eVidyarthi

MCQ Chapter 10 Accountancy Class 11 Maharashtra Board

Single Entry System

1. The value of capital is obtained by subtracting liabilities from:

Question 1 of 19

2. Which of the following items is NOT deducted from profit in Statement of Profit or Loss?

Question 2 of 19

3. Who defined Single Entry as a method that ignores the two-fold aspect of transactions?

Question 3 of 19

4. What is the nature of the Statement of Affairs under Single Entry System?

Question 4 of 19

5. How are assets and liabilities shown in the Statement of Affairs?

Question 5 of 19

6. What is the impact of Undervaluation of Assets in Statement of Profit or Loss?

Question 6 of 19

7. What is done when there is overvaluation of liabilities?

Question 7 of 19

8. Which is considered as an expense in Profit or Loss statement?

Question 8 of 19

9. What will be the effect of Outstanding Expenses on the Statement of Profit or Loss?

Question 9 of 19

10. Under Single Entry System, which account is not maintained?

Question 10 of 19

11. Which of the following is considered income in the Statement of Profit or Loss?

Question 11 of 19

12. What does the term "Additional Capital" represent in the context of Single Entry System?

Question 12 of 19

13. What happens when assets are overvalued in the books?

Question 13 of 19

14. What type of business usually follows the Single Entry System?

Question 14 of 19

15. Which of the following is a feature of Single Entry System?

Question 15 of 19

16. The effect of Prepaid Expenses in Statement of Profit or Loss is:

Question 16 of 19

17. Which of the following is NOT a limitation of Single Entry System?

Question 17 of 19

18. What is the formula for calculating Net Profit using capital comparison?

Question 18 of 19

19. When liabilities are undervalued, the undervaluation amount is:

Question 19 of 19


 

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