Profit under the net worth method, when there are no drawings and no additional capital is the difference between:
A) Assets and Liabilities
B) apital and Liabilities
C) Assets and Capital
D) Closing Capital and Opening Capital
Correct Answer:
Verified
Q11: Single entry book-keeping means
A)Incomplete records
B)Loose and defective
Q12: Statement of Affairs is a statement of
A)Statement
Q13: Procedure of conversion of Single entry books
Q14: Under the net worth method, the profit
Q15: The closing capital can be ascertained by
Q17: To ascertain the real profit, the difference
Q18: Under single entry system the main account
Q19: The system of keeping incomplete record is
Q20: In single entry system sales are computed
Q21: The single entry system cannot be adopted
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