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Account M.C.Q (1 Marks)

Accounts from Incomplete Records Single Entry System · CBSE STD 11 Commerce (CBSE - English Medium). 14 questions.

Questions

M.C.Q (1 Marks)

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14 questions · timed · auto-graded

MCQ 11 Mark
Bills Payable honoured during the year will be debited to:
  • A
    Cash Account.
  • ✓
    Bills Payable Account.
  • C
    Creditors Account.
  • D
    None of these.
Answer
Correct option: B.
Bills Payable Account.
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MCQ 21 Mark
When closing capital is greater than opening capital it means:
  • A
    Profit.
  • B
    Loss.
  • ✓
    Profit if fresh capital is not introduced.
  • D
    No profit, no Loss.
Answer
Correct option: C.
Profit if fresh capital is not introduced.
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MCQ 31 Mark
In case of net worth method of Single Entry System, profit is ascertained by:
  • ✓
    Comparing the capital in the beginning of the accounting period and the capital at the end of the accounting period.
  • B
    Preparing a Profit and Loss Account.
  • C
    Preparing a Balance Sheet.
  • D
    None of these.
Answer
Correct option: A.
Comparing the capital in the beginning of the accounting period and the capital at the end of the accounting period.
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MCQ 41 Mark
Single Entry System can be adopted by:
  • ✓
    Small firms.
  • B
    Joint Stock Companies.
  • C
    Co$-$operative Societies.
  • D
    None of these.
Answer
Correct option: A.
Small firms.
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MCQ 51 Mark
Sales are calculated by adding:
  • A
    Cash sales and cash received from debtors.
  • B
    Credit sales and cash received from debtors.
  • ✓
    Cash sales and credit sales.
  • D
    None of the above.
Answer
Correct option: C.
Cash sales and credit sales.
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MCQ 61 Mark
Closing balance of creditors is determined by preparing:
  • A
    Totel Deborts Account.
  • ✓
    Total Creditors Account.
  • C
    Bills Receivable Account.
  • D
    Bills Payable Account.
Answer
Correct option: B.
Total Creditors Account.
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MCQ 71 Mark
If the rate of gross profit is $25\%$ of sales and Cost of Goods sold is $₹ 1,00,000$; the amount of gross profit will be:
  • A
    $₹ 25,000$
  • ✓
    $₹ 33,333$
  • C
    $₹ 20,000$
  • D
    None of these.
Answer
Correct option: B.
$₹ 33,333$
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MCQ 81 Mark
From incomplete records, it is possible to prepare:
  • A
    Ledger Accounts.
  • B
    Trial Balance.
  • ✓
    Statement of Affairs.
  • D
    None of these.
Answer
Correct option: C.
Statement of Affairs.
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MCQ 91 Mark
Capital in the beginning of the accounting year is ascertained by preparing:
  • A
    Debtors' Account.
  • B
    Cash Account.
  • ✓
    Opening Statement of Affairs.
  • D
    None of these.
Answer
Correct option: C.
Opening Statement of Affairs.
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MCQ 101 Mark
Given the opening and closing balances of debtors and the figure of credit sales, the balancing figure of Total Debtors Account will give:
  • A
    Bills received during the year.
  • ✓
    Cash received from debtors.
  • C
    Closing balance of bill receivable.
  • D
    None of these.
Answer
Correct option: B.
Cash received from debtors.
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MCQ 111 Mark
If the gross profit is $20\%$ of cost of goods sold and sales are $₹ 1,00,000$; the amount of gross profit will be:
  • A
    $₹ 20,000$
  • B
    $₹ 25,000$
  • ✓
    $₹ 16,667$
  • D
    None of these.
Answer
Correct option: C.
$₹ 16,667$
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MCQ 121 Mark
Bills Receivable endorsed dishonoured are debited to:
  • ✓
    Debtors Account.
  • B
    Bills Receivable Account.
  • C
    Creditors Account.
  • D
    Bank Account.
Answer
Correct option: A.
Debtors Account.
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MCQ 131 Mark
When closing capital is less than opening capital, it means:
  • A
    Profit.
  • B
    Loss.
  • ✓
    Loss if there is no drawing.
  • D
    None of these.
Answer
Correct option: C.
Loss if there is no drawing.
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MCQ 141 Mark
Profit $=$ Capital at the end $+ ? -$ Capital introduced $-$ Capital in the beginning:
  • A
    Sales.
  • ✓
    Drawings.
  • C
    Net Purchases.
  • D
    None of these.
Answer
Correct option: B.
Drawings.
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M.C.Q (1 Marks) - Account STD 11 Commerce Questions - Vidyadip