Select the most appropriate answer from the alternatives given below and rewrite the sentence:
i. The capital balances are ascertained by preparing ______
(a) Statement of Affairs
(b) Cash Account
(c) Drawings Accounts
(d) Debtors Accounts
ii. Under Single Entry System, Opening Capital = Opening Assets less ________
(a) Opening Liabilities
(b) Closing Liabilities
(c) Debtors Account
(d) Creditors Account
iii. Additional Capital introduced during the year is _______ from closing capital in order to find out the correct profit.
(a) Added
(b) Deducted
(c) Divided
(d) Ignored
iv. Single Entry System may be useful for ________
(a) Sole traders
(b) Company
(c) Government
(d) None of these
v. In order to find out the correct profit, drawings is _______ from closing capital.
(a) Multiplies
(b) Divided
(c) Deducted
(d) Added
