Single Entry System objectives

1. A system of book - keeping in which both the aspects of transaction are recorded.
2. An excess of assets over liabilities
3. A system of accounting which is not scientific.
4. Name the method, in which only cash and personal transactions are recorded.
5. The method in which Trading Account, Profit and Loss Account and Balance Sheet can be prepared.
6. A statement similar to Balance Sheet.
7. A statement similar to Balance sheet prepared to ascertain the amount of Closing Capital.
8. System of accounting normally suitable to small business organisation.
9. The accounting method in which profit is calculated by comparing opening and closing statement affairs.
10. The system of accounting which is most scientific and reliable.
11. A system of accounting which is not scientific.
12. Name the statement prepared to find out profit or loss under single entry system.
13. Excess of closing capital over opening capital of proprietor under single entry system.
14. Excess of opening capital over closing capital of proprietor under single entry system.
15. Method of accounting in which real accounts and nominal accounts are not maintained.
16. A statement similar to balance sheet prepared to find out the amount of opening capital.
17. A statement which shows profit or loss of business under single entry system
18. An accounting system where rules of debit and credit are not followed.
19. The incomplete method of accounting system.
20. A system of book - keeping which records only one aspect of business transactions and ignores other aspect.
21. A system of book - keeping in which every debit has corresponding credit of equal amount.
22. A statement which shows the balances of various assets and liabilities at their approximate or estimated values as on particular date.

Ans.

1. Double Entry System
2. Capital
3. Single Entry System
4. Single Entry System
5. Double Entry System
6. Statement of affairs
7. Closing Statement Affairs
8. Single Entry System
9. Single Entry System
10. Double Entry System
11. Single Entry System
12. Statement of Profit or Losss
13. Profit
14. :Loss
15. Single Entry System
16. Opening Statement Affairs.
17. Statement of Profit or Loss
18. Single Entry System
19. Single Entry System
20. Single Entry System
21. Double Entry System
22. Statement of Affairs.