Question

I.Choose the correct answer:
1. Single entry system is
a. Scientific method b. Inefficient c. An incomplete double entry system
2.Single entry system will not be accepted by
a. Proprietor b. Partners c. Tax Authorities
3.Credit purchase is obtain from
a. Total debtors a/c b. Total creditors a/c
c. Statement of affairs
4. Statement of affairs is like a
a. Trading account b. Profit and loss account c. Balance sheet.
5.Opening balance of debtors Rs.60,000 cash received Rs.2,00,000 credit sale Rs.1,80,000 closing balance of
debtors is
a.Rs.1,30,000 b. Rs.40,000 c. Rs.20,000
6. Which of the following item relating to bills payable is transfer to total creditors account
a.Opening balance of bills payable b. Closing balance of bills payable
c. Bills payable accepted during the year
7.State the primary motive of not for profit organization
c. Both a and b
a. Producing goods b. Provide service
8. Balance of receipt and payment indicate the
a. Loss in curred during the period b. Excess of income over expences of the year c. Cash and bank balance as
on the date
9.Only revenue items are recorder in
c. Balance sheet
a. Income and expenditure account b. Receipt and payment account
10.Legacy is a
a. Revenue expenditure b. capital expenditure c. capita receipt
d for specific purpose is​

Answer 1

Answer:

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