Accounts from Incomplete Records MCQ Class 11 Accountancy Chapter 11

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MCQ Questions for Class 11 Accountancy with Answers: Financial Accounting

Q1. Opening capital is ascertained by preparing

(i) Total debtor’s account
(ii) Total creditor’s account
(iii) Cash account
(iv) Opening statement of affairs

(iv) Opening statement of affairs

Q2. Accounts are usually held using a single entry scheme by:

(i) Society
(ii) Company
(iii) Sole Trader
(iv) Government

(iii) Sole Trader

Q3. Credit purchase, during the year is ascertained by preparing :

(i) Total creditor’s account
(ii) Total debtor’s account
(iii) Cash account
(iv) Opening statement of affairs

(i) Total creditor’s account

Q4. Statement of affairs is prepared to-

(i) Know about assets
(ii) Know about liabilities
(iii) Calculate capital
(iv) Know financial position.

(iii) Calculate capital

Q5. Single Entry System of book keeping is:

(i) Unscientific
(ii) Unsystematic
(iii) Inaccurate
(iv) All of these

(iv) All of these

Q6. If opening capital is Rs.(i)0,000 & closing capital is Rs.(i)5,000 then profit or loss:

(i) Loss of Rs.5,000
(ii) Profit of Rs.2,500
(iii) Profit of Rs.5,000
(iv) None of these

(iii) Profit of Rs.5,000

Q7. Generally incomplete records are maintained by-

(i) Trader
(ii) Society
(iii) Company
(iv) Government.

(i) Trader

Q8. When closing capital exceeds opening capital, this means:

(i) Profit
(ii) Profit, if there is no introduction of fresh capital
(iii) No Profit no Loss
(iv) Loss

(iii) No Profit no Loss

Q9. Incomplete records are generally maintained by

(i) A company
(ii) Government
(iii) Small sized sole trader business
(iv) Multinational enterprises

(iii) Small sized sole trader business

Q10. Liabilities and assets amount to Rs. 50,000 and Rs. 78,000 respectively. The difference amount will represent-

(i) Creditors
(ii) Debentures
(iii) Profit
(iv) Capital.

(iv) Capital.

Q11. Single Entry System can be adopted by

(i) Small firms.
(ii) Joint Stock Companies.
(iii) Co-operative Societies.
(iv) None of these,

(i) Small firms.

Q12. Normally single entry system is suitable for:

(i) Small scale business
(ii) Large scale business
(iii) Both of them
(iv) None of them

(i) Small scale business

Q13. A system of accounting which is not based on double entry system is called-

(i) Cash system
(ii) Mahajani system of accounting
(iii) Incomplete accounting system
(iv) None of these.

(iii) Incomplete accounting system

Q14. When closing capital is more than opening capital, it denotes:

(i) Profit
(ii) Loss
(iii) No Profit no loss
(iv) Profit, if there is no introduction of fresh capital

(iv) Profit, if there is no introduction of fresh capital

Q15. The opening capital is ascertained by preparing

(i) Cash book
(ii) Debtors
(iii) Opening statement of affairs
(iv) Creditors

(iii) Opening statement of affairs

Q16. A single-entry bookkeeping scheme is used

(i) Simple
(ii) Unauthorized by tax authorities
(iii) Unscientific
(iv) all of these

(iv) all of these

Q17. Statement of affairs is a

(i) Statement of income and expenditure
(ii) Statement of assets and liabilities
(iii) Summary of cash transactions
(iv) Summary of credit transactions

(iii) Summary of cash transactions

Q18. Bills Payable honoured during the year will be debited to

(i) Cash Account.
(ii) Bills Payable Account.
(iii) Creditors Account.
(iv) None of these.

(ii) Bills Payable Account.

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Accounts from Incomplete Records MCQ Questions for Class 11 Accountancy Chapter 11 with Answers