Question # 1

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

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Increase

Decrease

Constant

Multiply

Teh single entry system of book keeping is generay followed by

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Small business concern

Large Business concern

Non trading concern

None of these

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

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

The fingure of bills payable is worked out by preparing the.

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Total debtors account

Total creditors account

Cash book

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

Both aspects of a transaction must be recorded in,

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Single entry system

Barter system

Double entry system

Islamic system

Single entry system is suitable where,

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Small amount of cash transactions are more

Large amount of cash transaction are more

Smallamount of cash transaction are more

Largeamount of cash transaction are more

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

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 entrey system statements of assets and liabilities is called.

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Balance sheet

Statement of Affair

Trial balance

Income statement

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

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One

Two

Three

Four

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

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Realization account

Cash account

Assets account

None of these

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

According to companies ordinance, single entry system cannot be adopted by,

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Sole proprietorship

Partnership

"a" and "b"

Joint stock companies

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

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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