Profit under single entry system of Book Keeping means:
A. the difference between opening and closing cash balances and reduced by fresh capital introduced
B. the difference between opening net assets and closing net assets as increased by drawings and reduced by new capital introduced
C. profit shown by Trading and Profit and Loss Account and Balance sheet
D. the amount of closing cash balance as reduced by expenses
Answer: Option B
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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