If building (Closing) Rs. 1,00,000, Land (Opening) Rs. 1,00,000, Creditors (Opening) Rs. 10,000 the opening capital:

(a)

Rs. 1,90,000

(b)

Rs. 2,10,000

(c)

Rs. 90,000

(d)

None of these

Trial balance is not obtained in:

(a)

Double entry system

(b)

Modern entry system

(c)

Single entry system

(d)

None of these

In single entry two-fold aspects of transaction are not recorded, so it is ____________

(a)

Complete & Scientific

(b)

Incomplete & Unscientific

(c)

Complete & Unscientific

(d)

Incomplete & Scientific

Single entry system is not possible for:

(a)

Sole Trader

(b)

Partnership

(c)

Joint Stock Company

(d)

None of these

Balance sheet is prepared under _________

(a)

Single entry system

(b)

Double entry system

(c)

Both (a) & (b)

(d)

None of these

In net worth method of single entry, net profit or net loss is ascertained by _____________

(a)

Preparing trading and profit and loss account

(b)

Comparing opening and closing balance of capital

(c)

Adopting any other method

(d)

None of these

Generally, depreciation on fixed assets is calculated on which balance?

(a)

Opening Balance

(b)

Closing Balance

(c)

Only on additional

(d)

Amount realized on asset sole

When B/R dishonoured is shown in the ________________ A/Cs

(a)

Debtors A/c is debited and Creditors A/c is credited

(b)

Creditors A/c is debited and Debtors A/c is credited

(c)

B/R account is debited and Creditors A/c is credited

(d)

Debtors A/c is debited and B/R A/c is credited

Effects of dishonour of B/R is given _____________

(a)

Only in the B/R account

(b)

Only in the debtors A/c

(c)

In debtor A/c and B/R A/c

(d)

Only in the B/P account

Interest on capital is calculate on which capital

(a)

Opening capital

(b)

Closing capital

(c)

Opening Stock

(d)

Closing Stock

Closing capital can be found by preparing a statement of affairs at the __________ of the year

(a)

Opening

(b)

End

(c)

Centre

(d)

All of these

A firm has liabilities is Rs. 50,000 and Capital is Rs. 25,000. Then its assets is ______________

(a)

Rs. 1,00,000

(b)

Rs. 25,000

(c)

Rs. 50,000

(d)

Rs. 75,000

Single entry system keeps one cash book which which mixes up business as well as _______________ transactions

(a)

Private

(b)

Public

(c)

Own

(d)

All of these

______________ is not based on dual aspect concept

(a)

Single entry system

(b)

Double entry system

(c)

Balance Sheet

(d)

Statement of Affairs

Trial balance shows machinery of Rs. 2,00,000. Depreciation is provided at 10%. The depreciation on machinery will be____________

(a)

Rs. 20,000

(b)

Rs. 1,80,000

(c)

Rs. 2,20,000

(d)

Rs. 1,50,000

Which of the following equation(s) is (are) true

(a)

Assets = Liabilities + Capital

(b)

Assets - Capital = Liabilities

(c)

Both (a) & (b)

(d)

None of these

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

A firm's total sales is Rs. 80,000 and its credit sales id Rs. 60,000 then its cash sales is _________

(a)

Rs. 20,000

(b)

Rs. 1,40,000

(c)

Rs. 70,000

(d)

Rs. 25,000

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

Creditors on 1.1.2014 is Rs. 1,21,000 and on 31.12.2014 Rs. 1,30,000. Cash paid to creditors during the year is Rs. 2,09,000. Then the credit purchase during the year is ____________

(a)

Rs. 2,00,000

(b)

Rs. 2,09,000

(c)

Rs. 2,18,000

(d)

Rs. 2,08,000

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

(a)

Profit

(b)

Loss

(c)

Opening Capital

(d)

Expenses

Companies cannot keep books on single entry system because of ______________

(a)

Tax Properties

(b)

Legal Provisions

(c)

Both (a) & (b)

(d)

None of these

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

Capital at the end - net profit + drawings = 

(a)

Capital in Beginning

(b)

Gross profit

(c)

Interest on capital

(d)

Interest on drawings

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

(a)

Double Entry - Single Entry

(b)

Single Entry - Double Entry

(c)

Double Entry - Double Entry

(d)

Single Entry - Single Entry