MCQ Chapter 10 Accountancy Class 11 Maharashtra Board Single Entry System 1. Which of the following is deducted from profit as a provision for expected loss?Interest on DrawingsInterest on CapitalReserve for Doubtful DebtsOutstanding IncomeQuestion 1 of 202. In Single Entry System, which statement is similar to Balance Sheet?Cash Flow StatementTrial BalanceStatement of AffairsStatement of Profit or LossQuestion 2 of 203. Which of the following is NOT added while calculating Adjusted Closing Capital?DrawingsAdditional CapitalInterest on DrawingsOutstanding IncomeQuestion 3 of 204. In Single Entry System, which of the following is ignored while calculating capital?AssetsLiabilitiesOwner's SalaryDrawingsQuestion 4 of 205. What will be the effect of depreciation on furniture in the Statement of Profit or Loss?It is addedIt is ignoredIt is deductedIt is shown as incomeQuestion 5 of 206. Which statement helps in determining the financial position of the business?Trial BalanceStatement of Profit or LossStatement of AffairsJournalQuestion 6 of 207. Overvaluation of liabilities means:Liabilities are recorded more than actualLiabilities are recorded less than actualAssets are overvaluedExpenses are omittedQuestion 7 of 208. What is the treatment of interest on loan in the Statement of Profit or Loss?It is addedIt is ignoredIt is deductedIt is capitalizedQuestion 8 of 209. Under Single Entry System, how is Trial Balance treated?It is prepared monthlyIt is optionalIt cannot be preparedIt is necessary for arithmetical accuracyQuestion 9 of 2010. Which item is considered a gain while preparing the Statement of Profit or Loss?Undervaluation of AssetsInterest on CapitalDepreciationBad DebtsQuestion 10 of 2011. Interest on Capital is:An income to the businessAn expense to the businessNot considered in Profit or LossTreated as DrawingQuestion 11 of 2012. Interest on Drawings is:An expense to the businessAn income to the businessA liabilityIgnored in accountingQuestion 12 of 2013. In the absence of dates, interest on drawings is calculated for:Full year3 months6 months9 monthsQuestion 13 of 2014. Bad debts are:Added to profitIgnoredDeducted from profitAdded to capitalQuestion 14 of 2015. In Single Entry System, assets like Machinery and Furniture are:Systematically recordedSometimes maintainedNot recorded at allNot systematically recordedQuestion 15 of 2016. What is the effect of Outstanding Income in the Statement of Profit or Loss?Deducted from profitAdded to profitIgnoredShown as liabilityQuestion 16 of 2017. Which of the following is NOT a component in the Statement of Affairs?CapitalSundry DebtorsDrawingsSundry CreditorsQuestion 17 of 2018. Which of the following is added while computing profit in Statement of Profit or Loss?Bad DebtsDepreciationOvervaluation of StockOvervaluation of LiabilitiesQuestion 18 of 2019. Which of these increases the profit in Statement of Profit or Loss?Depreciation on MachineryUndervaluation of LiabilitiesInterest on DrawingsR.D.D.Question 19 of 2020. What is the treatment of Income Received in Advance in Profit or Loss Statement?It is added to profitIt is deducted from profitIt is ignoredIt is added to capitalQuestion 20 of 20 Loading...
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