Question # 1

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

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

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

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

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

Single entry systme can bot be maintained by.

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Sole owner

Partnership concern

Joint stock companies

All of the above

Due to fresh capital introduced 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

Cash paid to creditors can be woked out from.

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Debtora account

Creditors account

Balance sheet

None of theses

Net worth is equal to,

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Assets - Liabilities

Liabilities - Assets

Liabilities + Capital

Capital + Assets

Double entry system means

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The recording of same things twice

Double accounting

The two sides of every transaction are recorded

Entry at two dates

In single entry system,

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Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

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

A statement of assets and liabilities is prepared under the single entery system is called.

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Balance sheet

Financial statement

Statement of affair

Cash transaction

Cash received from the debtors can be find out by preparing.

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Debtors account

Creditors account

Balance sheet

Trial balance

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

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