_____ maintains only personal and cash accounts.

(a)

Single entry system

(b)

Double entry system

(c)

Both (a) and (b)

(d)

None of these

If adjusted closing capital is more than the opening capital, it denotes ____________

(a)

Profit

(b)

Loss

(c)

Opening Capital

(d)

Expenses

Rent expenses of a non-profit organization paid in advance. Which of the following is the correct classification of rent _________

(a)

Expense

(b)

Liabilities

(c)

Equity

(d)

Asset

_______is prepared to find out the surplus or deficit pertaining to a particular year.

(a)

Income and Expenditure account

(b)

Receipts and Payment account

(c)

Trading and Profit and loss account

(d)

Balance sheet

All the transactions between the partner and the firm are recorded in the _________

(a)

capital account

(b)

drawings account

(c)

profit and loss account

(d)

revaluation account

Self- generated goodwill should not be shown in the ______________

(a)

journal

(b)

ledger

(c)

balance sheet

(d)

books of accounts

In admission undistributed profit or loss is transferred to _________

(a)

New partner's capital A/c only

(b)

Old partner's capital A/c only

(c)

All the partner's capital accounts

(d)

None of these

________ is computed at the time of admission of a new partner.

(a)

Gaining ratio

(b)

Capital ratio

(c)

Sacrificing ratio

(d)

New ratio

_________maybe dissolved at any time by a partner serving notice on the other partners

(a)

Partnership at deed

(b)

Dissolution of partnership

(c)

Partnership at will

(d)

All of the above

Equity shares are also known as

(a)

authorised capital

(b)

issued capital

(c)

subscribed capital

(d)

ordinary shares