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Accounts From Incomplete Records - 1 marks; part 2

12th Standard EM

    Reg.No. :
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Accountancy

choose the correct answer:
Time : 00:30:00 Hrs
Total Marks : 10
    Part-A
    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. The excess of assets over liabilities is

    (a)

    Loss

    (b)

    Cash

    (c)

    Capital

    (d)

    Profit

  4. The amount of credit sales can be computed from

    (a)

    Total debtors account

    (b)

    Total creditors account

    (c)

    Bills receivable account 

    (d)

    Bills payable account

  5. What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?

    (a)

    Rs.85,000

    (b)

    Rs.1,06,000

    (c)

    Rs.21,000

    (d)

    Rs.64,000

  6. A firms total sales is Rs.80,000 and its credit sales is Rs.60,000 Then its cash sales is

    (a)

    Rs.1,40,000

    (b)

    Rs.70,000

    (c)

    Rs.20,000

    (d)

    Rs.80,000

  7. In _____ system, only personal and cash accounts are opened.

    (a)

    Single entry

    (b)

    Double entry

    (c)

    Trial balance

    (d)

    Balance Sheet

  8. In single entry system only accounts are opened:

    (a)

    Personal & cash A/c

    (b)

    Real A/c

    (c)

    Nominal A/c

    (d)

    Real & Nominal A/c

  9. 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

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

    (a)

    Profit

    (b)

    Loss

    (c)

    Opening Capital

    (d)

    Expenses

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