We have compiled the NCERT MCQ Questions for Class 11 Accountancy Chapter 11 Accounts from Incomplete Records with Answers Pdf free download covering the entire syllabus. Practice MCQ Questions for Class 11 Accountancy with Answers on a daily basis and score well in exams. Refer to the Accounts from Incomplete Records Class 11 MCQs Questions with Answers here along with a detailed explanation.
Accounts from Incomplete Records Class 11 MCQs Questions with Answers
Choose the correct option.
Question 1.
Incomplete record mechanism of book keeping is
(a) Scientific
(b) Unscientific
(c) Unsystematic
(d) Both (b) and (c)
Answer
Answer: (b) Unscientific
Question 2.
Opening capital is ascertained by preparing
(a) Total debtor’s account
(b) Total creditor’s account
(c) Cash account
(d) Opening statement of affairs
Answer
Answer: (d) Opening statement of affairs
Question 3.
Credit purchase, during the year is ascertained by preparing :
(a) Total creditor’s account
(b) Total debtor’s account
(c) Cash account
(d) Opening statement of affairs
Answer
Answer: (a) Total creditors account
Question 4.
If Opening capital is Rs. 60,000, drawings Rs. 5,000, capital introduced during the period Rs. 10,000, closing capital Rs. 90,000. The value of profit earned during the period will be:
(a) Rs. 20,000
(b) Rs. 25,000
(c) Rs. 30,000
(d) Rs. 40,000
Answer
Answer: (b) Rs. 25,000.
Question 5.
A system of accounting which is not based on double entry system is called-
(a) Cash system
(b) Mahajani system of accounting
(c) Incomplete accounting system
(d) None of these.
Answer
Answer: (c) Incomplete accounting system
Question 6.
Accounts which are maintained under single entry system-
(a) Personal accounts
(b) Impersonal accounts
(c) (a) & (b) both
(d) None of these.
Answer
Answer: (a) Personal accounts
Question 7.
Statement of affairs is prepared to-
(a) Know about assets
(b) Know about liabilities
(c) Calculate capital
(d) Know financial position.
Answer
Answer: (c) Calculate capital
Question 8.
Liabilities and assets amount to Rs. 50,000 and Rs. 78,000 respectively. The difference amount will represent-
(a) Creditors
(b) Debentures
(c) Profit
(d) Capital.
Answer
Answer: (d) Capital.
Question 9.
Generally incomplete records are maintained by-
(a) Trader
(b) Society
(c) Company
(d) Government.
Answer
Answer: (a) Trader
Write the correct word(s)
Question 1.
Credit sales can be ascertained as the balancing figure in the …………….. account.
Answer
Answer: total debtor’s
Question 2.
Excess of ……………. over ……………… represents loss sustained during the period.
Answer
Answer: opening capital, closing capital
Question 3.
To ascertain the profit, closing capital is to be adjusted by deducting ………………. and adding …………….
Answer
Answer: additional capital introduced, drawings during the year
Question 4.
Incomplete records are generally used by ……………….
Answer
Answer: small traders.
Question 5.
Single entry system can be adopted by ………………
Answer
Answer: Sole trader or partnership firm
Question 6.
…………… Accounts are maintained under single entry system.
Answer
Answer: Personal
Question 7.
Single entry system is not a …………….. system of maintaining accounts.
Answer
Answer: Scientific
Question 8.
While calculating profit. Drawings will be added to …………….
Answer
Answer: Closing capital
State True or False:
Question 1.
Profit can be determined by preparing statement of affairs in single entry system.
Answer
Answer: True
Question 2.
Single entry system cannot be converted into double entry system.
Answer
Answer: False
Question 3.
Excess of assets over liabilities is called capital.
Answer
Answer: True
Question 4.
Closing capital is deducted from opening capital to calculate profit in single entry system.
Answer
Answer: False
Match the following:
| Column A | Column B |
| 1. statement of affairs | (a) Opening statement of affairs |
| 2. Opening capital | (b) capital |
Answer
Answer:
| Column A | Column B |
| 1. statement of affairs | (b) capital |
| 2. Opening capital | (a) Opening statement of affairs |
Answer in one word / sentence:
Question 1.
Which account is prepared to know the credit purchase?
Answer
Answer: Creditors account
Question 2.
What is found out by preparation of opening statement of affairs?
Answer
Answer: Opening capital
Question 3.
Which amount will be credited on accepting new bills?
Answer
Answer: Bills payable
Question 4.
Which account is debited on dishonouring of a bill?
Answer
Answer: Debtor’s A/c
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