i. The capital balances are ascertained by preparing ______ (a) Statement of Affairs  (b) Cash Account  (c) Drawings Accounts 

Monjur Alahi

Select the most appropriate answer from the alternatives given below and rewrite the sentence:

i. The capital balances are ascertained by preparing ______

(a) Statement of Affairs 

(b) Cash Account 

(c) Drawings Accounts 

(d) Debtors Accounts

ii. Under Single Entry System, Opening Capital = Opening Assets less ________ 

(a) Opening Liabilities 

(b) Closing Liabilities 

(c) Debtors Account 

(d) Creditors Account

iii. Additional Capital introduced during the year is _______ from closing capital in order to find out the correct profit. 

(a) Added 

(b) Deducted 

(c) Divided 

(d) Ignored

iv. Single Entry System may be useful for ________ 

(a) Sole traders 

(b) Company 

(c) Government 

(d) None of these

v. In order to find out the correct profit, drawings is _______ from closing capital. 

(a) Multiplies 

(b) Divided 

(c) Deducted 

(d) Added


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Salim Ahmed Kawsar

Call

i. (a) Statement of Affairs

ii. (a) Opening Liabilities

iii. (b) Deducted

iv. (a) Sole traders

v. (d) Added

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