WorksheetsINCOMPLETE RECORDS
Total questions: 20
Worksheet time: 15mins
Single entry system is not supported by …………….act
(a)
Single entry system gives…………….. Profit & loss/ financial position of firm.
(a)
Single entry system of accounting is comparatively ……… expensive.
(a)
Dual aspect is completely follow in single entry system. F
True
False
In single entry system a firm has fully control on assets.
True
False
To compute capital amount in single entry system statement of affair is to be prepared.
True
False
In single entry system accounting principles are perfectly followed.
True
False
Accrual concept is strictly followed in single entry system.
True
False
Which Act Doesn’t supported Accounting from Incomplete Records is not supported
a. Negotiable Instrument Act 1881
b. Partnership Act 1932
c. Contract Act 1872
d. Companies act 2013
Generally accounts under single entry system maintained by
a. Sole trader
b. Company
c. Firm
d. H.U.F
Single entry system of book keeping is
a. Inaccurate
b. Unscientific
c. Unsystematic
d. All of the above
Credit purchase can be ascertained as the balancing figure of accounts
a. Total creditors account
b. Total debtors accounts
c. Cash account
d. Statement of affair
What is the reason behind using single entry system
a. Less expensive
b. Suitable for small concern
c. Simple method
d. All of the above
What is the feature of single entry system
a. Lack of uniformity
b. Suitability
c. Depends on original voucher
d. All of the above
Credit sale can be ascertained as the balancing figure of accounts
a. Total creditors account
b. Total debtors accounts
c. Cash account
d. Statement of affair
Limitation of accounting from incomplete records
a. Unscientific system
b. Difficulty in preparing final account
c. Preparation of trial balance is not possible
d. All of the above
When closing capital is less than opening capital then result will be:
a. Profit
b. Loss
c. No profit no loss
d. Loss if there is no drawings
Single entry system is less expensive system as compared to double entry system.
a. True
b. False
c. Both a and b are true
d. Both a and b are false
Capital 6,00,00 Liability is rs.23500 then Assets=……….
a. Rs.83,500
b. Rs. 36,500
c. Rs. 60,000
d. Rs. 23500
Which one of the following is the correct formula of ascertaining profit or loss.
a. Closing capital + Drawing + additional capital – opening capital
b. Closing capital + Drawing - additional capital – opening capital
c. Closing capital - Drawing + additional capital – opening capital
d. Closing capital + Drawing + additional capital + opening capital
