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Worksheets12Th Accounts one word practice
Total questions: 10
Worksheet time: 5mins
Incomplete records are generally maintained by
a company
Multinational enterprises
Goverment
Small scale sole trader business
Statement of affairs is a
Summary of cash transactions
Summary of credit transactions
Statement of assets and liabilities
Statement of income and expenditure
The excess of assets over liabilities is
Loss
Capital
Cash
Profit
Opening statement of affairs is usually prepared to find out the
Profit made during the year
Capital in the beginning of the year
Capital at the end of the year
Loss occurred during the year
Which of the following items relating to Bills payable is transferred to total creditors account?
Bills payable accepted during the year
Opening balance of bills payable
Closing balance of bills payable
Cash paid for bills payable
The amount of credit sales can be computed from
Total creditors account
Total debtors account
Bills payable account
Bills receivable account
Which one of the following statements is not true in relation to incomplete records?
Tax authorities do not accept
It's an unscientific method of recording transactions
Records are maintained only for cash and personal accounts
It is suitable for all types of organisation
Opening balance of debtors Rs 30,000,cash received Rs 1,00,000, credit sales Rs 90,000; closing balance of debtors is
1,30,000
40,000
20,000
30,000
What is the amount of capital of the proprietor,if his assets are 85,000,& liabilities are 21,000?
64,000
21,000
1,06,000
85,000
When capital in the beginning is 10,000, drawings during the year is 6,000, profit made during the year is 2,000and the additional capital introduced is 3,000,find out the amount of capital at the end?
11,000
9,000
21,000
20,000
