Question # 1

Opening capital is calculated by taking the difference between,

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Opening assets and closing assets

Opening assets and closing liabilities

Opening assets and Opening liabilities

Closing assets and closing liabilities

Cash book is prepared to find out the figure of.

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Opening capital

Crosing cash balance

Net profit

Finaincial position

In single entry system,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

Under the conversion method of single entry credit salea are ascertained by preparing the.

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Total debtors account

Total creditors account

Total cash account

Total bills receivable account

Single entry system contains,

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A daybook or general journal

A cash book

Ledger accounts for individual customers and creditors

All of the above

In single entry system ledger contains the accounts of,

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Debtors, creditors and cash

Wages and carriage

Salaries and insurance

Assets and liabilities

In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,

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Debtors account

Creditors account

Trial balance

Statement of affairs

Closing capital in single entry system is calculated by preparing,

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Opening statement of affairs

Closing statement of affairs

Opening balance sheet

Closing balance sheet

Due to drawings made during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

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Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test MCQs With Answers

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