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Single Entry System

Authored by Anurag Singhal

Other

11th Grade

Used 53+ times

Single Entry System
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15 questions

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1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Select the advantage of maintaining incomplete records.

Easy to Calculate Profit

Proper Valuation of Assets is Possible

Suitable for All Business

Suitable for Tiny Business

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

To Ascertain the Calculate profit/ loss under single entry system .......

NET WORTH METHOD

Conversion Method

Indian Entry Method

Statement of Affairs Method

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the firm has incurred loss during the year, then Capital balance will be:

Negative only

Positive only

Can be either Positive or Negative

Zero.

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Under Single Entry System following accounts are maintained:

Fixed Assets Account

Cash Account

Personal Account

All Accounts

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Calculate Closing Capital:

Opening Capital 70,000, Profit 20,000, Drawing 7,000. During the year proprietor sold ornaments of his wife for 20,000 and invested the same in the business.

1,03,000

1,10,000

1,27,000

None of these

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under Single Entry System to calculate the capital we will prepare.......

Balance Sheet

Profit & Loss Account

Statement of Profit /Loss

Statement of Affairs

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If the capital of the firm on 1st April, 2021 is ₹ 30,000 and the position of the firm on 31st March, 2022 is Assets: ₹45,000 and Creditors: ₹ 9,000, then the profit earned during the year is

6,000

15,000

24,000

9,000

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