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
Some small size business entities do not follow the double entry system of maintaining the accounting records because :
  • A
    It requires expert staff to adhere the principles and accounting standards of this system
  • B
    It is a time consuming method, and
  • C
    All of these
    Correct
  • D
    It is very costly system.
2
Which method is used under single entry system to find out the profit or loss?
  • A
    Double Entry System
  • B
    Statement of affairs method
    Correct
  • C
    Cash book
  • D
    All of these
3
Under Accounting from Incomplete records system two accounts are maintained
  • A
    Cash book and Income statement account
  • B
    Cash book and personal accounts
    Correct
  • C
    personal accounts and receipt and payment account
  • D
    personal accounts and trading account
4
Which of the following transactions are false regarding Accounting from Incomplete records system
  • A
    Accounting Principles and Accounting Standards are not followed properly under this system.
  • B
    Two aspects of all transactions are recorded
    Correct
  • C
    Some financial events are not recorded at all
  • D
    Original vouchers provide base for preparing the accounts
5
Books according to Incomplete records system can be maintained only by those small entities in the form of
  • A
    Sole proprietor and partnership
    Correct
  • B
    Company and partnership
  • C
    Sole proprietor and company
  • D
    None
6
Following are the Limitations of Incomplete Records except
  • A
    Under this system no real and nominal accounts are maintained
  • B
    his method is highly flexible because it can be adjusted according to the need of the organization
    Correct
  • C
    it is not possible to prepare a balance sheet showing the true financial position of the business
  • D
    incomplete method of maintaining the ac counting records
7
How DOUBLE ENTRY SYSTEM is differ from INCOMPLETE RECORDS
  • A
    As True and fair financial position can not be maintained
  • B
    Arithmetic accuracy can not be checked in it
  • C
    Only personal account is maintained in it
  • D
    Both aspects of every transaction are recorded
    Correct
8
How statement of affairs is differ from balance sheet
  • A
    As it is maintained under double entry system
    Correct
  • B
    As it is prepared to ascertain capital amount at a certain point of time
  • C
    Does not prove the arithmetical accuracy
  • D
    Based on incomplete records and estimates
9
When Statement of affairs is prepared _______ is not prepared.
  • A
    Trial balance
    Correct
  • B
    None of these
  • C
    Personal Account
  • D
    Cash book
10
When only closing and opening capital is given and closing capital is greater than opening capital it denotes
  • A
    Loss
  • B
    None
  • C
    Profit
  • D
    Profit if there is no introduction of fresh capital
    Correct
11
To find out the profit, closing capital is to be adjusted by _____ drawings and ___ introduction of fresh capital
  • A
    Adding and Deducting
    Correct
  • B
    Deducting and Deducting
  • C
    Deducting and Adding
  • D
    Adding and Adding
12
Credit purchase can be ascertained as the balancing figure in the ___ account.
  • A
    Creditors
    Correct
  • B
    Debtors
  • C
    None
  • D
    Both
13
A Balance sheet is prepared exclusively on the basis of ________
  • A
    None of these
  • B
    Nominal and Personal Account
  • C
    Ledger Account
    Correct
  • D
    Nominal and Real Account
14
The opening capital is ascertained by preparing
  • A
    Cash book
  • B
    Debtors
  • C
    Opening statement of affairs
    Correct
  • D
    Creditors
15
A single entry system it:
  • A
    Incomplete and unscientific
    Correct
  • B
    None
  • C
    Complete and scientific system
  • D
    Complete and unscientific