Accounts From Incomplete Records CBSE Questions & Answers

Accounts From Incomplete Records

This is Accountancy Class 11 Accounts from Incomplete Records CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
Single entry system has effect
  • A
    None
  • B
    One side effect
    Correct
  • C
    Two sided effect
  • D
    Three sided effect
2
In single entry system, it is not possible to prepare:
  • A
    Receipts and payments A/c
  • B
    Trial balance
    Correct
  • C
    Balance sheet
  • D
    Account sales
3
Mr.Vinod a small shop-keeper is using single entry system because____
  • A
    None of these
  • B
    Credit transactions are many
  • C
    It is not costly
    Correct
  • D
    Cash transactions and credit transactions are more
4
Credit sale can be obtained by preparing
  • A
    Cash book
  • B
    Debtors
    Correct
  • C
    Creditors
  • D
    Statement of affairs
5
Cash in hand can be obtained by preparing
  • A
    Debtors
  • B
    Creditors
  • C
    Statement of affairs
  • D
    Cash book
    Correct
6
Profit is calculated by the formula
  • A
    None of these
  • B
    Capital at the end + Drawing – Fresh capital- Opening capita
    Correct
  • C
    Opening Capital + Drawing + Fresh Capital- Ending capital
  • D
    Capital at the end - Drawing – Fresh capital – opening capital
7
A statement of assets and liabilities prepared under the single entry system is called
  • A
    Statement of affairs
    Correct
  • B
    Financial statement
  • C
    Balance sheet
  • D
    Cash book
8
Which of the following is not a feature of system of single entry system
  • A
    Suitable of limited companies
    Correct
  • B
    No uniformity
  • C
    Maintenance of personal accounts
  • D
    Maintenance of cash book
9
Net worth of an organization means the excess of its total assets over total:
  • A
    Income
  • B
    Expenses
  • C
    Liabilities
    Correct
  • D
    Revenue
10
Bad-debts written off always affect the:
  • A
    None
  • B
    Debtors
    Correct
  • C
    Cash
  • D
    Creditors
11
If closing owner’s equity is Rs 1,000; opening owner’s equity is Rs. 500; profit is Rs 700, then there must be a ___________ of Rs 200 during the year
  • A
    Loss
  • B
    Drawings
    Correct
  • C
    Opening capital
  • D
    None
12
This system of accounting is not realiable because
  • A
    trial balance cannot be prepared
  • B
    balance sheet cannot be prepared
  • C
    all the above
    Correct
  • D
    trading and profit and loss account cannot be prepared
13
Commission received in advance is to be shown in statement of affairs on
  • A
    Liabilities side
    Correct
  • B
    Total assets
  • C
    Cash balance
  • D
    Total liabilities
14
A statement of affairs shows only the _____ financial position of the business
  • A
    All of these
  • B
    Fair
  • C
    Accurate
  • D
    Estimated
    Correct
15
A limited company cannot maintain its accounts under Single entry system because
  • A
    None of these
  • B
    Follow accrual basis of accounts
  • C
    Both
    Correct
  • D
    Legal restrictions