Question # 1

We cannot prepare the trial balance and precise balance sheet under,

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Single entry system

Double entry system

"a" and "b"

Barter system

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

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Balance sheet

Trading account

Trial balance

Statement of affairs

The figure of the credit purchase can be worked out.

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Total debtors account

Total creditors account

Cash book

Balance sheet

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

To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,

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Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

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

Single entery system is most suitbale where

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Credit transactions are numerous.

Cash transactions are numerous

Cahs and credit transactions both are numerios

None of the above

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

Due to fresh capital introduced during the year, the closing capital will,

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Increase

Decrease

Constant

Multiply

The figure of the bills receivable can be worked out from.

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Total debtors account

Total creditors account

Trail balance

Balance sheet

The Closing Capital is worked out by preparing the.

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Opening statement of affair

Closing statement of affiar

Cash book

Balance sheet

In appearance, the statement of affairs, is similar to a.

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Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

In increased net worth method, profit or loss is calculated by preparing,

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Income and expenditure account

Profit and loss account

Statement of profit or loss

Balance sheet

Under single entery system informatoin relating to expenses must be ascertained from the analysis of.

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Debtors account

Creditors account

Sales book

Cash book

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

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