MCQ Chapter 10 Accountancy Class 11 Maharashtra Board Single Entry System 1. Which of the following accounts are maintained under Single Entry System?Real and Nominal AccountsOnly Nominal AccountsCash and Personal AccountsOnly Real AccountsQuestion 1 of 202. Who defined Single Entry System as "a system of Book Keeping in which as a rule only records of cash and of personal accounts are maintained"?CarterKohlerKohler and CarterKohler and Adam SmithQuestion 2 of 203. What is the nature of the Single Entry System?Scientific and AccurateIncomplete and UnscientificComprehensive and SystematicStatutory and RegulatedQuestion 3 of 204. Which of the following statements is prepared to ascertain Capital under Single Entry System?Trial BalanceProfit and Loss AccountStatement of AffairsBalance SheetQuestion 4 of 205. What is the formula to find Opening Capital?Opening Assets + Opening LiabilitiesOpening Assets − Opening LiabilitiesOpening Liabilities − Opening AssetsOpening Capital + Opening LiabilitiesQuestion 5 of 206. What is the profit when Closing Capital is more than Opening Capital after considering adjustments?LossProfitLiabilityExpenseQuestion 6 of 207. Which of the following is deducted from Closing Capital to find Adjusted Closing Capital?DrawingsDepreciationAdditional CapitalOutstanding ExpensesQuestion 7 of 208. Which of these is added to Closing Capital in Statement of Profit or Loss?Bad DebtsDepreciationDrawingsInterest on CapitalQuestion 8 of 209. Which is not prepared under Single Entry System?Profit and Loss AccountStatement of AffairsStatement of Profit or LossCash BookQuestion 9 of 2010. Trial Balance cannot be prepared in Single Entry System because:It is time-consumingIt is costlyReal and Nominal accounts are not maintainedIt follows dual aspectQuestion 10 of 2011. What is the basic reason why Single Entry System is considered unscientific?It includes too many rulesIt ignores the dual aspect of transactionsIt is used by large firmsIt is approved by government authoritiesQuestion 11 of 2012. What is the method used to calculate profit under the Single Entry System in Class 11 syllabus?Conversion MethodCash MethodNet Worth MethodMatching ConceptQuestion 12 of 2013. What is the formula for profit under Net Worth Method?Opening Capital − Adjusted Closing CapitalAdjusted Closing Capital − Opening CapitalAssets − LiabilitiesDrawings − CapitalQuestion 13 of 2014. Which of the following is treated as an expense in the Statement of Profit or Loss?Prepaid ExpensesInterest on DrawingsBad DebtsUndervaluation of LiabilitiesQuestion 14 of 2015. Which of the following is an income in the Statement of Profit or Loss?Interest on CapitalDepreciationPrepaid ExpensesInterest on LoanQuestion 15 of 2016. Overvaluation of Assets results in:Increase in ProfitDecrease in ProfitNo effect on ProfitIncrease in DrawingsQuestion 16 of 2017. If Drawings are not considered while calculating profit, it will result in:Accurate profitUnderstated profitOverstated profitNo impact on profitQuestion 17 of 2018. Which one of the following is an advantage of Single Entry System?Scientific methodHelps large businessesRequires less knowledgeMaintains all accountsQuestion 18 of 2019. What is deducted in the Statement of Profit or Loss as an adjustment for Depreciation?Value of New AssetAmount of AssetAmount of DepreciationProfit of the yearQuestion 19 of 2020. When Opening Capital is less than Adjusted Closing Capital, the business has made:A lossA profitNo profit or lossA drawingQuestion 20 of 20 Loading...
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