MCQs For NCERT Class 11 Chapter 11 Accounts from Incomplete Records

Please refer to the MCQ Questions for Class 11 Accountancy Chapter 11 Accounts from Incomplete Records with Answers. The following Accounts from Incomplete Records Class 11 Accountancy MCQ Questions has been designed based on the latest syllabus and examination pattern for Class 11. Our experts have designed MCQ Questions for Class 11 Accountancy with Answers for all chapters in your NCERT Class 11 Accountancy book.

Accounts from Incomplete Records Class 11 MCQ Questions with Answers

See below Accounts from Incomplete Records Class 11 Accountancy MCQ Questions, solve the questions and compare your answers with the solutions provided below. 

Question. In the single entry which method is used to ascertain profit and loss.
a. Statement of affairs method
b. Conversion method
c. A and B both
d. None of the above

Question. Generally accounts under single entry system maintained by
a. Sole trader
b. Company
c. Firm
d. H.U.F

Question. What is the reason behind using single entry system
a. Less expensive
b. Suitable for small concern
c. Simple method
d. All of the above

Question. Limitation of accounting from incomplete records
a. Unscientific system
b. Difficulty in preparing final account
c. Preparation of trial balance is not possible
d. All of the above

Question. Which Act Doesn’t supported Accounting from Incomplete Records is not supported
a. Negotiable Instrument Act 1881
b. Partnership Act 1932
c. Contract Act 1872
d. Companies act 2013

Question. When closing capital is more than opening capital then result will be:
a. Profit
b. Loss
c. No profit no loss
d. Profit if there no additional capital is introduced

Question. Which principle is not followed by the single entry system
a. Dual aspects
b. Matching concept
c. Revenue recognition
d. All of the above

Question. Capital 6,00,00 Liability is rs.23500 then Assets=……….
a. Rs.83,500
b. Rs. 36,500
c. Rs. 60,000
d. Rs. 23500

Question. Which accounting principle is certainly followed under single entry system as well as double entry system
a. Money measurement system
b. Dual aspect
c. Matching
d. None of the above

Question. What is the feature of single entry system
a. Lack of uniformity
b. Suitability
c. Depends on original voucher
d. All of the above.

Question. Single entry system is less expensive system as compared to double entry system.
a. True
b. False
c. Both a and b are true
d. Both a and b are false.

Fill In The Blanks

Question. Single entry system gives…………….. Profit & loss/ financial position of firm.

Question. Rupesh started business with cash rs.10,000,on 1st july he borrowed rs,5000 from his friend, additional capital introduced by him rs.6000 during the year and he earn profit of rs. 4000 during the year then total assets at the end of the year is……. 

Question……system does not present actual financial position of business   

Question. Trade payable account is of ………nature. 

Question. Small business generally use ……..method for accounting because it is.  

Question. Capital 6,00,000 ,Liability is rs.235000 then Assets=………. 

Question.Total credit sales can be ascertained from ………..a/c (Part of Current Assets)

Question. …….principle is followed by single entry system. 

Question. Credit sales during the year is Rs. 5000 , balance of opening trade receivables was Rs.3000 ,goods of Rs. 500 returned by customer as defective, closing trade receivables will be ………. 

True/False 

Question. Accrual concept is strictly followed in single entry system.

Question. In single entry system accounting principles are perfectly followed. False 

Question. Single entry system is a unsystematic method of recording. True 

Question. In single entry system a firm has fully control on assets. False

Question. To compute capital amount in single entry system statement of affair is to be prepared.

Question. Xy & co is a firm, following single entry system and company rule 2013 apply on such firm. 

Question. Total debtor account prepare for ascertaining credit purchase.

Question. Dual aspect is completely follow in single entry system.

Match The Following

Question.

i) Incomplete records follow one GAAP	a) Forecasting
ii) Incomplete records does not suitable for	b) Money measurement
	c) Dual Aspect

Question.

i) Companies registered under the companies act does not follow	a) Accounting principles
ii) Sole trader are not required to follow	b) Incomplete records
	c) Partnership Rules

Question. Capital Rs 6,00,000 Creditors Rs 2,00,000 Outstanding Rent Rs 35,000 what will be the Assets if-

i) there is cash balance of Rs 35000	a) Rs 3,65,000
ii) if there is no other information	b) Rs 8,35,000
	c) Rs 8,00,000

Question.

i) If the rate of gross profit is 25% of sales and COGS is Rs. 1,00,000	a) 16,667
ii) If the rate of gross profit is 20% of COGS and sales are Rs. 1,00,000	b) 1,20,000
	c) 33,333

Question.

i) Gross profit of Mahesh is rs.35000 and cost of goods sold is rs.65000, cash is 2/3 of credit sales then credit sales is rs……	a) 50,000
ii) Vandna shows inability to pay her acceptance of Rs…………and accepted a new bill of rs. 11,165 along with interest @6% (due after 3 months)	b) 60,000
	c) 11,000

Question.

i) Sales are calculated by adding	a) cash sales and received from debtors
ii) From incomplete records it is possible to prepare	b) cash sales + credit sales
	c) Ledger account
	d) Statement of affairs