Britain International College Network

Name: ____________________ Class: 2nd Year Subject: P. Accounting

Roll #: ________________________ Test: Time Allowed: 1 Hours
Ch# 1 Date: 13-11-2019 Total Marks: __/20

Objective
Q1: MCQ’s /10
1. Normally single Entry system is suitable for _______

a. Small scale business b. Large scale business c. Both d. None

2. Opening capital is obtained by preparing

a. Debtors Account b. Creditors Account c. Opening statement of Affairs d. Cash Account

3. If opening capital is Rs. 10,000 and closing capital is Rs. 15000 then profit or loss ______

a. Loss of Rs. 5000 b. Profit of Rs. 2500 c. Profit of Rs. 5000 d. None
4. Net worth is equal to ________

a. Capital + Assets b. Liabilities – Capital c. Liabilities – Assets d. Assets - Liabilities

5. Receipts and payments account is

a. Nominal A/c b. Personal A/c c. Real A/c d. Expense A/c

6. Single Entry system contains ______

a. A cash book b. A ledger c. Trial balance d. None

7. Credit sale is determined by preparing

a. Sales A/c b. Creditors A/c c. Debtors A/c d. None

8. Single Entry System is useful for _______

a. Sole trade ship b. Public Ltd. Company c. Private Ltd. Company d. All
9. Sales are equal to

a. Cash Sales + Cash Received from Debtors b Cash Sales + Credit Sales – Bad debts
c. Credit Sales + Cash received from debtors d Cash sales + credit sales
10. If the cost of goods sold Rs. 10,00,000 gross Loss. on sales 20% then the value of sales will be _____
.
a. 1200,000 b. 8,33,333 c. 800,000 d. 11,66,000

Subjective
Q2: Short Questions. 2x5 = 10
i. Can a limited company kept account under single entry system ?
ii. Define conversion method.
iii. What is difference between single entry system and double entry system?
iv. What is difference between Statement of affairs and balance sheet?
v. Define term Margin.

Long Questions (5)