Question # 1

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

If the cash sales are missing they are to be ascertained by the construction of.

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Debtors account

Creditors account

Cash account

None of these

In single entry system real accounts are not maintained so the preparation of,

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Correctly

Effectively

Wrongly

Approximately

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,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

In case of dissolution, assets sold for cash are debited to.

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Realization account

Cash account

Assets account

None of these

Cash paid to creditors can be woked out from.

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Debtora account

Creditors account

Balance sheet

None of theses

How many mathods are available to calculate the profit or loss under single entery system.

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One

Two

Three

Four

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

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

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

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

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

How many methods are available to calculate the profit or loss under single entry system,

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One

Two

Three

Four

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

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

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