CBSE Class 11 Accountancy Accounts from Incomplete Records MCQs Set 04

Question: On March 31, 2018 assets and liabilities of Mr. Shyam were Rs.10, 00,000 and Rs.1,50,000 respectively . On March 31, 2019 assets and liabilities are Rs.12,00,000 and Rs.50,000 respectively , Total Drawing during the year 2018-19 were Rs. 40,000 .Profit earned by shyam during the year is ……..
a) 3,40,000
b) 3,50,000
c) 3,00,000
d) None of the options
Answer: a

Question: Credit sale can be ascertained as the balancing figure of accounts
a) Total creditors account
b) Total debtors accounts
c) Cash account
d) Statement of affair
Answer: b

Question: Which one of the following is the correct formula of ascertaining profit or loss.
a) Closing capital + Drawing + additional capital – opening capital
b) Closing capital + Drawing – additional capital – opening capital
c) Closing capital – Drawing + additional capital – opening capital
d) Closing capital + Drawing + additional capital + opening capital
Answer: b

Question: Accounting equation is
a) Assets = Liabilities +Capital
b) Assets = Liabilities – Capital
c) Liabilities = Assets –Capital
d) Capital = Assets + Liabilities
Answer: a

Question: Single entry system of book keeping is
a) Inaccurate
b) Unscientific
c) Unsystematic
d) All of the options
Answer: d

Question: When closing capital is less than opening capital then result will be:
a) Profit
b) Loss
c) No profit no loss
d) Loss if there is no drawings
Answer: d

Question: Which one of the following is the correct formula of COGS.
a) Opening stock+ purchase + direct expenses – closing stock
b) Opening stock – purchase+ direct expenses – closing stock
c) Opening stock + purchase + direct expenses + closing stock
d) All of the options.
Answer: a

Question: If cash purchases is 150% of credit purchases, Payment made to creditors during the year Rs.50, 000 Balance of opening creditors is Rs.50, 000 more than closing creditors. Total purchase during the year is….
a) Rs.1, 50,000
b) Rs.2, 00,000
c) Rs.2,50,000
d) Rs.3,00,000
Answer: c

Question: Limitation of accounting from incomplete records
a) Unscientific system
b) Difficulty in preparing final account
c) Preparation of trial balance is not possible
d) All of the options
Answer: d

Question: Opening and closing balance of Mr. X’s capital a/c is Rs.6, 00,000 and Rs.10, 00,000 respectively. Total profit of Rs.5,00,000 earned, Drawings during the year were
a) Rs.50,000
b) Rs.1,00,000
c) Rs.4,00,000
d) Rs.5,00,000
Answer: b

Question: Credit purchase can be ascertained as the balancing figure of accounts
a) Total creditors account
b) Total debtors accounts
c) Cash account
d) Statement of affair
Answer: a

Fill In The Blanks

Question: Single entry system is generally followed by …….
Answer: Individuals

Question: Total Purchases during the year is Rs ……….if
– cash purchases is 150% of credit purchases,
– Payment made to creditors during the year Rs.50,000
Balance of opening creditors a is Rs.50,000 more than closing creditors.
Answer: 2,50,000

Question: On March 31, 2018 assets and liabilities of Mr. Shyam were 10,00,000 and Rs. 1,50,000 respectively . On March 31, 2019 assets and liabilities are Rs.12,00,000 and Rs.50,000 respectively, Total Drawing during the year 2018-19 were Rs. 40,000 .Profit earned by shyam during the year is ……..
Answer: 3,40,000

Question: Opening and closing balance of Mr. X’s capital a/c is Rs.3 laces and Rs. 5 laces respectively. Total profit of Rs. 2.5 laces earned and Rs…………..was withdrawn during the year.
Answer: 50,000

Question:Total credit purchases can be ascertained from….………. a/c (Part of Current liabilities)
Answer: Trade Payables a/c

Question: Gross profit of Mahesh is rs.35000 and cost of goods sold is rs. 65000, cash is 2/3 of credit sales then credit sales is rs……
Answer: 60,000

Question: Capital 6,00,000 ,Liability is rs.235000 then Assets=……….
Answer: 835000

Question:Single entry system is not supported by …………….act
Answer: companies act 2013

Question: Single entry system of accounting is comparatively ……… expensive.
Answer: Less

True/False

Question: Ram keep his book on single entry system & he pays tax on the basis of his books and income Tax accepted his calculation.
Answer: False

Question: Money measurement concept is followed in single entry system.
Answer: True

Question: Credit purchase can be ascertained as the as the balancing figure in total debtor account.
Answer: False

Question: Accurate profit and loss can be ascertained by single entry system.
Answer: False

Question: In x & co. single accounting system is follow, 2 packets out of 500 packets were lost by theft. But x & co can easily find the lost unit.
Answer: False

Question: Big business houses usually use single entry system.
Answer: False

Question: XY & Co is a big firm and single entry system will be the best option for accounting.
Answer: False

Question: Prepare financial statement by putting the accounting records I proper order is called conversion method)
Answer: True

Match The Following

Question:
i) From single entry system it is not always possible to prepare              a) Balance sheet
ii) From incomplete records we cannot find                                              b) Trial Balance
                                                                                                                  c) Correct P & L
                                                                                                                  d) Capital A/C
Answer: i)- b, ii) -c 

Question:
i) Credit purchase, during the year is ascertained by preparing                     a) Total asset A/C
ii) Credit sales during the year is ascertained by preparing                            b) Total debtors A/C
iii) Opening capital is ascertained by preparing                                              c) Total liabilities A/C
                                                                                                                        d) Total creditors A/C
                                                                                                                        e) Opening statement of affairs
Answer: i) – d , ii) – b , iii) – e

Question:
i) Single entry system does not reflect                 a) Proper rules and principles
ii) Single entry system does not follow                b) True financial position
                                                                             c) Internal Check System
Answer: i)- b, ii) -a

Question:
i) In single entry system only such transactions are properly maintained                          a) Real A/C
ii) In double entry system the accounts are properly maintained                                       b) Nominal A/C
                                                                                                                                            c) Personal A/C
                                                                                                                                            d) All the above
Answer: i)- c , ii) -d

Question:
i) In single entry system which accounts are not prepared                           a) Real Account
ii) In single entry system the accounts are not accepted by                         b) Personal Account
                                                                                                                      c) Court of Law
Answer: i)- a, ii) -c 

Question:
i) Single entry system is generally used by                      a) Company
ii) Principle is not followed by single entry system           b) Matching principle
                                                                                         c) Dual aspect principle
                                                                                         d) Small traders
Answer: i)- d, ii) -c