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    MCQ Single Entry

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    Adi
    This document contains 55 multiple choice questions about accounting concepts related to single entry systems. The questions cover topics such as which accounts are used in single entry vs double entry systems, how to prepare statements of affairs and calculate profit under single entry, and how to record various transactions like debtors, creditors, bills receivable and payable. The answers to each question are also provided.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    MCQ Single Entry

    Uploaded by

    Adi
    15K views11 pages
    This document contains 55 multiple choice questions about accounting concepts related to single entry systems. The questions cover topics such as which accounts are used in single entry vs double entry systems, how to prepare statements of affairs and calculate profit under single entry, and how to record various transactions like debtors, creditors, bills receivable and payable. The answers to each question are also provided.

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    © © All Rights Reserved

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    This document contains 55 multiple choice questions about accounting concepts related to single entry systems. The questions cover topics such as which accounts are used in single entry vs double entry systems, how to prepare statements of affairs and calculate profit under single entry, and how to record various transactions like debtors, creditors, bills receivable and payable. The answers to each question are also provided.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    15K views11 pages

    MCQ Single Entry

    Uploaded by

    Adi
    This document contains 55 multiple choice questions about accounting concepts related to single entry systems. The questions cover topics such as which accounts are used in single entry vs double entry systems, how to prepare statements of affairs and calculate profit under single entry, and how to record various transactions like debtors, creditors, bills receivable and payable. The answers to each question are also provided.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 11

    Mr. Shaikh Shoyab T.

    Sahakar Maharshi Bhausaheb Santuji Thorat College of Arts Science and


    Commerce, Sangamner

    Single Entry System

    1. In pure single entry which account is recorded


    A. Personal.
    B. . Real.
    C. Nominal.
    D. Asset.
    ANSWER: A

    2. All personal, real and nominal accounts are opened in


    A. single entry system.
    B. double entry system.
    C. accrual system.
    D. mercantile system.
    ANSWER: B

    3. Only personal account and cash account are opened in


    A. single entry system.
    B. double entry system.
    C. accrual system.
    D. mercantile system.
    ANSWER: A

    4. Trial balance can be prepared in


    A. single entry system.
    B. . double entry system.
    C. accrual system.
    D. mercantile system.
    ANSWER: A

    5. Trial balance cannot be prepared in_____.


    A. single entry system.
    B. double entry system.
    C. accrual system.
    D. mercantile system.
    ANSWER: A
    1 ASST. PROF. SHAIKH SHOYAB T.
    M.COM. M.PHIL. SET. MBA(FIN) MBA(HR) G.D.C.&A. D.T.L. D.L.L.&L.W.
    Mo. No. 9595846464
    6. Balance sheet can be prepared ________.
    A. in single entry system.
    B. . in double entry system.
    C. with the help of cash book.
    D. . with the help of bank account.
    ANSWER: A

    7. Balance sheet cannot be prepared ________.


    A. in single entry system.
    B. in double entry system.
    C. with the help of cash book.
    D. with the help of bank account.
    ANSWER: A

    8. In single entry system, net worth method is also called ________.


    A. double entry system
    B. mercantile system.
    C. statement of affairs method.
    D. accrual system.
    ANSWER: C

    9. Difference between net worth at the beginning of the year and at the end of the year
    represents
    _________.
    A. capital balance.
    B. . cash balance.
    C. pass book balance.
    D. profit or loss.
    ANSWER: D

    10. Opening capital can be found by preparing ________.


    A. cash book.
    B. . bank account.
    C. statement of affairs.
    D. statement of bank pass book.
    ANSWER: C

    11. A statement of affairs is just like a _________.


    A. balance sheet.
    B. profit and loss account.
    C. cash account.
    D. trading account.
    ANSWER: A

    12. In statement of affairs assets are shown on the __________.


    2 ASST. PROF. SHAIKH SHOYAB T.
    M.COM. M.PHIL. SET. MBA(FIN) MBA(HR) G.D.C.&A. D.T.L. D.L.L.&L.W.
    Mo. No. 9595846464
    A. . right hand side.
    B. left hand side.
    C. . left hand side top.
    D. left hand side bottom.
    ANSWER: A

