11th Grade > Accountancy
ACCOUNTING FROM INCOMPLETE RECORDS MCQs
Total Questions : 30
| Page 1 of 3 pages
Answer: Option D. -> Small Businesses
:
D
Small businesses usually maintain incomplete accounting recordsof the business activities.
:
D
Small businesses usually maintain incomplete accounting recordsof the business activities.
Answer: Option B. -> Assets - Liabilities
:
B
capital = Assets - Liability.
:
B
capital = Assets - Liability.
Answer: Option B. -> Rs 5,000
:
B
Opening capital = Total assets - Liabilities
= Rs 10,000 - Rs 5,000
= Rs 5,000.
:
B
Opening capital = Total assets - Liabilities
= Rs 10,000 - Rs 5,000
= Rs 5,000.
Answer: Option B. -> Deduction from capital
:
B
Drawings are shown as a deduction from capital.
:
B
Drawings are shown as a deduction from capital.
Answer: Option C. -> Double entry system
:
C
The profit or loss for the year can be ascertained with a high degree of accuracy under double entry system.
:
C
The profit or loss for the year can be ascertained with a high degree of accuracy under double entry system.
Answer: Option B. -> Rs 55,000
:
B
Opening capital= Closing capital - Shares issued + Drawings - Profit = Rs 55,000.
:
B
Opening capital= Closing capital - Shares issued + Drawings - Profit = Rs 55,000.
Answer: Option C. -> Sales - (Opening Stock + Purchases - Closing Stock)
:
C
Gross profit = Sales - (Opening Stock + Purchases - Closing Stock).
:
C
Gross profit = Sales - (Opening Stock + Purchases - Closing Stock).
Answer: Option B. -> Rs 2,80,000
:
B
Closing balance = Opening balance + Receipts - Payments =Rs 2,80,000.
:
B
Closing balance = Opening balance + Receipts - Payments =Rs 2,80,000.
Answer: Option B. -> Opening assets - Opening liabilities
:
B
Opening capital = Opening assets - Opening liabilities
:
B
Opening capital = Opening assets - Opening liabilities
Answer: Option D. -> Cost of goods sold
:
D
Cost of goods available for sale – closing inventory = Cost of goods sold.
:
D
Cost of goods available for sale – closing inventory = Cost of goods sold.
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