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- 1. Fill in the Blank
Single entry system is not supported by …………….act
- 2. Fill in the Blank
Single entry system gives…………….. Profit & loss/ financial position of firm.
- 3. Fill in the Blank
Single entry system of accounting is comparatively ……… expensive.
- 4. Multiple Choice
Dual aspect is completely follow in single entry system. F
True
False
- 5. Multiple Choice
In single entry system a firm has fully control on assets.
True
False
- 6. Multiple Choice
To compute capital amount in single entry system statement of affair is to be prepared.
True
False
- 7. Multiple Choice
In single entry system accounting principles are perfectly followed.
True
False
- 8. Multiple Choice
Accrual concept is strictly followed in single entry system.
True
False
- 9. Multiple Choice
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
- 10. Multiple Choice
Generally accounts under single entry system maintained by
a. Sole trader
b. Company
c. Firm
d. H.U.F
- 11. Multiple Choice
Single entry system of book keeping is
a. Inaccurate
b. Unscientific
c. Unsystematic
d. All of the above
- 12. Multiple Choice
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
- 13. Multiple Choice
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
- 14. Multiple Choice
What is the feature of single entry system
a. Lack of uniformity
b. Suitability
c. Depends on original voucher
d. All of the above
- 15. Multiple Choice
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
- 16. Multiple Choice
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
- 17. Multiple Choice
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
- 18. Multiple Choice
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
- 19. Multiple Choice
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
- 20. Multiple Choice
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
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