Tag: ascertaining profit or loss from incomplete records
Questions Related to ascertaining profit or loss from incomplete records
Incomplete record mechanism of book keeping is ___________.
Under single entry system, there is no provision to make adjustments, while under double entry system, adjustments are made at the time of preparing final accounts.
_____________ has defined Single Entry System as, 'A system of book keeping in which as a rule only records of cash and personal accounts are maintained, it is always incomplete double entry varying with the circumstances."
Under double entry system both aspects of transaction are recorded, while Under single entry system, both aspects of transaction are not recorded.
Company accounting conforms more to dual aspect concept than to incomplete recording system because.
I. Companies Act insists upon the adoption of double entry systems of book keeping.
II. Balance sheet could not be prepared under sec. $211$ of Company's Act according to the incomplete recording system
III. To show true and fair view of the affairs of the company
IV. To ensure adequate disclosure.
Select the correct answer from the codes given and mark your answer sheet accordingly.
Which of the following are prepared by the organisations keeping only incomplete accounting records?
I. Cash book
II. Customer's Accounts
III. Expenses Accounts
IV. Day Books
Choose the correct answer using the codes given.
Generally incomplete records are maintained by ____________.
Under single entry system "profit" = closing capital - _________________.
Single entry system is most popular for ____________.
An accounting system where debit and credit rule is not followed.