    13. In statement of affairs liabilities are shown on the __________.


    A. right hand side.
    B. left hand side.
    C. right hand side top.
    D. right hand side bottom.
    ANSWER: B

    14. Under single entry system, closing capital can be found by preparing a statement of
    affairs
    ____________.
    A. at the end of the year.
    B. at the beginning of the year.
    C. at the end of every month.
    D. at the end of every quarter.
    ANSWER: A

    15. Under single entry system, opening capital can be found by preparing a statement of
    affairs
    ____________.
    A. at the end of the year.
    B. at the beginning of the year.
    C. at the end of every month.
    D. at the end of every quarter
    ANSWER: B

    16. Under single entry system in net worth method, drawings is added with _______.
    A. opening capital. B. closing capital.
    C. additional capital.
    D. drawings.
    ANSWER: B

    17. Under single entry system in net worth method, additional capital is deducted with
    __________.
    A. opening capital.
    B. closing capital.
    C. additional capital.
    D. drawings.
    ANSWER: B

    3 ASST. PROF. SHAIKH SHOYAB T.


    M.COM. M.PHIL. SET. MBA(FIN) MBA(HR) G.D.C.&A. D.T.L. D.L.L.&L.W.
    Mo. No. 9595846464
    18. Under single entry system in net worth method, opening capital is subtracted from
    _________.
    A. opening capital
    B. closing capital.
    C. additional capital
    D. drawings.
    ANSWER: B

    19. Under single entry system in conversion method, a total debtors account is prepared to
    find out
    ___________.
    A. credit sales.
    B. . cash sales
    C. credit purchases.
    D. . cash purchases.
    ANSWER: A

    20. Under single entry system in conversion method, a total debtors account is prepared to
    find out
    __________.
    A. credit purchases.
    B. cash purchases.
    C. cash purchases.
    D. closing balance of debtors.
    ANSWER: D

    21. Debtors account is a __________.


    A. personal account.
    B. real account.
    C. nominal account.
    D. cash account.
    ANSWER: A

    22. Total creditors account is prepared to find out ___________.


    A. credit sales.
    B. . cash sales.
    C. credit purchases.
    D. cash purchases.
    ANSWER: C

    23. Total creditors account is prepared to find out _______.


    A. opening balance of debtors .
    B. closing balance of debtors.
    C. opening balance of creditors.
    D. closing balance of creditors.
    ANSWER: D
    4 ASST. PROF. SHAIKH SHOYAB T.
    M.COM. M.PHIL. SET. MBA(FIN) MBA(HR) G.D.C.&A. D.T.L. D.L.L.&L.W.
    Mo. No. 9595846464
    24. A bills receivable account is prepared to ascertain bills _______.
    A. accepted.
    B. received.
    C. drawn.
    D. endorsed.
    ANSWER: B

    25. A bills payable account is prepared to ascertain bills __________.


    A. . accepted.
    B. received.
    C. drawn.
    D. endorsed.
    ANSWER: A

    26. Bills receivable dishonored will be posted to _______ side of debtors account
    A. debit.
    B. credit.
    C. outside.
    D. . inside.
    ANSWER: A

    27. Bills receivable dishonored will be posted in ___________.


    A. debit.
    B. credit.
    C. . outside .
    D. inside.
    ANSWER: B

    28. Transfer to creditors account will be posted in which side of debtors account
    A. Debit.
    B. Credit.
    C. Outside.
    D. Inside.
    ANSWER: B

    29. Transfer to creditors account will be posted in which side of creditors account
    A. Debit.
    B. . Credit.
    C. Outside.
    D. . Inside.
    ANSWER: A

    30. Bills payable dishonoured will be posted in which side of creditors account
    A. Debit.
    B. Credit.
    5 ASST. PROF. SHAIKH SHOYAB T.
    M.COM. M.PHIL. SET. MBA(FIN) MBA(HR) G.D.C.&A. D.T.L. D.L.L.&L.W.
    Mo. No. 9595846464
    C. Outside.
    D. Inside.
    ANSWER: D

