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accounts from incomplete records Test - 12

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accounts from incomplete records Test - 12
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Single entry system is most popular for ____________.
    Solution
    Normally Single entry system is maintained by small traders as it do not require special set of book-keeping and expert accounting knowledge. Hence, it becomes hassle free for traders to ascertain their profit of loss earned by the business through single entry system.
  • Question 2
    1 / -0
    In single entry system it is not possible to prepare _____.
    Solution
    Under single entry system Books of accounts are not maintained hence, Trial Balance is not Possible to Prepare.
  • Question 3
    1 / -0
    Under single entry system "profit" = closing capital - _________________.
    Solution
    Suppose Opening Capital (i.e capital on the 1st day of financial year) is Rs. 50,000 and Closing Capital ( i.e capital on the last day of financial year ) is Rs. 70,000. the resulting difference is more by Rs. 20000 indicating a positive increment in capital called Profit.
  • Question 4
    1 / -0
    Generally incomplete records are maintained by ____________.
    Solution
    As Profit or loss under single entry system is ascertained by the difference between Closing and Opening Capitals it make convenient for small traders to follow single entry system due to following features:
    a) Hassle free
    b) no need for maintaining books of accounts
    c) special knowledge of double entry system is not required.
  • Question 5
    1 / -0
    A statement of book-keeping which records only one aspect of business transactions and ignores other aspects is known as ________________.
    Solution
    Profit or loss earned by the business under single entry system is based on the difference between its Opening and closing capital.
    Hence, such capitals are a result of Statement of affairs which is based on an equation Capital = Assets - Liabilities.
    Hence, basic accounting aspects of debit and credit are not followed.
  • Question 6
    1 / -0
    If closing capital is Rs.30000 and profit is Rs.5000; opening capital was Rs. ____________.
    Solution
    Profit = Closing capital - Opening capital
    i.e 5,000 = 30,000 - Opening capital
    i.e Opening Capital = 30000 - 5000 = 25,000
  • Question 7
    1 / -0
    Statement of affairs is just like ______________.
    Solution
    Under Single entry system Opening Capital is ascertained from the Accounting equation  "CAPITAL = ASSET - LIABILITIES" 
    Such statement which makes use of equation is called opening statement of affairs.
    Balance sheet is the statement which comprises of the assets, liabilities and the capital which also satisfies the accounting equation.
    Therefore, statement of affairs is considered similar to the balance sheet.
  • Question 8
    1 / -0
    In single entry system only ________________ accounts are opened.
    Solution
    Under Single entry System only personal accounts and cash A/c are opened. 
    Only personal and cash accounts and the cash and credit transactions (related to personal accounts) are recorded under this system.
  • Question 9
    1 / -0
    An accounting system where debit and credit rule is not followed.
    Solution
    A system where Profit or loss earned by the business  is based on the difference between its Opening and closing capital. is called Single entry system
    In order to find the  capitals , Statement of affairs are prepared which are based on an equation Capital = Assets - Liabilities
    Hence, basic accounting aspects of debit and credit are not followed.
  • Question 10
    1 / -0
    In statement of profit and loss interest on capital is shown as _________.
    Solution
    Allowing interest on capital is an indirect expense for the business, an increase in expenses will lower the profit for the year. Hence, Interest on capital is deducted.
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