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12th Standard Accounts - Accounts From Incomplete Records English Medium Free Online Test One Mark Questions 2020 - 2021

12th Standard

    Reg.No. :
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Accountancy

Time : 00:10:00 Hrs
Total Marks : 10

    Answer all the questions

    10 x 1 = 10
  1. Incomplete records are generally maintained by

    (a)

    A company

    (b)

    Government

    (c)

    Small sized sole trader business

    (d)

    Multinational enterprises

  2. Opening statement of affairs is usually prepared to find out the

    (a)

    Capital in the beginning of the year

    (b)

    Capital at the end of the year

    (c)

    Profit made during the year

    (d)

    Loss occurred during the year

  3. Which of the following items relating to bills payable is transferred to total creditors account?

    (a)

    Opening balance of bills payable

    (b)

    Opening balance of bills payable

    (c)

    Bills payable accepted during the year

    (d)

    Cash paid for bills payable

  4. Which one of the following statements is not true in relation to incomplete records?

    (a)

    It is an unscientific method of recording transactions

    (b)

    Records are maintained only for cash and personal accounts

    (c)

    It is suitable for all types of organisations

    (d)

    Tax authorities do not accept

  5. When capital in the beginning is Rs 10,000, drawings during the year is Rs.6,000, profit made during the year is Rs2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

    (a)

    9,000

    (b)

    11,000

    (c)

    21,000

    (d)

    3,000

  6. Which one is correct

    (a)

    Adjusting Closing Capital = Closing capital + Drawings - Additional Capital

    (b)

    Adjusting Closing Capital = Closing capital - Drawings - Additional Capital

    (c)

    Adjusting Closing Capital = Additional Capital + Drawings - Closing Capital

    (d)

    None of these

  7. Debtors on 31.12.2014 is Rs.2,00,000. Cash received from debtors during the year is Rs.3,00,000. Then the credit sales during the year is __________

    (a)

    Rs.1,00,000

    (b)

    Rs.2,00,000

    (c)

    Rs.3,00,000

    (d)

    Rs.5,00,000

  8. If adjusted closing capital is more than the opening capital, it denotes ____________

    (a)

    Profit

    (b)

    Loss

    (c)

    Opening Capital

    (d)

    Expenses

  9. Following are the limitations of incomplete records except _________________

    (a)

    Lack of proper maintenance of records

    (b)

    Difficulty in preparing trial balance

    (c)

    Difficulty in ascertaining true profitability of the business

    (d)

    Suitability

  10. A business is said is to be used _____________ system. It is not following the complete the principles of bookkeeping of ___________ system.

    (a)

    Double Entry - Single Entry

    (b)

    Single Entry - Double Entry

    (c)

    Double Entry - Double Entry

    (d)

    Single Entry - Single Entry

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TN 12th Standard Accountancy free Online practice tests

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