Multiple Choice
A Statement of assets and liabilities prepared under the single entry system is called:
A) Balance sheet
B) Financial statement
C) Cash statement
D) Statement of affairs
Correct Answer:

Verified
Correct Answer:
Verified
Q13: In single entry system only accounts are
Q14: In single entry system profit is calculated
Q15: A Single entry system is usually adopted
Q16: Company has ……………<br>A)Separate Legal Entity<br>B)Perpetual Existence<br>C)Limited Liability<br>D)All
Q17: Capital can be obtained by preparing:<br>A)Cash book<br>B)Statement
Q19: Bad -debts written off always affect the:<br>A)Debtors
Q20: If the rate of G.P on sale
Q21: Shareholders are :<br>A)Customers of the Company<br>B)Owners of
Q22: Credit Purchase can be calculated by preparing:<br>A)Cash
Q23: A Company is created by :<br>A)Special act