Multiple Choice
The disadvantage of single entry system
A) Incomplete and Unscientific System
B) Difficulty in preparing Balance Sheet
C) True Profit or Loss cannot be ascertained
D) All of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q7: Entrance fee, unless otherwise stated, is treated
Q8: Subscription received in advance by a club
Q9: Receipts and Payment A/c is a<br>A)Nominal A/c<br>B)Real
Q10: Subscription received in advance is<br>A)An income<br>B)An asset<br>C)Liability<br>D)None
Q11: The receipts and Payments account records receipts
Q13: Receipts and Payments Account is a:<br>A)Personal Account<br>B)Real
Q14: The amount of Entrance Fees received regularly
Q15: Receipts and Payments Account of non-trading concerns
Q16: Subscriptions received in advance by a Club
Q17: Receipts and Payment A/c is a summary