accounts from incomplete records Test

Result

accounts from incomplete records Test - 1

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

A single entry system it:

A
Incomplete and unscientific

B
Complete and unscientific

C
None

D
Complete and scientific system

Solution

Explanation:

single entry system also known as 'accounts from incomplete records' under this system sometimes for certain transaction both aspects are recorded, for others one aspects are recorded and some transactions are not even recorded. this is an incomplete and an unscientific system.
Question 2
1 / -0

The opening capital is ascertained by preparing

A
Cash book

B
Opening statement of affairs

C
Creditors

D
Debtors

Solution

Explanation:

a statement of affairs is a statement of all assets and liabilities. The difference between the amount of the two sides is taken as capital. A statement of affairs is just like the balance sheet.
Question 3
1 / -0

A Balance sheet is prepared exclusively on the basis of ________

A
Nominal and Personal Account

B
Ledger Account

C
None of these

D
Nominal and Real Account

Solution

Explanation:

a balance sheet is based on the balances of different ledger accounts.
Question 4
1 / -0

Credit purchase can be ascertained as the balancing figure in the ___ account.

A
Creditors

B
None

C
Debtors

D
Both

Solution

Explanation:

if credit purchase isn't given in any question and it is required to be calculated then it can be calculated by preparing creditors A/C.
Question 5
1 / -0

When Statement of affairs is prepared _______ is not prepared.

A
Trial balance

B
Personal Account

C
None of these

D
Cash book

Solution

Explanation:

the trial balance is prepared just to check the arithmetic accuracy of accounting information. statement of affairs is prepared under accounts from incomplete records where arithmetic accuracy can't be checked since all information aren't available. hence when Statement of affairs is prepared trial balance is not prepared.
Question 6
1 / -0

How statement of affairs is differ from balance sheet

A
Based on incomplete records and estimates

B
As it is prepared to ascertain capital amount at a certain point of time

C
As it is maintained under double entry system

D
Does not prove the arithmetical accuracy

Solution

Explanation:

under double entry system' both aspects of a transaction are recorded and also it is a scientific system where as in 'accounts from incomplete records system' sometimes for certain transaction both aspects are recorded, for others one aspects are recorded and some transactions are not even recorded. therefore it creates a lot of difference between the 'balance sheet' and 'statement of affairs'.
Question 7
1 / -0

How DOUBLE ENTRY SYSTEM is differ from INCOMPLETE RECORDS

A
Only personal account is maintained in it

B
Arithmetic accuracy can not be checked in it

C
Both aspects of every transaction are recorded

D
As True and fair financial position can not be maintained

Solution

Explanation:

under double entry system' both aspects of a transaction are recorded and also it is a scientific system where as in 'accounts from incomplete records system' sometimes for certain transaction both aspects are recorded, for others one aspects are recorded and some transactions are not even recorded.
Question 8
1 / -0

Following are the Limitations of Incomplete Records except

A
Under this system no real and nominal accounts are maintained

B
it is not possible to prepare a balance sheet showing the true financial position of the business

C
his method is highly flexible because it can be adjusted according to the need of the organization

D
incomplete method of maintaining the ac counting records

Solution

Explanation:

an organisation can record, as per their need, both aspects of a transaction or one aspect of a transaction or they may even ignore the transaction. since single entry system doesn't follow any set of rules and principles.
Question 9
1 / -0

Books according to Incomplete records system can be maintained only by those small entities in the form of

A
Sole proprietor and company

B
Sole proprietor and partnership

C
Company and partnership

D
None

Solution

Explanation:

other entities, like a company can't prepare their books of accounts under this system since they are bound to follow the formats prescribed under Companies Act, 2013.
Question 10
1 / -0

Which of the following transactions are false regarding Accounting from Incomplete records system

A
Some financial events are not recorded at all

B
Original vouchers provide base for preparing the accounts

C
Accounting Principles and Accounting Standards are not followed properly under this system.

D
Two aspects of all transactions are recorded

Solution

Explanation:

under accounting from incomplete records' sometimes for certain transactions both aspects are is recorded, for others only one aspect is recorded and some transactions are not even recorded.

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

accounts from incomplete records Test - 1

Result

accounts from incomplete records Test - 1

Score

-

Rank

-

SHARING IS CARING

Question 1

Incomplete and unscientific

Complete and unscientific

None

Complete and scientific system

Solution

Question 2

Cash book

Opening statement of affairs

Creditors

Debtors

Solution

Question 3

Nominal and Personal Account

Ledger Account

None of these

Nominal and Real Account

Solution

Question 4

Creditors

None

Debtors

Both

Solution

Question 5

Trial balance

Personal Account

None of these

Cash book

Solution

Question 6

Based on incomplete records and estimates

As it is prepared to ascertain capital amount at a certain point of time

As it is maintained under double entry system

Does not prove the arithmetical accuracy

Solution

Question 7

Only personal account is maintained in it

Arithmetic accuracy can not be checked in it

Both aspects of every transaction are recorded

As True and fair financial position can not be maintained

Solution

Question 8

Under this system no real and nominal accounts are maintained

it is not possible to prepare a balance sheet showing the true financial position of the business

his method is highly flexible because it can be adjusted according to the need of the organization

incomplete method of maintaining the ac counting records

Solution

Question 9

Sole proprietor and company

Sole proprietor and partnership

Company and partnership

None

Solution

Question 10

Some financial events are not recorded at all

Original vouchers provide base for preparing the accounts

Accounting Principles and Accounting Standards are not followed properly under this system.

Two aspects of all transactions are recorded

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.