1. A Trial Balance cannot be drawn up from books kept under Single Entry.
A) True ✓
B) False
CA Foundation Paper 1
Accounts from Incomplete Records MCQ
Chapter 9 • 11 Questions from ICAI Study Material
Questions
11
Est. Time
8 min
Source
ICAI Book
Question 1 of 11 0 correct | 0 wrong
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Sample Questions: Accounts from Incomplete Records
Preview 8 of 11 MCQs from Chapter 9
2. Nominal Accounts are kept under Single Entry System.
A) True
B) False ✓
3. Single Entry System can be adopted by small firms.
A) True ✓
B) False
4. Profit under single entry system is always correct and accurate.
A) True
B) False ✓
5. Profits computed under single entry system by different business entities are not comparable.
A) True ✓
B) False
6. In case of net worth method, profit is determined by
A) Preparing a trading and profit and loss account.
B) Comparing the capital in the beginning with the capital at the end of the accounting period. ✓
C) Comparing the net assets in the beginning with the net assets at the end of the accounting period.
7. Single entry system can be followed by
A) Small firms. ✓
B) Joint stock companies.
C) Co-operative societies.
8. Closing capital is calculated as
A) Opening capital + Additional capital - Drawings.
B) Opening capital + Additional capital - Drawings + Profit. ✓
C) Opening capital + Additional capital + Drawings - Profit.