Chapter 11-Accounts of Incomplete Records

Important MCQ questions for Class 11 Accountancy Chapter 11-Accounts of Incomplete Records

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MCQ Questions for Chapter 11-Accounts of Incomplete Records class 11 Accountancy (Questions set-1) 

Accounting - MCQ on Accounts From Incomplete Records

Class XI

Q. 1. Are not kept according to double entry principal of book keeping:-

a. Double entry

b. Incomplete records

c. Single entry

d. Both b and c

Answer:

(d)

Explanation:- Both b and c

Q. 2. only records of cash and of personal accounts are maintained in:-

a. double entry

b. Incomplete records

c. Single entry

d. Both b and c

Answer:

(d)

Explanation:- Both b and c

Q. 3. Features/ feature of single entry system is/are:-

a. Suitability

b. No uniformity

c. Dependency on original Vouchers

d. All

Answer:

(d)

Explanation:- all

Q. 4. Which one is not the feature of single entry system:-

a. Maintenance of personal a/c

b. Suitability

c. Maintenance of cash book

d. None

Answer:

(d)

Explanation:- None

Q. 5. Advantages of single entry system is/are:-

a. Simple method

b. Less Expensive

c. Suitable for small concerns

d. All

Answer:

(d)

Explanation :- all

Q. 6. in the ________method there is no need of adequate knowledge of principles of book keeping

a. Double entry system

b. Single entry system

c. Incomplete records

d. Only b and c

Answer:

(d)

Explanation:- only b and c

Q. 7. Disadvantages of single entry system is/are:-

a. No Arithmetic accuracy

b. No control on assets

c. True profit cannot be known

d. All

Answer:

(d)

Explanation:- All

Q. 8. as there is no option for internal checking, this method gives enough room for errors and frauds, besides their detection very difficult:-

a. Double entry system

b. Single entry system

c. Incomplete records

d. Only b and c

Answer:

(d)

Explanation:- only b and c

Q. 9. incomplete record mechanism of book keeping is:-

a. scientific

b. unscientific

c. unsystematic

d. both b and c

Answer:

(d)

Explanation:- it is unscientific as well as unsystematic

Q. 10. Opening capital is ascertained by preparing:-

a. Total debtors account

b. Total creditors account

c. Cash account

d. Opening statement of affairs

Answer:

(d)

Explanation:- Opening statement of affairs

Q. 11. Credit purchase, during the year is ascertained by preparing:-

a. total creditors a/c

b. Total debtors a/c

c. Cash account

d. Opening statement of affairs

Answer:

(a)

Explanation:- Total creditors a/c

Q. 12. if opening capital is Rs.60,000, drawings Rs.5,000, capital introduced during the period Rs.10,000, closing capital Rs.90,000. the value of profit earned during the period will be:-

a. 20,000

b. 25,000

c. 30,000

d. 40,000

Answer:

(b)

Explanation:- 60,000 + 10,000 – 90,000 + 5,000 = 25,000

Q. 13. The practical difficulties of single entry system are:-

a. Not possible to prepare trial balance

b. Difficult to prepare final account.

c. Incomplete and unscientific.

d. All.

Answer:

(d)

Explanation:- all.

Q. 14. Big organizations should follow which system of accounting

a. Single entry system.

b. Double entry system

c. Both single and double entry system.

d. Single or double entry system.

Answer:

(b)

Explanation: Big organizations must follow double entry system of accounting.

Q. 15. Single entry system records how many aspects of a transaction?

a. Only one aspect is recorded

b. Both the aspects are recorded.

c. No aspect is recorded.

d. Sometimes one aspect, some times both the aspects and sometimes no aspect is recorded.

Answer:

(d)

Explanation: In single entry system some times one aspect, some times both the aspects and sometimes no aspect is recorded.

Q. 16. The difference between closing capital and opening capital may include adjustments relating to:

a. Profit/ loss during the year

b. Drawing or capital introduced during the year

c. None of the above

d. Both a) and b).

Answer:

(d)

Explanation: The adjustment includes profit or loss during the year, capital introduced or drawings during the year etc.

Q. 17. Under single entry system, generally cashbook and personal accounts are maintained.

a. True

b. False

c. Can’t predict

d. Cashbook is maintained but personal accounts are not maintained.

Answer:

(a)

Explanation: Under single entry system, generally cashbook and personal accounts are maintained.

Q. 18. Statement of affairs is prepared on the basis of

a. Partial accounts

b. Estimates

c. Other information.

d. All.

Answer:

(d)

Explanation: Statement of affairs are prepared on the basis of partial accounts, calculations and other estimates.

Q. 19. What is the difference between statement of affairs and balance sheet?

a. Balance sheet contains capital

b. Statement of affairs contains no assets

c. Statement of affairs is prepared on the basis of estimates.

d. Balance sheet is prepared on the market price basis.

Answer:

(c)

Explanation: Balance sheet is prepared on the basis of actual figures, while statement of affairs is prepared on the basis of estimated figures.

Q. 20. A limited company can not keep its books under single entry system due to legal restrictions.

a. False

b. It depends at the options of the limited co.

c. True.

d. In some cases it is false.

Answer:

(c)

Explanation: A limited company can not keep its books under single entry system due to legal restrictions.

Q. 21. Which of the following is false.

a. Bills receivable account shows debit balance.

b. Bills payable account shows credit balance.

c. Sundry creditors account shows debit balance.

d. All of the above.

Answer:

(c)

Explanation: Sundry creditors account shows credit balance.

Q. 22. Which of the following is the reason for keeping books under single entry system?

a. Because they do not have proper knowledge of accounting.

b. It is inexpensive.

c. Only few books are required to be maintained.

d. All of the above.

Answer:

(d)

Explanation: All the three.

Q. 23. Debtors account is prepared for

a. Finding cash sale

b. Finding credit sale

c. Both a) and b)

d. Finding credit purchase.

Answer:

(b)

Explanation: Debtors account is prepared for finding credit sale.

Q. 24. Discount received on credit purchases is shown on which side of Creditors account?

a. It is not shown.

b. Credit side

c. It depends

d. Debit side.

Answer:

(d)

Explanation: Discount received on credit purchases is shown on Debit side

of Creditors account.

Q. 25.Cash sales are recorded on which side of the debtors account?

a. It is not shown.

b. Credit side

c. depends

d. Debit side

Answer:

(a)

Explanation: It is not shown. Only credit sales are recorded.

Q. 26. Losses and gains are found by

a. From all accounts and scattered information.

b. From creditors account

c. From opening statement of affairs

d. From summary of cash.

Answer:

(a)

Explanation: Losses and gains are found from all accounts and scattered information.

Q. 27. Incomplete record mechanism of book keeping is.

a. Scientific

b. Unscientific

c. Unsystematic

d. Both b & c.

Answer:

(d)

Explanation: Incomplete record mechanism of book keeping is both Unscientific

Unsystematic

Q. 28. To ascertain the profit, closing capital is to be adjusted by adding …………………

a. Drawings

b. Capital introduced.

c. Profit

d. None

Answer:

(a)

Explanation: Drawings.