Incomplete records are generally maintained by

(a)

A company

(b)

Government

(c)

Small sized sole trader business

(d)

Multinational enterprises

Opening statement of affairs is usually prepared to find out the

(a)

Capital in the beginning of the year

(b)

Capital at the end of the year

(c)

Profit made during the year

(d)

Loss occurred during the year

Which of the following items relating to bills payable is transferred to total creditors account?

(a)

Opening balance of bills payable

(b)

Closing balance of bills payable

(c)

Bills payable accepted during the year

(d)

Cash paid for bills payable

Which one of the following statements is not true in relation to incomplete records?

(a)

It is an unscientific method of recording transactions

(b)

Records are maintained only for cash and personal accounts

(c)

It is suitable for all types of organisations

(d)

Tax authorities do not accept

When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

(a)

Rs. 9,000

(b)

Rs. 11,000

(c)

Rs. 21,000

(d)

Rs. 3,000

Which one is correct

(a)

Adjusting Closing Capital = Closing capital + Drawings - Additional Capital

(b)

Adjusting Closing Capital = Closing capital - Drawings - Additional Capital

(c)

Adjusting Closing Capital = Additional Capital + Drawings - Closing Capital

(d)

None of these

Debtors on 31.12.2014 is Rs. 2,00,000. Cash received from debtors during the year is Rs. 3,00,000. Then the credit sales during the year is __________

(a)

Rs. 1,00,000

(b)

Rs. 2,00,000

(c)

Rs. 3,00,000

(d)

Rs. 5,00,000

If adjusted closing capital is more than the opening capital, it denotes ____________

(a)

Profit

(b)

Loss

(c)

Opening Capital

(d)

Expenses

Following are the limitations of incomplete records except _________________

(a)

Lack of proper maintenance of records

(b)

Difficulty in preparing trial balance

(c)

Difficulty in ascertaining true profitability of the business

(d)

Suitability

A business is said is to be used _____________ system. It is not following the complete the principles of book keeping of ___________ system.

(a)

Double Entry - Single Entry

(b)

Single Entry - Double Entry

(c)

Double Entry - Double Entry

(d)

Single Entry - Single Entry