Question # 1

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

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Increase

Decrease

Constant

Multiply

Bills payable issued durint the period must be debited to total creditors account credited to.

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Bills payable account

Bills receivable account

Debtora account

Cash account

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

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Increase

Decrease

Constant

Multiply

Not worth method is equal to.

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Liabilities - assets

Assets- liabilities

Capital + assets

None of these

Single entry system is generally adopted by,

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Small business concerns

Large business concerns

Medium business concerns

All of the above

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

In cash of net worth method of sigle entery system net profikt is ascertained by.

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Prepareing the trading and profit and account

By cimparing the capitals in the beginning and at the end of the accounting period.

Capital closing + Drawing - fresh capital - opening capital

Capital opening+ Drawing - fresh capital-closing stock

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

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

In single entry it is not possible to prepare

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Trial balance

Trading account

Profit and loss account

Balance sheet

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

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All 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

The opening capitla is ascertained by preparing.

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Cash account

Opening statements of affairs

Total debtors account

Total creditors account

Single entry systme can bot be maintained by.

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Sole owner

Partnership concern

Joint stock companies

All of the above

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

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