A)Cost of goods sold
Q11: Interest on drawings is
A)An expenditure for the
Q12: Which of the following is a current
Q14: Capital at the beginning of the year
Q15: The amount of opening stock can be
Q16: The closing balance in the creditors account
Q17: the depreciation charged on an asset is
Q18: in case of straight line method, the
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