Free Online MCQs Questions of CBSE Class 11 Accountancy Chapter-23 Incomplete Records with Answers. Free Online MCQs Questions for Class 11 Accountancy with Answers was Prepared Based on Latest Exam Pattern. Students can solve NCERT Class 11 Accountancy Incomplete Records Current Multiple Choice Questions with Answers to know their preparation level on Success Roar Classes Website itself.
Single entry system is an easy way of recording transactions in which rules of double-entry system are not followed. In this chapter of Incomplete records, you learn how to convert incomplete records into Double entry system records. To know more, what is single entry system, solve these MCQs.
Free Online MCQs Questions of Class -11 Accountancy
Chapter-23 Incomplete Records with Answers
1. Single entry systems are maintained by
(b) Income tax authorities
(d) Sole trader
2. Single entry system of book keeping is
(b) Unauthorized by tax authorities
(d) all of these
3. If closing capital is >opening capital, it denotes
(c) No profit no loss
(d) Profit, if there is no introduction of fresh capital
4. If closing capital is < opening capital, it denotes that
c) No profit no loss
(d) Loss, if there is no introduction of fresh capital
5. If capital at the end of the year is 40,000: capital introduced during the year Rs. 30,000; drawings 20,000 and loss for the year is 60,000; then Capital at the beginning of the year was:
6. If capital at the end of the year is 50,000: capital introduced during the year Rs. 30,000; drawings 20,000 and profit for the year is 30,000; then Capital at the beginning of the year
7. Profit = capital at the end+drawings-additional capital-…………..
(a) Opening capital
(b) Closing capital
(d) None of these
8. What should be added in closing capital for calculating opening capital?
(a) Loss and drawing
(b) Profit and drawing
(c) Profit only
(d) Loss only
9. When the amount of closing capital (after adjusting drawings ) is less than that of opening capital the difference will be treated as:-
(c) Additional capital
(d) None of them
10. If opening capital is 24,000; closing capital 40,000; drawing 7,000; fresh capital 8,000. Calculate profit or loss.
(a) Profit 15,000
(b) Loss 15,000
c) Profit 20,000
(d) Loss 20,000
MCQs Questions of CBSE Class 11 Accountancy Chapter-23 Incomplete Records
1(d) 2(d) 3(d) 4(d) 5(a) 6(a) 7(a) 8(a) 9(a) 10(a)