Question # 1

Cash book is prepared to find out the figure of.

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Opening capital

Crosing cash balance

Net profit

Finaincial position

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

Arithmetical accuracy of the books of accounts cannot be checked under.

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Single Entry system

Double entery system

None entery system

Both a and b

Bad debt written off always affect the

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Deblor's account

Creditors account

Cash account

All of the above

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

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Increase

Decrease

Constant

Multiply

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

The opening capitla is ascertained by preparing.

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Cash account

Opening statements of affairs

Total debtors account

Total creditors account

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

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Realization account

Cash account

Assets account

None of these

In single entrey system statements of assets and liabilities is called.

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Balance sheet

Statement of Affair

Trial balance

Income statement

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 systme can bot be maintained by.

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Sole owner

Partnership concern

Joint stock companies

All of the above

The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.

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Single , entery system

Accrual system

Double enterysystem

Cash system

In single entry system ledger contains the accounts of,

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Debtors, creditors and cash

Wages and carriage

Salaries and insurance

Assets and liabilities

North worth of an organizaton means the excess of its total assets over total.

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Liabilities

Income

Expenses

None of the above

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

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Correctly

Effectively

Wrongly

Approximately

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

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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