CBSE Class 11 Accountancy Accounts from Incomplete Records MCQs Set 01

Question : Single entry system of book keeping is
(a) Simple
(b) Unauthorized by tax authorities
(c) Unscientific
(d) all of these

Answer :  D

Question : Credit purchase, during the year is ascertained by preparing :
(a) Total creditor’s account
(b) Total debtor’s account
(c) Cash account
(d) Opening statement of affairs

Answe :  A

Question : When only closing and opening capital is given and closing capital is greater than opening capital it denotes
(a) Loss
(b) None
(c) Profit
(d) Profit if there is no introduction of fresh capital

Answer :  D

Question : 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 :  C

Question : Incomplete records are generally maintained by
(a) A company
(b) Government
(c) Small sized sole trader business
(d) Multinational enterprises

Answer :  C

Question : Following are the Limitations of Incomplete Records except
(a) Under this system no real and nominal accounts are maintained
(b) his method is highly flexible because it can be adjusted according to the need of the organization
(c) it is not possible to prepare a balance sheet showing the true financial position of the business
(d) incomplete method of maintaining the ac counting records

Answer :  B

Question : If capital at the end of the year is 40,000: capital introduced during the year Rs. 30,000; drawings 20,000 and loss for the year is 60,000; then Capital at the beginning of the year was:
(a) 90,000
(b) 80,000
(c) 70,000
(d) 10,000

Answer :  A

Question : Normally single entry system is suitable for:
(a) Small scale business
(b) Large scale business
(c) Both of them
(d) None of them

Answer :  A

Question : What should be added in closing capital for calculating opening capital?
(a) Loss and drawing
(b) Profit and drawing
(c) Profit only
(d) Loss only

Answer :  A

Question : The opening capital is ascertained by preparing
(a) Cash book
(b) Debtors
(c) Opening statement of affairs
(d) Creditors

Answer :  C

Question : The amount of credit sales can be computed from
(a) Total debtors account
(b) Total creditors account
(c) Bills receivable account
(d) Bills payable account

Answer :  A

Question : 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 :  B

Question : Which one of the following statements is not true in relation to incomplete records?
(a) It is an unscientific method of recording transactions
(b) Records are maintained only for cash and personal accounts
(c) It is suitable for all types of organisations
(d) Tax authorities do not accept

Answer :  C

Question : Statement of affairs is a
(a) Statement of income and expenditure
(b) Statement of assets and liabilities
(c) Summary of cash transactions
(d) Summary of credit transactions

Answer :  C

Question : What is the amount of capital of the proprietor, if his assets are ₹85,000 and liabilities are ₹21,000?
(a) Rs.85,000
(b) Rs.1,06,000
(c) Rs.21,000
(d) Rs.64,000

Answer :  A

Question : A single entry system it:
(a) Incomplete and unscientific
(b) None
(c) Complete and scientific system
(d) Complete and unscientific

Answer :  A

Question : If opening capital is 24,000; closing capital 40,000; drawing 7,000; fresh capital 8,000. Calculate profit or loss.
(a) Profit 15,000
(b) Loss 15,000
(c) Profit 20,000
(d) Loss 20,000

Answer :  A

Question Closing balance of cash is obtained by preparing :
(a) Balance Sheet
(b) Debtors Account
(c) Creditors Account
(d) Cash Account

Answer :  D

Question : Under Accounting from Incomplete records system two accounts are maintained
(a) Cash book and Income statement account
(b) Cash book and personal accounts
(c) personal accounts and receipt and payment account
(d) personal accounts and trading account

Answer :  B

Question : 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 :  A

Question : Profit can be ascertained from the incomplete records under single entry by using.
(a) Only Statement of Affairs Method
(b) Only Conversion Method
(c) Either (a) or (b) above
(d) None of (a) or (b)

Answer :  C

Question : If books are kept under single entry system , credit sales are ascertained by preparing
(a) Total Creditors Account
(b) Total Debtors Account
(c) Credit Sales Account
(d) Trading Account

Answer :  B

Question : If book are kept under single entry system, credit purchases are ascertained by preparing
(a) Total Creditors Account
(b) Total Debtors Account
(c) Credit Purchases Account
(d) Bills Payable Account

Answer :  A

Question : If books are kept under single entry system, opening stock is ascertained by preparing
(a) Opening Stock Account
(b) Stock Register
(c) Memorandum Trading Account
(d) Opening Statement of Affairs

Answer :  C

Question : Calculate Sale:
Opening balance of Debtors 14,828
Closing balance of Debtors 23,460
Cash received from Debtors 86,530 Sales ?
(a) 71,702
(b) 8,632
(c) 95,162
(d) 1,09,990

Answer :  C

True OR False :->

(a) Single Entry System follows the basic accounting principle of accrual.
Ans:- False

(b) Trial Balance is prepared under Single Entry System in ordered to verify arithmetical of the records.
Ans:- False

(c) Under Single Entry System, only one journal entry is passed for all the transactions during a day.
Ans:- False

(d) Under Single Entry System, all entries are passed as well as posted only by one person.
Ans:- False

(e) Under Single Entry System, only one aspect of transaction (either debit or credit) is recorded for all transactions.
Ans:- False