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1. Cash based Single entry System (Read Below)
2. Concept of Social Accounting and Social Audit coming soon
Below are some of the most important questions on the "Cash based single entry system of Accounting". All questions are most likely to be asked in.
SSC, SSC CGL, SSC CHSL, UPSC, IBPS, UPPSC, RRB, RRB NTPC, RRB Group D, JKSSB, JKPSC.
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In single entry system arithmetic accuracy can
be checked by preparing
- Trial
balance
- Statement
of affairs account
- Arithmetic
accuracy account
- None of the Above
In single entry, under
the net worth method, the basis for ascertaining profit or loss is the
difference between _______________.
- Liabilities
on two dates
- Capital on two dates
- Net assets
on two dates
- Gross
assets on two dates
The single entry system
is defective because,
I. Only one
account is maintained.
II. The
trial balance cannot be prepared. III. The net profit cannot be accurately
calculated. IV. The possibility of fraud and misappropriation is great. Correct stats?
- I only
- II, III, IV
- I, II, IV
- All of the
above
Opening statement is prepared
under Single Entry System ( SES) to find out?
- Opening
Assets
- Opening capital
balance
- Closing
capital balance
- None
Which of the following
is associated in case of quasi single entry system?
- Both a and b
- Subsidiary
book
- Personal
accounts
- Cash Book
- All of the above
Which account is
prepared to know the credit purchase?
- None
- Both
- Debitors Account
- CreditorsAccount
Generally incomplete
records are maintained by-
- Government
- Company
- Society
- Trader
Outstanding Income will
be _____ in the statement of p&l
- Added
- Deducted
- divided
- If
possible should be donated among orphans
In single entry
two-fold aspect of transaction are not recorded, so it is:
- Complete
and Unscientific
- Complete
and Scientific
- Incomplete and
Scientific
- Incomplete
and Unscientific
Statements of assets
& liabilities prepared under single entry system is called:
- Profit and
loss statement
- Statement
of incomplete records
- Balance
sheet
- Statement of Affairs
Additional Capital
introduced by the proprietor is deducted from closing capital in?
- Statement of P&L
- Opening
statement of affairs
- 1&2
- Closing
statement of affairs
Excess of assets over
liabilities is called capital.
- True
- False
Overvaluation of Assets
in the Statement of p&l should be?
- Deducted
- Multiplied
- Added
To obtain the amount of
credit sales made during an accounting period, which account is generally used
in single entry and incomplete records?
- Stock a/c
- debtors a/c
- a/c
payable account
- total
revenue a/c
How many types of
single entry system are there?
- 2
- 4
- 3
- 1
Profit can be
determined by preparing statement of affairs in single entry system.
- False
- True
Accounts which are
maintained under single entry system-
- None
- both
- Impersonal
accounts
- Personal accounts
While calculating
profit. Drawings will be added to …………….
- Closing capital
- Opening
Capital
- None
- Both
Closing capital is
deducted from opening capital to calculate profit in single entry system.
- False
- True
Cash ac n personal ac's
r maintained/ recorded under single entry system as per
- Not
recorded at all
- Partially
recorded
- All
- Double entry system
Statement of affairs is
prepared to find out?
- Opening
capital
- 1,2&3
- 1&2
- Net
P&L
- Closing
capital
Under Net worth of SES
if Opening Capital is less than Closing Capital it indicates?
- Can't
determine
- Loss
- All
- Profit
Which of the following item is Added to statement of
p&l under SES?
- Overvaluation of
Liabilities
- Both A n B
-
Undervaluation of Liabilities
-
Overvaluation of Assets
In pure Single entry
system real and nominal accounts are also maintained
- False
- True
Opening capital is
equal to
- Opening Assets --
opening liabilities
- Closing
Assets --- Closing Liabilities
- Opening
Assets -- Closing Capital
- Closing
balance --- opening balance
Profit made under SES
can be evaluated under which the following method
- A n C
- Balance
method
- Conversion method
- Product
method
Single entry system is
converted into double entry by
- Single
entry system can't be converted into double entry system
- Conversion method
-
Transformation Method
-
Regeneration Method
In SES it is not
possible to prepare which of the following statement/ AC?
- Trail Balance
- Balance
sheet
- Account
sales
- Receipts
and payments
Statement of Affairs is
prepared to?
- Know about
liabilities
- Calculate capital
- Know about
assets
- Know
financial position.
Additional capital
introduced by proprietor should be _____ from closing capital balance?
- Divided
- Ignored
- Deducted
- Added