MCQs of Accounts from Incomplete Records – Single Entry System Class 11 with Answers
MCQs of Accounts from Incomplete Records – Single Entry System Class 11 with Answers
Which of the following is not a feature of accounts from Incomplete records?
(a) Accounts from Incomplete records ignore two fold aspect of a transaction.
(b) Only personal accounts or cash account is maintained
(c) it is possible to prepare Profit & Loss Account
(d) It is a simple method of accounting
Ans – (c)
Generally accounts under single entry system are maintained by:
(a) Sole Trader
(b) Company
(c) Society
(d) Government
Ans – (a)
Accounts from incomplete records are not suitable for
(a) Sole Trader
(b) Partnership Firm
(c) Joint Hindu Family
(d) Company
Ans – (d)
Single Entry System of book keeping is:
(a) Inaccurate
(b) Unsystematic
(c) Unscientific
(d) All of these
Ans – (d)
Identify the feature of statement of Affairs:
(a) It is prepared under accounts from Incomplete records
(b) It shows assets and liabilities at their estimated values
(c) It is prepared to know the trading profit by ascertaining the capital
(d) All of the above
Ans – (d)
When closing capital is more than opening capital, it denotes:
(a) Profit
(b) Loss
(c) No Profit no loss
(d) Profit, if there is no introduction of fresh capital
Ans – (d)
Which of the following is a limitation of Single Entry System?
(a) True Profits/Losses cannot be ascertained because Trading and Profit & Loss Account cannot be prepared
(b) True Financial position cannot be ascertained because Balance Sheet cannot be prepared.
(c) Arithmetical accuracy of the accounts cannot be checked because Trial Balance can not be prepared
(d) This method can be changed according to the needs of a particular business
Ans – (d)
When closing capital is less than opening capital, it denotes:
(a) Profit
(b) Loss
(c) Loss, if there is no drawing
(d) None of the above
Ans – (c)
In the context of accounts from Incomplete records which of the following is not true?
(a) Both the aspects of transactions are recorded
(b) Trial Balance cannot be prepared
(c) Suitable for small business houses
(d) Not possible to prepare Profit & Loss Account
Ans – (a)
If Capital at the end of the years is ₹ 40,000; Capital introduced during the year ₹ 30,000; drawings for the year ₹ 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
Ans – (a)
Under the Net Worth Method, the basis for ascertaining profit or loss is the difference between
(a) Gross Assets on two dates
(b) Net Assets on two dates
(c) Capital on two dates
(d) Liabilities on two dates
Ans – (c)
The capital in the beginning of the accounting year is ascertained by preparing
(a) Cash Account
(b) Opening Statement of Affairs
(c) Closing Statement of Affairs
(d) Statement of Profit & Loss
Ans – (b)
In case of Net Worth Method of Single Entry System, profit is ascertained by
(a) comparing the capital in the beginning of the accounting period and the capital at the end of the accounting period
(b) Preparing a Profit & Loss Account
(c) Preparing a Balance Sheet
(d) None of the above
Ans – (a)
Profit = Capital at the end + ? – Capital introduced – Capital in the beginning.
(a) Sales
(b) Drawings
(c) Net Purchases
(d) None of these
Ans – (b)
From incomplete records, it is possible to prepare
(a) Ledger Accounts
(b) Trial Balance
(c) Statement of Affairs
(d) None of these
Ans – (c)
When closing capital is greater than opening capital, it means
(a) Profit
(b) Loss
(c) Profit if fresh capital is not introduced
(d) No Profit, no Loss
Ans – (c)
When Closing capital is less than opening capital, it means
(a) Profit
(b) Loss
(c) Loss if there is no drawing
(d) None of these
Ans – (c)
Calculate Profit of Loss from the following information:
Opening Capital – ₹ 6,00,000
Closing Capital – ₹ 5,00,000
Drawings – ₹ 50,000
(a) Loss : ₹ 1,00,000
(b) Loss : ₹ 50,000
(c) Profit : ₹ 1,00,000
(d) Profit : ₹ 50,000
Ans – (b)
Rajesh does not keep proper records of his business. He gives you the following information:
Opening Capital: ₹ 1,00,000; Closing Capital: ₹ 1,25,000; Drawings: ₹ 30,000; Capital introduced during the year : ₹ 37,500. Calculate Profit or Loss of the year.
(a) Profit : ₹ 17,500
(b) Profit : ₹ 27,500
(c) Loss : ₹ 47,500
(d) Loss : ₹ 25,000
Ans – (a)
From the following information, calculate capital in the beginning:
A. Capital at the end of the year : ₹ 4,00,000
B. Drawings made during the year : ₹ 60,000;
C. Fresh Capital introduced during the year : ₹ 1,00,000
D. Profit of the current year : ₹ 80,000.
(a) ₹ 1,50,000
(b) ₹ 1,80,000
(c) ₹ 2,80,000
(d) ₹ 3,00,000
Ans – (c)
