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In single entry system of accounting

A)  Dual aspects of a transaction is recordedWRONG ANSWER

B)  Single aspect of a transaction is recorded RIGHT ANSWER!!!

C)  Important transactions are recorded WRONG ANSWER

D)  All of themWRONG ANSWER


Statement of financial position produced from incomplete accounting record is commonly known as

A)  Balance sheet WRONG ANSWER

B)  Cash flow statementWRONG ANSWER

C)  Statement of affairs RIGHT ANSWER!!!

D)  Statement of financial operationsWRONG ANSWER


Which of the following businesses usually maintain incomplete accounting record of the business activities?

A)  Large businessesWRONG ANSWER


C)  Big partnership firmsWRONG ANSWER

D)  Small businessesRIGHT ANSWER!!!


In which of the following systems of recording the financial statements reflect true and fair view of an entity and accounting records are considered to be more accurate?

A)  Single entry systemWRONG ANSWER

B)  Double entry systemRIGHT ANSWER!!!

C)  Cash based systemWRONG ANSWER


Identify the correct formula used to ascertain the closing balance of capital

A)  Opening capital + Net income – Drawing – Assets = Closing capitalWRONG ANSWER

B)  Closing capital = Opening Capital + Net loss - Drawings WRONG ANSWER

C)  Closing Capital = Opening capital + Assets + Incomes – Expenses WRONG ANSWER

D)  Closing capital = Opening capital + Net income – Drawings RIGHT ANSWER!!!


Which of the following formulas is used to calculated the net income for an accounting period?

A)  Net income = opening capital + Drawings + Ending capitalWRONG ANSWER

B)  Net income = - Opening capital + Drawings – Ending capitalWRONG ANSWER

C)  Net income = - Opening capital + Drawings + Ending capitalRIGHT ANSWER!!!

D)  Net income = Opening capital – Total assets WRONG ANSWER


If opening capital = $1000 and closing capital = $2000. Assuming no drawings during the accounting period, calculated the net income or loss for the period

A)  $1000 net incomeRIGHT ANSWER!!!

B)  $1000 net lossWRONG ANSWER

C)  $2000 net income WRONG ANSWER

D)  $2000 net losss WRONG ANSWER


Total opening balances of assets and liabilities are $10,000 and $5000 respectively. Find out the opening capital of the business

A)  $10,000 WRONG ANSWER

B)  $5000RIGHT ANSWER!!!


D)  $50,000,000 WRONG ANSWER


Which one of the following accounts is supposed to be used to get the figure of credit purchases made during the current accounting period?

A)  Debtor accountWRONG ANSWER

B)  Revenue accountWRONG ANSWER

C)  Creditors account RIGHT ANSWER!!!

D)  Expenses accountWRONG ANSWER


To obtain the amount of credit sales made during an accounting period, which account is generally used in single entry and incomplete records?

A)  A/c payable account WRONG ANSWER

B)  Total revenue accountWRONG ANSWER

C)  Debtors account RIGHT ANSWER!!!

D)  Stock accountWRONG ANSWER

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