Assertion Reason MCQs of Accounts from Incomplete Records – Single Entry System Class 11 with Answers
Assertion Reason MCQs of Accounts from Incomplete Records – Single Entry System Class 11 with Answers
Assertion (A): Incomplete Accounting Records are those accounting records which are not maintained according to Double Entry Accounting Principles
Reason (R): Incomeplete records contains:
- Both the aspects of some of the transactions, e.g., cash received from Debtors.
- Only one aspect of some of the transactions, e.g., Cash Sales, Cash Purchases
- No aspect of some of transactions, e.g., Depreciation, Provision for Doubtful Debts
Options:
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not correct explanation of Assertion (A)
(c) Assertion (A) is true but Reason (R) is false
(d) Assertion (A) is false but Reason (R) is True
Ans – (a)
Assertion (A): Although, Statement of Affairs shows assets and liabilities, yet it is not a Balance Sheet.
Reason (R): Values shown in Statement of Affairs are not strictly the balances drawn from the accounts.
Options:
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not correct explanation of Assertion (A)
(c) Assertion (A) is true but Reason (R) is false
(d) Assertion (A) is false but Reason (R) is True
Ans – (a)
Assertion (A): Trial Balance cannot be prepared to check the arithmetical accuracy of the books of accounts maintained udner Single Entry System.
Reason (R): Trial Balnace can be prepared because few transactions under Sindle Entry System are maintained following Dual Aspect Concept.
Options:
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not correct explanation of Assertion (A)
(c) Assertion (A) is true but Reason (R) is false
(d) Assertion (A) is false but Reason (R) is True
Ans – (c)
Assertion (A): Incomplete Records System can be adopted by people who do not have proper knowledger of accounting principles.
Reason (R): It is an inexpensive method of maintaing records.
Options:
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not correct explanation of Assertion (A)
(c) Assertion (A) is true but Reason (R) is false
(d) Assertion (A) is false but Reason (R) is True
Ans – (b)
Assertion (A): Correct Profit/Loss of business cannot be ascertained under Accounting from Incomplete Records, i.e., Single Entry System.
Reason (R): Credible Trading and Profit & Loss Account cannot be prepared under Single Entry System.
Options:
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not correct explanation of Assertion (A)
(c) Assertion (A) is true but Reason (R) is false
(d) Assertion (A) is false but Reason (R) is True
Ans – (a)
Assertion (A): To ascertain profit or loss or for obtaining any other information; necessary data can be collected only from the original vouchers such as slaes invoice or purchase invoice, etc.
Reason (R): Single Entry System depends on original vouchers.
Options:
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not correct explanation of Assertion (A)
(c) Assertion (A) is true but Reason (R) is false
(d) Assertion (A) is false but Reason (R) is True
Ans – (a)
Assertion (A): Statement of Affairs is prepared on the basis of some Ledger Accounts and estimate.
Reason (R): Statement of Affairs shows true and fair financial position.
Options:
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not correct explanation of Assertion (A)
(c) Assertion (A) is true but Reason (R) is false
(d) Assertion (A) is false but Reason (R) is True
Ans – (c)
Assertion (A): In Balance Sheet, Balance of Capital Account is arrived as a balancing fiture.
Reason (R): Balance Sheet shows true and fair financial position of a business.
Options:
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not correct explanation of Assertion (A)
(c) Assertion (A) is true but Reason (R) is false
(d) Assertion (A) is false but Reason (R) is True
Ans – (d)
