Question

Qno.14 In single entry system, only personal accounts are opened (b) real accounts are opened (c) nominal accounts are opened (d) real and nominal accounts are opened. Qno.15 Non-financial quantitative information is not recorded in accounts due to Dual concept (b) accrual concept (c) measurement concept (d) entity concept Qno.16 Both assets and owner’s equity would increase by--- Proprietor’s drawings (b) Purchase of machinery on credit (c) Payment to creditors (d) retained earnings. Qno.17 Purchase book is maintained to record: Purchase of goods (b) All cash purchases (c) All credit purchases (d) All credit purchases of goods Qno.18 Sales book is maintained to record: Credit sales of goods only (b) cash sales of goods only (c) all credit sales Qno.19 Return inward book is maintained for recording: Returns of goods purchased (b) returns of goods sold (c) returns of anything purchased (d) returns of anything sold Qno.20 Debit signifies Increase in asset account (b) decrease in liability account (c) decrease in capital account (d)none of these (e) all of these Qno.21 A trial balance is a Real account (b) nominal account (c) list of balances Qno.22 The trial balance checks: The arithmetical accuracy of books (b) the honesty of book- keeper (c) accuracy of the book-keeper Qno.23 Trial balance is prepared to detect: Errors of omission (b) Error of principle (c) Error of Commission​

Answer 1

Q.14] In single entry system,

(a) only personal accounts are opened

(b) real accounts are opened

(c) nominal accounts are opened

(d) real and nominal accounts are opened.

Answer: a) only personal accounts are opened

Q.15] Non-financial quantitative information is not recorded in accounts due to

(a) dual concept

(b) accrual concept

(c) money measurement concept

(d) entity concept

Answer: (c) money measurement concept

Q.16] Both assets and owner’s equity would increase by---

(a) Proprietor’s drawings

(b) Purchase of machinery on credit

(c) Payment to creditors

(d) Retained earnings.

Answer: (d) Retained earnings.

Q.17] Purchase book is maintained to record:

(a) Purchase of goods

(b) All cash purchases

(c) All credit purchases

(d) All credit purchases of goods

Answer: (d) All credit purchases of goods

Q.18] Sales book is maintained to record:

(a) credit sales of goods only

(b) cash sales of goods only

(c) all credit sales

Answer: (a) credit sales of goods only

Q.19] Return inward book is maintained for recording:

(a) returns of goods purchased

(b) returns of goods sold by

(c) returns of anything purchased

(d) returns of anything sold

Answer: (d) returns of anything sold

Q.20] Debit signifies

(a) increase in asset account

(b) decrease in liability account

(c) decrease in capital account

(d) none of these

(e) all of these

Answer: (e) all of these

Q.21] A trial balance is a

(a) real account

(b) nominal account

(c) list of balances

Answer: (c) list of balances

Q.22] The trial balance checks:

(a) the arithmetical accuracy of books

(b) the honesty of book- keeper

(c) accuracy of the book-keeper

Answer: (a) the arithmetical accuracy of books

Q.23] Trial balance is prepared to detect:

(a) Errors of omission

(b) Error of principle

(c) Error of commission

Answer: (a) Errors of omission

Answer 2

Required Answer :-

14.  In single entry system,

Ans - Only personal accounts are opened (a)

15. Non-financial quantitative information is not recorded in accounts due to

Ans - money* measurement concept (c)

16. Both assets and owner’s equity would increase by

Ans - Retained earnings (d)

17. Purchase book is maintained to record

Ans - All credit purchases of goods (d)

18. Sales book is maintained to record

Ans - credit sales of goods only (a)

19. Return inward book is maintained for recording

Ans - returns of anything sold (d)

20. Debit signifies

Ans - All of these (d)

21. A trial balance is a

Ans - list of balances (c)

22.  The trial balance checks

Ans - the arithmetical accuracy of books (a)

23. Trial balance is prepared to detect

Ans - Error of omission (a)

Know More :-

Sales book - Sales book is defined as the book that is used to record credit sales made by business in a particular time

Purchase book - Purchase book is defined as the book that is used to record only the credit purchase of goods in buisness