Which method is used under single entry system to find out the profit or loss?
A) Double entry system
B) Statement of affairs method
C) Cash book
D) All of the above
Correct Answer:
Verified
Q19: The system of keeping incomplete record is
Q20: In single entry system sales are computed
Q21: The single entry system cannot be adopted
Q22: The minimum share application money is
A)Rs.5 per
Q23: When closing capital is more than opening
Q25: Credit purchase is determined by preparing
A)Purchase Account
B)Debtor's
Q26: Under Incomplete records only _ accounts are
Q27: Single entry system contains
A)All the relevant accounts
B)Only
Q28: Bill dishonored is shown in
A)Bills receivable account
B)Bills
Q29: Credit sales can be ascertained by preparing
A)Creditors
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