Test: Accounts From Incomplete Records - 2


20 Questions MCQ Test Crash Course of Accountancy - Class 11 | Test: Accounts From Incomplete Records - 2


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Attempt Test: Accounts From Incomplete Records - 2 | 20 questions in 20 minutes | Mock test for Commerce preparation | Free important questions MCQ to study Crash Course of Accountancy - Class 11 for Commerce Exam | Download free PDF with solutions
QUESTION: 1

To find out the profit, closing capital is to be adjusted by _____ drawings and ___ introduction of fresh capital

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QUESTION: 2

Credit purchase can be ascertained as the balancing figure in the ___ account.

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QUESTION: 3

A Balance sheet is prepared exclusively on the basis of ________

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QUESTION: 4

The opening capital is ascertained by preparing

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QUESTION: 5

A single entry system it:

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QUESTION: 6

Single entry system has effect

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QUESTION: 7

In single entry system, it is not possible to prepare:

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QUESTION: 8

Mr.Vinod a small shop-keeper is using single entry system because____

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QUESTION: 9

Credit sale can be obtained by preparing

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QUESTION: 10

Cash in hand can be obtained by preparing

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QUESTION: 11

Profit is calculated by the formula

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QUESTION: 12

A statement of assets and liabilities prepared under the single entry system is called

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QUESTION: 13

Which of the following is not a feature of system of single entry system

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QUESTION: 14

Net worth of an organization means the excess of its total assets over total:

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QUESTION: 15

Bad-debts written off always affect the:

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QUESTION: 16

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

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QUESTION: 17

This system of accounting is not reliable because

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QUESTION: 18

Commission received in advance is to be shown in statement of affairs on

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QUESTION: 19

A statement of affairs shows only the _____ financial position of the business

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QUESTION: 20

A limited company cannot maintain its accounts under Single entry system because

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