The different between the total of assets and total of liabilities is taken as __________

(a)

drawings

(b)

capital

(c)

profit

(d)

loss

The total assets of a proprietor are Rs. 5,00,000. His liabilities Rs. 3,50,000. Then his capital in the business is ____________

(a)

Rs. 8,50,000

(b)

Rs. 1,50,000

(c)

Rs. 3,50,000

(d)

Rs. 4,25,000

A firm has assets worth Rs. 60,000 and capital Rs. 45,000.Then it's liabilities is _________

(a)

Rs. 45,000

(b)

Rs. 1,05,000

(c)

Rs. 60,000

(d)

Rs. 15,000

Under the net worth method, the basis for ascertaining the profit is ________

(a)

the difference between the capital on two dates

(b)

the difference between the liabilities on two dates

(c)

the different between the gross assets on two dates

(d)

the difference between the gross profit on two dates

Credit sale is obtained from _________

(a)

Bills receivable account

(b)

Bills payable account

(c)

Total debtors account

(d)

Total creditors account

The capital of a business is ascertained by preparing _________

(a)

Trading account

(b)

Statement of profit or loss

(c)

Balance sheet

(d)

Statement of affairs

Credit purchase is obtained from _______

(a)

Bills receivable account

(b)

Bills payable account

(c)

Total debtors account

(d)

Total creditors account

Debtors on 1.4.2018 was Rs. 1,00,000 and on 31.3.2019 was Rs. 80,000 cash received from debtors during the year is Rs. 1,60,000. Then the credit sales during the year is ___________

(a)

Rs. 3,40,000

(b)

Rs. 2,40,000

(c)

Rs. 1,40,000

(d)

Rs. 1,60,000

A firms total sales is Rs. 80,000 and its credit sales is Rs. 60,000 Then its cash sales is ____________

(a)

Rs. 1,40,000

(b)

Rs. 70,000

(c)

Rs. 20,000

(d)

Rs. 80,000

A firm has assets worth Rs. 47,500 and liabilities Rs. 17,700. Then its capital is _____________

(a)

Rs. 29,800

(b)

Rs. 65,200

(c)

Rs. 35,400

(d)

Rs. 17,700

Companies cannot keep books on single entry system because of ________

(a)

tax properties

(b)

legal provisions

(c)

both (a) and (b)

(d)

None of these

Match List I with List II and Select the Correct Answer using the Codes given below.

List I		List II
(i)	Incomplete records	1.	Net worth method
(ii)	Single entry system	2.	Double entry
(iii)	Statement of affairs method	3.	Small traders
(iv)	Nominal account	4.	Incomplete double system

(a)

(i)	(ii)	(iii)	(iv)
1	2	3	4

(b)

(i)	(ii)	(iii)	(iv)
4	3	1	2

(c)

(i)	(ii)	(iii)	(iv)
2	3	1	4

(d)

(i)	(ii)	(iii)	(iv)
3	4	1	2

Match List I with List II and Select the Correct Answer using the Codes given below.

List I		List II
(i)	Nature	1.	Needs and conveniences
(ii)	Types of accounts	2.	No legal obligations
(iii)	Lack of uniformity	3.	Real account and nominal accounts
(iv)	Suitability	4.	Unsystematic way of transactions

(a)

(i)	(ii)	(iii)	(iv)
1	2	3	4

(b)

(i)	(ii)	(iii)	(iv)
2	3	4	1

(c)

(i)	(ii)	(iii)	(iv)
4	3	1	2

(d)

(i)	(ii)	(iii)	(iv)
3	4	2	1

Incomplete records are those records which are not kept under ____ system

(a)

Single entry

(b)

Double entry

(c)

Book keeping

(d)

none of these

_____ is an unscientific and unsystematic way of recording transactions.

(a)

Incomplete records

(b)

Complete records

(c)

Single entry system

(d)

Double entry system

Statement of affairs method is also called as _____ method.

(a)

Net profit

(b)

Net loss

(c)

Net worth/capital comparison

(d)

None of these

_____ is a statement showing the balances of assets and liabilities on a particular date.

(a)

Statement of affairs

(b)

Trading account

(c)

Profit and loss account

(d)

Balance sheet

_____ capital can be found by preparing a statement of affairs at the beginning of the year.

(a)

Opening capital

(b)

Closing capital

(c)

Both (a) and (b)

(d)

None of these

A statement of affairs resembles a _____

(a)

Trading account

(b)

Profit and loss account

(c)

Balance sheet

(d)

Trial balance

Closing capital can be found by preparing a statement affairs at the _____ of the year.

(a)

opening

(b)

end

(c)

centre

(d)

none of these

In _____ system, only personal and cash accounts are opened.

(a)

Single entry

(b)

Double entry

(c)

Trial balance

(d)

Balance Sheet

Creditors on 1.4.2016 was Rs. 80,000 and on 31.3.2017 was Rs. 65,000 cash paid to creditors during the year is Rs. 10,000. Then the credit purchases during the year is ________

(a)

Rs. 95,000

(b)

Rs. 1,75,000

(c)

Rs. 1,95,000

(d)

Rs. 1,50,000

_____ maintains only personal and cash accounts.

(a)

Single entry system

(b)

Double entry system

(c)

Both (a) and (b)

(d)

None of these

_____ is suitable only for sole traders and partnership firms.

(a)

Double entry system

(b)

Single entry system

(c)

Both (a) and (b)

(d)

None of these

Single entry system keeps one cash book which mixes up business as well as ____ transactions.

(a)

Private

(b)

Own

(c)

Public

(d)

Capital