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- 1. Multiple Choice
In single entry system: 2015
Personal accounts are maintained
Real accounts are maintained
Nominal accounts are maintained
None of these
- 2. Multiple Choice
In increased net worth method, profit or loss is calculated by preparing: 2015
Income and expenditure account
Profit and loss account
Statement of profit or loss
Balance sheet
- 3. Multiple Choice
Cash paid to creditors can be ascertained by preparing: 2016
Total debtor's account
Total creditor's account
Balance sheet
None of these
- 4. Multiple Choice
Net worth is equal to: 2016
Assets - liabilities
Liabilities – Assets
Liabilities + capital
Capital + Assets
- 5. Multiple Choice
The closing balance of creditors can be ascertained by preparing the: 2017
Bills receivable account
Bills payable account
The debtors account
The creditors account
- 6. Multiple Choice
The capital in the beginning of the accounting year is ascertained by: 2018
Cash book
Statement of affairs
Total Debtors account
Total Creditors account
- 7. Multiple Choice
Arithmetical accuracy of the books of accounts can be checked under: 2018
Single Entry System
Double Entry System
Cash System
Accrual System
- 8. Multiple Choice
Total Debtors account is prepared for ascertaining the: 2018
Credit purchases
Credit sales
Cash sales
Cash purchases
- 9. Multiple Choice
The single entry system is not followed in dual aspect concept, so it is: 2019
Incomplete and scientific
Complete and scientific
Complete and unscientific
Incomplete and unscientific
- 10. Multiple Choice
If cost of goods sold Rs.350,000/- gross profit on cost 15%, then the value of sales will be: 2017
RS. 425,000
RS. 402,500
Rs. 422,500
RS. 405,000
- 11. Multiple Choice
If cash paid to creditors Rs.35,000/- return outwards Rs.250/-, credit purchases Rs.66,500/-, cash purchases Rs.25,000/-, then the value of closing creditors will be: 2019
Rs.30,000
Rs.31,250
Rs.32,000
Rs.32,250
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