Single entry and incomplete records MCQs


11)

Which of the following is used to work out the balance of cash drawings for an accounting period?

A)  Debtor accountWRONG ANSWER

B)  Credit accountWRONG ANSWER

C)  Cash payments journalWRONG ANSWER

D)  Cash bookRIGHT ANSWER!!!


12)

Closing balance of cash can be obtained by drawing up a

A)  Balance sheetWRONG ANSWER

B)  Statement of affairs WRONG ANSWER

C)  Income statement WRONG ANSWER

D)  Cash account RIGHT ANSWER!!!


13)

A method wherein omitted information is determined in the first place and by using this information net income or loss is ascertained is known as

A)  nominal method WRONG ANSWER

B)  Cash method WRONG ANSWER

C)  Conversion method RIGHT ANSWER!!!

D)  Net profit method WRONG ANSWER


14)

If creditors balance was $1000 at 1 Jan 2012, ending balance of creditors was $2000 on 31 Dec 2012 and a payment of $500 was made to creditors, which of the following is the amount of purchases made during the year 2012?

A)  $2500WRONG ANSWER

B)  $500WRONG ANSWER

C)  $1500RIGHT ANSWER!!!

D)  $2000WRONG ANSWER


15)

If debtors balance was $2000 at 1 Jan 2012, credit sales made during the year were $1000 and the total payments of $1500 were received from debtors, which of the following is the debtors account balance at 31 Dec 2012 ?

A)  $1000WRONG ANSWER

B)  $2000WRONG ANSWER

C)  $1500RIGHT ANSWER!!!

D)  $500WRONG ANSWER


16)

Net profit + operating expenses = ?

A)  Cost of goods soldWRONG ANSWER

B)  Amount of salesWRONG ANSWER

C)  Net salesWRONG ANSWER

D)  Gross profitRIGHT ANSWER!!!


17)

Calculate the amount of net income or loss if the capital has been increased by $1000 during this accounting period, drawing = $5000 and $1000 fresh capital was introduced in the business

A)  $5000 net lossWRONG ANSWER

B)  $5000 net profitRIGHT ANSWER!!!

C)  $6000 net loss WRONG ANSWER

D)  $6000 net profitWRONG ANSWER