SINGLE ENTRY SYSTEM | Accounts from Incomplete Records MCQs with ANSWERS

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

Option B
  

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

Option A
  

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

Option C
  

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

Option A
  

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

Option A
  

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

Option C
  

7)  Opening capital is obtained by preparing:

(A)  Debtors account

(B)  Creditors account

(C)  Opening statement of affairs

(D)  Cash account

Answer

Option C
  

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

Option D
  

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

Option C
  

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

Option C
  

11)  Credit sale is determined by preparing:

 (A)  Sales Account

(B)  Creditors Account

(C)  Debtors Account

(D)  None of these

Answer

Option C
  

12)  Credit purchase is determined by preparing :

(A)  Purchases Account

(B) Debtors Account

(C)  Creditors Account

(D)  Cash Account

Answer

Option C
  

13)  Closing balance of cash is obtained by preparing :

(A)  Balance Sheet

(B) Debtors Account

(C)  Creditors Account

(D)  Cash Account

Answer

Option D
  

14)  Trial balance is not obtained in:

(A)  Double Entry System

(B)  Modern Entry System

(C)  Single Entry System

(D)  None of these

Answer

Option C
  

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

Option B
  

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