Question # 1

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

Cash book is prepared to find out the figure of.

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Opening capital

Crosing cash balance

Net profit

Finaincial position

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

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Increase

Decrease

Constant

Multiply

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

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

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

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

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

Single entry system is generally adopted by,

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Small business concerns

Large business concerns

Medium business concerns

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

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 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

Single entry systme can bot be maintained by.

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Sole owner

Partnership concern

Joint stock companies

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

Acceptance received durinthe period must be debited to bills receivable account and credited to.

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Total bills receivable account

Total debtors account

total cash account

Total bills receivabel account

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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