    31. Bills payable dishonoured will be posted in which side of bills payable account
    A. Debit.
    B. Credit.
    C. Outside.
    D. . Inside.
    ANSWER: C

    32. Opening balance of debtors will be posted in which side of debtors account
    A. Debit.
    B. Credit.
    C. Outside.
    D. . Inside.
    ANSWER: C

    33. Closing balance of debtors will be posted in which side of debtors account
    A. Debit.
    B. . Credit.
    C. . Outside.
    D. Inside.
    ANSWER: D

    34. Closing balance of creditors will be posted in which side of creditors account
    A. Debit.
    B. Credit.
    C. Outside.
    D. Inside.
    ANSWER: A

    35. Opening balance of creditors will be posted in which side of creditors account
    A. Debit.
    B. Credit.
    C. . Outside.
    D. . Inside.
    ANSWER: D

    36. Cash account opening balance will appear in _______.


    A. debit .
    B. . credit.
    C. . outside.
    D. . inside.
    ANSWER: A

    6 ASST. PROF. SHAIKH SHOYAB T.


    M.COM. M.PHIL. SET. MBA(FIN) MBA(HR) G.D.C.&A. D.T.L. D.L.L.&L.W.
    Mo. No. 9595846464
    37. Cash account closing balance will appear in __________.
    A. debit .
    B. . credit.
    C. outside.
    D. . inside.
    ANSWER: B

    38. Bills payable account opening balance will appear in ____________.


    A. . debit .
    B. credit.
    C. outside.
    D. inside.
    ANSWER: D

    39. Bills payable account closing balance will appear in ____________.


    A. debit .
    B. credit.
    C. outside.
    D. . inside.
    ANSWER: C

    40. Bills receivable account opening balance will appear in _________.


    A. debit .
    B. credit.
    C. outside.
    D. inside.
    ANSWER: A

    41. Single entry system is otherwise called __________.


    A. complete records
    B. incomplete records.
    C. pure system of accounting
    D. uniform accounting.
    ANSWER: B

    42. Which of the following method is used to ascertain profit in single entry system?
    A. .net worth method.
    B. lump sum method
    C. . net asset method.
    D. double accounting system
    ANSWER: A

    43. Total debtors a/c reveals (as a balancing figure) ____________.


    A. cash collected from debtors
    B. credit purchase.
    C. cash paid o creditors
    7 ASST. PROF. SHAIKH SHOYAB T.
    M.COM. M.PHIL. SET. MBA(FIN) MBA(HR) G.D.C.&A. D.T.L. D.L.L.&L.W.
    Mo. No. 9595846464
    D. closing stock.
    ANSWER: A

    44. Total debtors a/c does not reveal ____________.


    A. credit sales.
    B. opening debtors
    C. closing debtors.
    D. closing creditors.
    ANSWER: D

    45. Total creditors a/c reveals (as a balancing figure) ___________.


    A. credit purchases
    B. . credit sales.
    C. closing stock.
    D. closing debtors
    ANSWER: A

    46. Total creditors a/c does not reveal _______________.


    A. closing stock
    B. closing debtors.
    C. closing creditors.
    D. credit purchases.
    ANSWER: A

    47. Bills receivables a/c reveals ____________ as a balancing figure


    A. opening B/R.
    B. opening stock.
    C. opening debtors.
    D. opening creditors
    ANSWER: A

    48. Bills payables a/c reveals ____________ as a balancing figure.


    A. opening B/P.
    B. opening stock
    C. opening debtors.
    D. opening creditors
    ANSWER: A

    49. Capital at the beginning Rs. 8,00,000 drawings Rs. 1,80,000 capital at the end Rs.
    9,00,000 Capital
    introduced during the period Rs. 50,000. Net profit is _________.
    A. Rs. 2,00,000.
    B. . Rs. 2,30,000.
    C. . Rs. 2,40,000
    D. Rs. 2,45,000.
    ANSWER: B
    8 ASST. PROF. SHAIKH SHOYAB T.
    M.COM. M.PHIL. SET. MBA(FIN) MBA(HR) G.D.C.&A. D.T.L. D.L.L.&L.W.
    Mo. No. 9595846464
    50. Cash at bank Rs. 3,000; debtors Rs. 4,000; stock Rs. 16,000; furniture Rs. 2,000 and
    creditors Rs.
    5,000. Find out capital

