The students will be able to
- To have a clear understanding of the meaning and features of imcomplete records.
- To know the method of calculating profit or loss using Statement of Affairs method
- To have an awareness of the companies which can use Single Entry system of accounting
- To have an end to end knowledge of preparing Trading, Profit and Loss and Balance Sheet from incomplete records;
- To clearly understand the difference between Single Entry and Double Entry method of Accounting
- To find out the missing figures/information by preparing relevant accounts.
- This is only a practice test, it is designed to help you revise your concepts
- The test contains questions, only 1 option is correct for each question
- This is a timed test.
- After you have finished the test, press on the 'Finish Test' button to know your score and get the correct answers