Chapter 1: Accounts from Incomplete Records April 23, 2024 Maven Leave a Comment Welcome to the Chapter 1: Accounts from Incomplete Records Quiz! This quiz is based on the book back questions. Name Email 1. When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is Rs. 3,000, find out the amount of capital at the end. Rs. 9,000 Rs.11,000 Rs. 21,000 Rs. 3,000 None 2. The excess of assets over liabilities is Loss Cash Capital Profit None 3. Which one of the following statements is not true in relation to incomplete records? It is an unscientific method of recording transactions Records are maintained only for cash and personal accounts It is suitable for all types of organisations Tax authorities do not accept None 4. Opening balance of debtors: Rs.30,000, cash received: Rs 1,00,000, credit sales: Rs 90,000; closing balance of debtors is Rs. 30,000 Rs.1,30,000 Rs. 40,000 Rs. 20,000 None 5. Incomplete records are generally maintained by A company Government Small sized sole trader business Multinational enterprises None 6. Statement of affairs is a Statement of income and expenditure Statement of assets and liabilities Summary of cash transactions Summary of credit transactions None 7. What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000? Rs. 85,000 Rs.1,06,000 Rs. 21,000 Rs. 64,000 None 8. Which of the following items relating to bills payable is transferred to total creditors account? Opening balance of bills payable Closing balance of bills payable Bills payable accepted during the year Cash paid for bills payable None 9. The amount of credit sales can be computed from Total debtors account Total creditors account Bills receivable account Bills payable account None 10. Opening statement of affairs is usually prepared to find out the Capital in the beginning of the year Capital at the end of the year Profit made during the year Loss occurred during the year None Time's up Related Posts:Chapter 12: Final Accounts of Sole Proprietors – IChapter 13: Final Accounts of Sole Proprietors – IIChapter 2: Accounts of not for profit OrganisationChapter 4: Goodwill in Partnership Accounts
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