Multiple Choice
To ascertain the real profit, the difference between the closing capital and opening capital is adjusted by:
A) Deducting the drawings and adding the additional capital introduced
B) Adding the drawings and deducting the additional capital introduced
C) Deducting both the drawings and the additional capital
D) Adding both the drawings and the additional capital.
Correct Answer:
Verified
Correct Answer:
Verified
Q18: Receipts and Payments Account generally shows:<br>A)A Debit
Q19: Receipts and Payments Account usually indicates-<br>A)Surplus<br>B)Capital Fund<br>C)Debit
Q20: Sale of old newspapers is-<br>A)Capital Receipt<br>B)Revenue Receipt<br>C)Asset<br>D)Profit
Q21: In single entry system sales are computed
Q22: Bill dishonored is shown in<br>A)Bills receivable account<br>B)Bills
Q24: The single entry system cannot be adopted
Q25: Legacy for specific purpose is :<br>A)Added to
Q26: Entrance fees are generally<br>A)Capitalised<br>B)Taken as income<br>C)Treated as
Q27: The amount of credit sale is ascertained
Q28: In not-for-profit organisations, excess of expenditure over