Question 2 :
Under double entry system both aspects of transaction are recorded, while Under single entry system, both aspects of transaction are not recorded.
Question 3 :
A statement of ____________ is to be prepared in order to find out the profit and loss under a single entry system.<br>
Question 4 :
A statement similar to balance sheet prepared to find out the amount of opening capital is ___________.<br/>
Question 5 :
In _____ forms of business the owners are directly responsible for the debts of the business.
Question 6 :
Profit can be ascertained from the incomplete records under single entry by using  ________.<br/>
Question 7 :
Which of the following are prepared by the organisations keeping only incomplete accounting records?<br>I. Cash book<br>II. Customer's Accounts<br>III. Expenses Accounts<br>IV. Day Books<br>Choose the correct answer using the codes given.<br>
Question 8 :
A statement of book-keeping which records only one aspect of business transactions and ignores other aspects is known as ________________.<br/>
Question 9 :
In order to find out the correct profit, drawings are ___________ to the closing capital.<br/>
Question 10 :
Cash paid to Creditors needed for the construction of cash account can be ascertained from __________________ .<br/>
Question 13 :
Method of accounting in which nominal accounts are not maintained  is ____________.<br/>
Question 14 :
If any unrecorded liability is paid on dissolution of the firm __________ is debited.
Question 15 :
A statement similar to balance sheet is nothing but the _________.<br/>
Question 16 :
The difference between capital at the end of year and capital at the beginning of year is called ____________.<br/>
Question 17 :
Excess of closing capital over opening capital of proprietor under single entry system. <br>
Question 18 :
Find the total at assets at the end of the year if the net profit, drawing during the year and assets at the beginning of the year were 12,000, 7,000 and 15,000 respectively.
Question 20 :
An accounting system where debit and credit rule is not followed.<br/>
Question 21 :
Under single entry system, there is no provision to make adjustments, while under double entry system, adjustments are made at the time of preparing final accounts.
Question 22 :
If closing capital is Rs.30000 and profit is Rs.5000; opening capital was Rs. ____________.<br/>
Question 23 :
Profit as per accounts from incomplete records may be constructed as equivalent of _____________. 
Question 25 :
Further capital introduced during the year is ____________ from closing capital in order to find out the correct profit.<br/>
Question 28 :
Excess of opening capital over closing capital of proprietor under single entry system is called __________.<br/>
Question 29 :
Profit = Capital at the end+______- Capital introduced - Capital in the beginning.
Question 30 :
State whether the following statement is True or False.<br>Share forfeited balance is transferred to Capital Reserve Account.
Question 32 :
In single entry system it is not possible to prepare _____.<br/>
Question 35 :
__________system is usually adopted by traders who have less knowledge of Accounting.<br/>
Question 37 :
If opening capital is $Rs.80,000$, closing capital is $Rs.1,80,000$, withdrawals are $Rs.10,000$ and additional capital brought in the business is Rs. $20,000$, then the profit will be________.
Question 39 :
Cash received from debtors needed for the construction of cash account can be ascertained from _________.<br/>
Question 40 :
Under the net worth method, the basis for ascertaining profit or loss is the difference between _______________.<br/>
Question 41 :
Balance of interest on calls-on-advance account is transferred to the ___________ at the end of the year.
Question 42 :
In statement of profit and loss interest on capital is shown as _________.<br/>
Question 43 :
A statement of affairs is a summarised statement of an estimated _____________.<br/>
Question 46 :
Company accounting conforms more to dual aspect concept than to incomplete recording system because.<br>I. Companies Act insists upon the adoption of double entry systems of book keeping.<br>II. Balance sheet could not be prepared under sec. $211$ of Company's Act according to the incomplete recording system<br>III. To show true and fair view of the affairs of the company<br>IV. To ensure adequate disclosure.<br>Select the correct answer from the codes given and mark your answer sheet accordingly.<br>
Question 47 :
Total sales during the year amounted to Rs.170000, cash sales Rs.10000, outstanding debtors at the end of the year Rs.25000. Cash received from debtors will be Rs.____________.<br/>
Question 48 :
To ascertain the profit, closing capital is to be adjusted by deducting ________ and adding _________.<br/>
Question 49 :
Which preparing accounts from incomplete records, the amount of credit sales is determined by?
Question 50 :
Cost of goods sold is Rs$1,20,000$ Gross Loss : $1/4th$ on sales what is the amount of sales?
Question 51 :
Cost of goods sold is Rs$1,20,000$ Gross Profit : $1/4th$ on sales what is the amount of sales.
Question 52 :
Calculate : Sales<b><br/></b>Opening Debtors Rs.5000<br/><b></b>Opening Bills Receivable Rs.2000<br/>Cash received from Debtors (including cash from bills receivable) Rs.10000<br/>Closing bills receivable Rs.1000<br/>Closing debtors Rs.8000<br/>
Question 53 :
Calculate Bills Drawn and Accepted if :<br/>Bills receivable drawn in customers opening balance of bills Rs.7000<br/>Bills received endorsed to creditors Rs.1000<br/>Bill dishonored by customers Rs.2000<br/>Bills collected Rs.13000<br/>Closing Balance of Bills Receivable Rs 5000<br/>
