FOLLOWING ARE MCQs RELATED TO SINGLE ENTRY SYSTEM | Accounts from Incomplete Records with Answers
1) In double entry system:
(A) Only one aspect of a transaction is recorded
(B) Both aspect of a transaction is recorded
(C) No aspect of a transaction is recorded
(D) None of these
Answer
2) In Single entry mostly:
(A) Personal aspects of transaction are recorded
(B) Nominal aspects of transaction are recorded
(C) Real aspects of transaction are recorded
(D) All of the above
Answer
3) Statements of assets & liabilities prepared under single entry system is called:
(A) Balance sheet
(B) Profit & loss statement
(C) Statement of affairs
(D) Income Statement
Answer
4) Statements of assets & liabilities prepared under double entry system is called:
(A) Balance sheet
(B) Profit & loss statement
(C) Statement of affairs
(D) Income Statement
Answer
5) Normally single entry system is suitable for:
(A) Small scale business
(B) Large scale business
(C) Both of them
(D) None of them
Answer
6) More accurate profit & loss account can be prepared in:
(A) Modern accounting system
(B) Single entry system
(C) Double entry system
(D) None of them
Answer
7) Opening capital is obtained by preparing:
(A) Debtors account
(B) Creditors account
(C) Opening statement of affairs
(D) Cash account
Answer
8) In single entry system profit is calculated by:
(A) Opening capital + Drawing – Fresh Capital – Closing Capital
(B) Closing capital + Drawing + Fresh Capital – Opening Capital
(C) Closing capital – Drawing + Fresh Capital – Opening Capital
(D) Closing capital + Drawing – Fresh Capital – Opening Capital
Answer
9) If opening capital is Rs.10,000 & closing capital is Rs.15,000 then profit or loss::
(A) Loss of Rs.5,000
(B) Profit of Rs.2,500
(C) Profit of Rs.5,000
(D) None of these
Answer
10) If Building (closing) Rs.100,000, Land (opening) Rs. 100,000, Creditors (opening) Rs.10,000 then opening capital:
(A) Rs. 190,000
(B) Rs. 210,000
(C) Rs. 90,000
(D) None of these
Answer
11) Credit sale is determined by preparing:
(A) Sales Account
(B) Creditors Account
(C) Debtors Account
(D) None of these
Answer
12) Credit purchase is determined by preparing :
(A) Purchases Account
(B) Debtors Account
(C) Creditors Account
(D) Cash Account
Answer
13) Closing balance of cash is obtained by preparing :
(A) Balance Sheet
(B) Debtors Account
(C) Creditors Account
(D) Cash Account
Answer
14) Trial balance is not obtained in:
(A) Double Entry System
(B) Modern Entry System
(C) Single Entry System
(D) None of these
Answer
15) In single entry two-fold aspect of transaction are not recorded, so it is:
(A) Complete and Scientific
(B) Incomplete and Unscientific
(C) Complete and Unscientific
(D) Incomplete and Scientific
Answer
