In the context of single entry system, 'Net Worth' means: MCQ with Answer and Explanation

Question
In the context of single entry system, 'Net Worth' means:
A. Total liabilities
B. Cash in hand
C. Excess of assets over liabilities
D. Total assets
Answer: Option C
Solution (By JKSSB Mock Tests)
Net worth = Total assets - Total liabilities, representing owner's equity.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1
PFMS is managed and implemented by:
A. Comptroller and Auditor General (CAG)
B. Controller General of Accounts (CGA)
C. Reserve Bank of India (RBI)
D. NITI Aayog
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
The Controller General of Accounts (CGA) under the Ministry of Finance administers the PFMS portal.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Tax Audit under Income Tax Act is mandatory for businesses with turnover exceeding:
A. ₹1 crore
B. ₹2 crore
C. ₹50 lakh
D. ₹10 crore
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Tax audit is required if turnover exceeds ₹1 crore in case of business (subject to digital transaction threshold of ₹10 crore in certain cases). Standard limit ₹1 crore.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is an example of a real account?
A. Machinery Account
B. Sales Account
C. Creditor Account
D. Salary Account
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Machinery Account represents a tangible asset, which is a real account. The rule is 'Debit what comes in, credit what goes out'.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Accountancy and Statistics 3179 Economy GK 2220 English 15164 Computer 5279 Current Affairs 575
Practice Mix
Which of the following is an indirect tax in India?
The valve between the left atrium and left ventricle is the:
A person faces north. He turns 45° left, then 90° right, then 45° left. Which direction is he facing?
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is: