| MCQS | EACH QUESTIONS HAS FOUR POSSIBLE ANSWERS Choose THE CORRECT ANSWER: |
| (1) | The opening capital is ascertained by preparing: |
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| (a) Cash book(b) Creditors A/c (c) Debtors A/c
(d) Opening statement of affairs. (T)
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| (2) | A single entry system it: |
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| (a) Complete and scientific system(b) Incomplete and unscientific (T) (c) Incomplete and scientific
(d) Complete and unscientific
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| (3) | Single entry system has effect: |
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| (a) One effect (T) (b) Tow effect(c) Three effect (d) None of the above |
| (4) | In single entry system, it is not possible to prepare: |
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| (a) Receipts and payments A/c(b) Trial balance (T) (c) Balance sheet
(d) Account sales
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| (5) | A single entry system is usually adopted by: |
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| (a) Company (b) Partnership(c) Government (T) (d) None of above |
| (6) | Single entry system is must suited where: |
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| (a) Cash transactions are many (T) (b) Credit transactions are many.(c) Cash & credit transactions are more. (d) None of the above
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| (7) | Capital can be obtained by preparing: |
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| (a) Cash book (b) Statement of affairs (T) (c) Debtors A/c (d) Creditors A/c |
| (8) | Credit sale can be obtained by preparing: |
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| (a) Cash book (b) Statement of affairs(c) Debtors A/c (T) (d) Creditors A/c |
| (9) | Credit purchase can be calculated by preparing: |
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| (a) Cash book (b) Statement of affairs(c) Debtors A/c (d) Creditors A/c (T) |
| (10) | Cash in hand can be obtained by preparing: |
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| (a) Cash book (T) (b) Statement of affairs(c) Debtors A/c (d) Creditors A/c |
| (11) | In single entry system profit is calculated as follows: |
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| (a) Opening Capital + Drawing + Fresh Capital- Ending capital (b) Capital at the end – Drawing – Fresh capital
- Opening capital
(c) Capital at the end + Drawing – Fresh capital.
-Opening capital (T)
(d) None of the above
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| (12) | In single entry system only accounts are opened: |
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| (a) Personal A/c(T) (b) Real A/c(c) Nominal A/c (d) Real & Nominal A/c |
| (13) | Single entry system cannot be a maintained by: |
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| (a) Joint stock company (T) (b) Partnership A/c(c) Sole-tradership A/c (d) All of these |
| (14) | Single entry system of book – keeping is generally followed by: |
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| (a) Small business (T) (b) Non – trading(c) Large business (d) None |
| (15) | A statement of assets and liabilities prepared under the single entry system is called: |
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| (a) Balance sheet (b) Financial statement(c) Cash statement (d) Statement of affairs (T) |
| (16) | Net worth of an organization means the excess of its total assets over total: |
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| (a) Expenses (b) Incomes(c) Liabilities (T) (d) Both (a) and (b) |
| (17) | Which one of is most likely to have the lowest rate of stock turn: |
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| (a) Jeweler (T) (b) Green grocer(c) Super market (d) News agent |
| (18) | If a store’s mark up is 25% the margin must be: |
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| (a) 5% (b) 15%(c) 10% (d) 20% (T) |
| (19) | If the rate of G.P on sale is 20% and cost of goods, sold is Rs. 100,000, then amount of G.P will be equal to: |
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| (a) Rs. 20,000 (b) Rs. 25,000 (T) (c) Rs. 35,000 (d) Rs. 15,000 |
| (20) | Bad-debts written off always affect the: |
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| (a) Debtors A/c (T) (b) Creditor A/c (c) Cash A/c (d) None of these |
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