Question 1

Statement of affairs is prepared for ascertaining:

Accepted Answer

A) Financial position of the business 
B) Trading profit or loss 
C) Capital of the owner 
D) All of the above 
A) Financial position of the business 
B) Trading profit or loss 
C) Capital of the owner 
D) All of the above

Question 2

Non-trading concern prepare

Accepted Answer

A) Receipts and Payments A/c 
B) Balance Sheet 
C) Income and Expenditure A/c 
D) All of the above 
A) Receipts and Payments A/c 
B) Balance Sheet 
C) Income and Expenditure A/c 
D) All of the above

Question 3

The system of keeping incomplete record is known as

Accepted Answer

A) Single entry 
B) Double entry 
C) Dual entry 
D) None of these. 
A) Single entry 
B) Double entry 
C) Dual entry 
D) None of these.

Question 4

Single entry can be adopted by :

Accepted Answer

A) Small firms 
B) Joint stock company 
C) Registered co-operative societies 
D) All of the above 
A) Small firms 
B) Joint stock company 
C) Registered co-operative societies 
D) All of the above

Question 5

The advantage of a single entry system

Accepted Answer

A) It is a very simple method 
B) It is less expensive 
C) It is mainly suited to small business 
D) All of the above 
A) It is a very simple method 
B) It is less expensive 
C) It is mainly suited to small business 
D) All of the above

Question 6

The capital at the beginning of the accounting year in case of single entry system is determined by opening

Accepted Answer

A) Opening statement of affairs 
B) Cash account 
C) Bank account 
D) None of the above 
A) Opening statement of affairs 
B) Cash account 
C) Bank account 
D) None of the above

Question 7

Single entry book-keeping means

Accepted Answer

A) Incomplete records 
B) Loose and defective system of recording 
C) No proper record of accounting 
D) All the above 
A) Incomplete records 
B) Loose and defective system of recording 
C) No proper record of accounting 
D) All the above

Question 8

Income and Expenditure Account is prepared in non-trading concerns in lieu of

Accepted Answer

A) Manufacturing Account 
B) Profit and Loss Account 
C) Trading Account 
D) Cash Book 
A) Manufacturing Account 
B) Profit and Loss Account 
C) Trading Account 
D) Cash Book

Question 9

Statement of Affairs is a statement of

Accepted Answer

A) Statement of assets and liabilities 
B) Ledger account balances 
C) Cash and bank balances 
D) Statement of assets 
A) Statement of assets and liabilities 
B) Ledger account balances 
C) Cash and bank balances 
D) Statement of assets

Question 10

The closing capital can be ascertained by preparing

Accepted Answer

A) Cash account 
B) Statement of Affairs 
C) Trial balance 
D) Profit and Loss account 
A) Cash account 
B) Statement of Affairs 
C) Trial balance 
D) Profit and Loss account

Question 11

Under single entry system the main account book kept is

Accepted Answer

A) Purchases book 
B) Sales book 
C) Cash book 
D) Returns Inwards Book 
A) Purchases book 
B) Sales book 
C) Cash book 
D) Returns Inwards Book

Question 12

Income and Expenditure Account records-

Accepted Answer

A) Capital items 
B) Revenue items 
C) A and B both 
D) None of these 
A) Capital items 
B) Revenue items 
C) A and B both 
D) None of these

Exam 47: Single Entry System and Profit Calculation

Statement of affairs is prepared for ascertaining:

Non-trading concern prepare

The system of keeping incomplete record is known as

Single entry can be adopted by :

The advantage of a single entry system

The capital at the beginning of the accounting year in case of single entry system is determined by opening

Single entry book-keeping means

Income and Expenditure Account is prepared in non-trading concerns in lieu of

Statement of Affairs is a statement of

The closing capital can be ascertained by preparing

Under single entry system the main account book kept is

Income and Expenditure Account records-

Exploring Features and Advantages of Computerized Accounting Systems

Exploring Computerized Accounting Systems and Software

Non-Profit Organizations and Financial Statements

Not-For-Profit Organizations and Financial Accounts

Goodwill and Intangible Assets

Valuation and Calculation of Goodwill

Understanding the Concepts of Lessor, Lessee, and Minimum Rent

Royalty Accounting and Partnership Firms

Accounting

Accounting and Corporate Finance

Accounting and Finance

Depreciation, Share Capital, and Forfeiture of Shares

Financial Statements and Accounting Principles

Insurance Provision and Accounting Standards

Formation and Capital Structure of Public Companies

Share Forfeiture, Debentures, and Sinking Fund

Financial Accounting and Banking

Insurance and General Insurance Companies: Understanding Terms and Concepts

Single Entry System and Company Ownership

Share Capital and Shareholders in a Company

Debentures, Bonds, and Shares

Accounting Concepts and Principles

Accounting Concepts and Practices

Financial Statements and Accounting for Nonprofit Organizations

Hire Purchase, Sale of Goods, and Bookkeeping

Accounting and Bookkeeping

Allocation of Selling Expenses Among Departments Based on Sales

Accounting Concepts and Systems

Accounting and Financial Transactions

Ac Types, Balances, and Entries

Errors, Adjustments, and Expenditures in Accounting

Capitalization, Errors, Cash Book, and Types of Accounts

Revenue Recognition and Expenditure Classification

Depreciation and Asset Provision

Accounting Adjustments and Financial Statement Treatment

Balance Sheet and Profit Loss Account

Accounting and Financial Management

Bills of Exchange, Consignment, and Partnership

Accounting Standards and Joint Ventures

Accounting and Financial Management : Part A

Accounting and Financial Management : Part B

Accounting: Interest, Bill, Partnership Agreement,insurance, Contingent Liability, and Business Resources

Fundamentals of Accounting: Objectives, Concepts, and Principles

Depreciation and Reserves: Understanding the Accounting Concepts

Underwriting and Creditor Questions in Company Affairs

Amalgamation, Llp, and Single Entry System

Accounting for Receipts, Payments, Income, and Expenditure in Consignment and Joint Venture Businesses

Accounting for Co-Venturers, Consignments, and Branches

Accounting Arrangements and Operations for Branches

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