CBSE Questions for Class 11 Commerce Accountancy Accounts From Incomplete Records Quiz 1 - MCQExams.com

Single entry system is most popular for ____________.
  • Sole trader
  • Government
  • Company
  • All of the above
In single entry system it is not possible to prepare _____.
  • Balance sheet
  • Receipts and payments account
  • Trial balance
  • Account sales
A statement similar to balance sheet is nothing but the _________.
  • statement of affairs
  • statement of profit and loss
  • balance sheet
  • cash flow statement
Profit under single entry system of Book Keeping means ______________.
  • The difference between opening and closing cash balances and reduced by fresh capital introduced.
  • The difference between opening net assets and closing net assets as increased by drawings and reduced by new capital introduced.
  • Profit shown by Trading and Profit and Loss Account and Balance sheet.
  • The amount of closing cash balance as reduced by expenses.
The Receipts and Payments A/c would begin with ___________ balance.
  • No
  • Debit
  • Credit
  • Either debit or credit
Rs. 19,500 debited to building repairs on 31 st Dec. 1993 inclined Rs. 9,500 as the cost of building a small room for the watch man. A bill of Rs. 800 for colour wash of the whole building during the year was not received till  Dec. 1993. The amount to be debited to profit and loss account would be _____________.
  • Rs. 20,300
  • Rs. 19,500
  • Rs. 10,800
  • Rs. 9,500
Company accounting conforms more to dual aspect concept than to incomplete recording system because.
I. Companies Act insists upon the adoption of double entry systems of book keeping.
II. Balance sheet could not be prepared under sec. $$211$$ of Company's Act according to the incomplete recording system
III. To show true and fair view of the affairs of the company
IV. To ensure adequate disclosure.
Select the correct answer from the codes given and mark your answer sheet accordingly.
  • I and II
  • II and III
  • II, III and IV
  • I, II and III
Excess of closing capital over opening capital of proprietor under single entry system. 
  • Profit
  • Loss
  • No Profit No Loss
  • Capital
An excess of assets over liabilities is called as ________.
  • Profit
  • Loss
  • Capital
  • No profit No loss
Excess of opening capital over closing capital of proprietor under single entry system is called __________.
  • Profit
  • Loss
  • No profit No loss
  • Revenue
Method of accounting in which nominal accounts are not maintained  is ____________.
  • Single entry system
  • Double entry system
  • Financial accounting
  • Book keeping and accountancy
Profit as per accounts from incomplete records may be constructed as equivalent of _____________. 
  • Excess of assets over liabilities at the close of the period
  • Excess of capital at the end over the capital at the beginning
  • Excess of assets over liabilities at the commencement of the period
  • Excess of capital at the beginning over the capital at the end
Under single entry system "profit" = closing capital - _________________.
  • Opening capital
  • Opening assets
  • Opening liabilities
  • Drawings
Generally incomplete records are maintained by ____________.
  • Trader
  • Company
  • Society
  • Government
A statement of book-keeping which records only one aspect of business transactions and ignores other aspects is known as ________________.
  • Double Entry System
  • Single Entry System
  • Final Accounts
  • Partnership Accounts
If closing capital is Rs.30000 and profit is Rs.5000; opening capital was Rs. ____________.
  • 35000
  • 30000
  • 25000
  • 15000
Statement of affairs is just like ______________.
  • Balance sheet
  • Profit and loss account
  • Real account
  • Trading account
In single entry system only ________________ accounts are opened.
  • Real
  • Nominal
  • Personal
  • Real and personal
An accounting system where debit and credit rule is not followed.
  • Double entry system
  • Single entry system
  • Financial accounting
  • Book keeping accountancy
In statement of profit and loss interest on capital is shown as _________.
  • Addition
  • Subtraction
  • Ignored
  • Multiplied
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Practice Class 11 Commerce Accountancy Quiz Questions and Answers