1. Incomplete records are generally maintained by
(a) A company (b) Government
(c) Small sized sole trader business (d) Multinational enterprises
2. Statement of affairs is a
(a) Statement of income and expenditure (b) Statement of assets and liabilities
(c) Summary of cash transactions (d) Summary of credit transactions
3. 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
4. The excess of assets over liabilities is
(a) Loss (b) Cash
(c) Capital (d) Profit
5. 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
6. The amount of credit sales can be computed from
(a) Total debtors account (b) Total creditors account
(c) Bills receivable account (d) Bills payable account
7. 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
8. What is the amount of capital of the proprietor, if his assets are ` 85,000 and liabilities
are ` 21,000?
(a) ` 85,000 (b) ` 1,06,000 (c) ` 21,000 (d) ` 64,000
9. When capital in the beginning is ` 10,000, drawings during the year is ` 6,000, profit
made during the year is ` 2,000 and the additional capital introduced is ` 3,000, find out
the amount of capital at the end.
(a) ` 9,000 (b) ` 11,000 (c) ` 21,000 (d) ` 3,000
10. Opening balance of debtors: ` 30,000, cash received: ` 1,00,000, credit sales: ` 90,000;
closing balance of debtors is
(a) ` 30,000 b) ` 1,30,000 c) ` 40,000 d) ` 20,000
Answers
1. (c) 2. (b) 3. (a) 4. (c) 5. (c) 6. ( a) 7.(c) 8. ( d) 9. (a) 10.( d)
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