    A. Rs. 12,000
    B. Rs. 15,000
    C. Rs. 20,000
    D. Rs. 22,000.
    ANSWER: C

    51. Statement of affairs is prepared _________.


    A. to find out trade discount
    B. to calculate profit.
    C. to calculate sales.
    D. to ascertain capital
    ANSWER: D

    52. Depreciation is the process of _______.


    A. valuation of assets.
    B. apportionment of the cost of the asset over its useful life.
    C. maintenance of assets.
    D. purchasing the assets.
    ANSWER: B

    53. Creating a reserve is ____________.


    A. optional.
    B. compulsory.
    C. essential.
    D. statutory.
    ANSWER: A

    54. . Under Debtors system, the cash sales are _________.


    A. debited to the branch a/c
    B. credited to the branch a/c.
    C. . debited to debtors a/c
    D. credited to creditors a/c
    ANSWER: B

    55. Depreciation in the books of buyer is charged on __________.


    A. hire purchase price.
    B. cash price.
    C. installment amount
    D. down payment.
    ANSWER: B

    9 ASST. PROF. SHAIKH SHOYAB T.


    M.COM. M.PHIL. SET. MBA(FIN) MBA(HR) G.D.C.&A. D.T.L. D.L.L.&L.W.
    Mo. No. 9595846464
    56. Balance in asset a/c will be reduced to zero in _______.
    A. annuity method
    B. depreciation fund method.
    C. insurance policy method.
    D. straight line method.
    ANSWER: D

    57. Under annuity method, the amount of depreciation is __________.


    A. . increasing every year.
    B. decreasing every year.
    C. fixed for all the years.
    D. change every year.
    ANSWER: C

    58. Profit from depreciation policy is transferred to _________.


    A. depreciation fund a/c
    B. . asset a/c.
    C. p & l a/c.
    D. liability side.
    ANSWER: A

    59. Interest is debited to asset a/c in ________.


    A. . annuity method.
    B. sinking fund method.
    C. insurance policy method.
    D. straight line method.
    ANSWER: A

    60. Sundry creditors means a person who supplies goods on ________.


    A. cash basis
    B. credit basis.
    C. installment basis.
    D. . cash and credit basis.
    ANSWER: B

    61. Sundry debtors means a person who purchases goods on __________.


    A. cash basis.
    B. . credit basis.
    C. installment basis.
    D. cash and credit basis.
    ANSWER: B

    62. General Ledger Adjustment a/c(s) are opened in ________.


    A. debtors ledger.
    B. creditor ledger.
    C. debtors and creditors ledger.
    10 ASST. PROF. SHAIKH SHOYAB T.
    M.COM. M.PHIL. SET. MBA(FIN) MBA(HR) G.D.C.&A. D.T.L. D.L.L.&L.W.
    Mo. No. 9595846464
    D. bills receivable ledger.
    ANSWER: C

    63. Cash paid to creditors can be calculated from ____________.


    A. debtors a/c.
    B. creditors a/c.
    C. balance sheet.
    D. p & l a/c.
    ANSWER: B

    64. The figure for capital in the beginning is ascertained from ________.
    A. creditors a/c.
    B. debtors a/c.
    C. statement of affairs.
    D. balance sheet.
    ANSWER: C

    65. Branch account is a ________.


    A. personal account
    B. real account.
    C. . nominal account.
    D. cash account.
    ANSWER: C

    11 ASST. PROF. SHAIKH SHOYAB T.


    M.COM. M.PHIL. SET. MBA(FIN) MBA(HR) G.D.C.&A. D.T.L. D.L.L.&L.W.
    Mo. No. 9595846464

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