| 1 |
Double entry system means |
- A. The recording of same things twice
- B. Double accounting
- C. The two sides of every transaction are recorded
- D. Entry at two dates
|
| 2 |
In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare, |
- A. Debtors account
- B. Creditors account
- C. Trial balance
- D. Statement of affairs
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| 3 |
In single entry system, |
- A. Personal accounts are maintained
- B. Real accounts are maintained
- C. Nominal accounts are maintained
- D. None of the above
|
| 4 |
Net worth is equal to, |
- A. Assets - Liabilities
- B. Liabilities - Assets
- C. Liabilities + Capital
- D. Capital + Assets
|
| 5 |
Closing capital in single entry system is calculated by preparing, |
- A. Opening statement of affairs
- B. Closing statement of affairs
- C. Opening balance sheet
- D. Closing balance sheet
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| 6 |
Single entry system is generally adopted by, |
- A. Small business concerns
- B. Large business concerns
- C. Medium business concerns
- D. All of the above
|
| 7 |
How many methods are available to calculate the profit or loss under single entry system, |
- A. One
- B. Two
- C. Three
- D. Four
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| 8 |
In increased net worth method, profit or loss is calculated by preparing, |
- A. Income and expenditure account
- B. Profit and loss account
- C. Statement of profit or loss
- D. Balance sheet
|
| 9 |
Single entry system contains, |
- A. A daybook or general journal
- B. A cash book
- C. Ledger accounts for individual customers and creditors
- D. All of the above
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| 10 |
We cannot prepare the trial balance and precise balance sheet under, |
- A. Single entry system
- B. Double entry system
- C. "a" and "b"
- D. Barter system
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