Refer to MCQs for Accountancy Class 11 with Answers Chapter 11 Accounts from Incomplete Records as per the latest syllabus issued by CBSE. All Multiple choice questions have been provided with solutions and have been prepared based on the expected pattern in upcoming board exams. MCQs Chapter 11 Accounts from Incomplete Records have been prepared by our team of best accountancy teachers.

Question Bills Receivable endorsed dishonoured are debited to   
(a) Debtors Account.
(b) Bills Receivable Account.
(c) Creditors Account.
(d) Bank Account.

Question. Accounts are usually held using a single entry scheme by:
(a) Society
(b) Company
(c) Sole Trader
(d) Government

Question. Single Entry System of book keeping is:
(a) Unscientific
(b) Unsystematic
(c) Inaccurate
(d) All of these

Question. Single Entry System of book keeping is : 
(A) Inaccurate
(B) Unsystematic
(C) Unscientific
(D) All of these

Question When closing capital exceeds opening capital, this means:
(a) Profit
(b) Profit, if there is no introduction of fresh capital
(c) No Profit no Loss
(d) Loss

Question In case of net worth method of Single Entry System, profit is ascertained by 
(a) comparing the capital in the beginning of the accounting period and the capital at the end of the accounting period.
(b) Preparing a Profit and Loss Account.
(c) Preparing a Balance Sheet.
(d) None of these.

Question Sales are calculated by adding   
(a) Cash sales and cash received from debtors.
(b) Credit sales and cash received from debtors.
(c) Cash sales and credit sales.
(d) None of the above.

Question When closing capital falls short of opening capital, it means:
(a) Profit
(b) Loss, if there is no drawing
(c) Loss
(d) None of the above

Question Profit = Capital at the end +………… – Capital introduced – Capital in the beginning. 
(a) Sales.
(b) Drawings.
(c) Net Purchases.
(d) None of these.

Question Single Entry System can be adopted by 
(a) Small firms.
(b) Joint Stock Companies.
(c) Co-operative Societies.
(d) None of these,

Question If the capital at the end of the year is Rs. 40,000, the capital introduced during the year is Rs. 30,000, the year’s drawings are Rs. 20,000, and the year’s loss is Rs. 60,000, so the capital at the start of the year was:
(a) 10,000
(b) 80,000
(c) 70,000
(d) 90,000

Question. When closing capital is more than opening capital, it denotes:   
(A) Profit
(B) Loss
(C) No Profit no loss
(D) Profit, if there is no introduction of fresh capital

Question. Single-entry systems are regularly updated by
(a) Income tax authorities
(b) Company
(c) Sole trader
(d) Government

Question. A single-entry bookkeeping scheme is used
(a) Simple
(b) Unauthorized by tax authorities
(c) Unscientific
(d) all of these

Question When closing capital is greater than opening capital it means  C
(a) Profit.
(b) Loss.
(c) Profit if fresh capital is not introduced.
(d) No profit, no Loss.

Question Bills Payable honoured during the year will be debited to   
(a) Cash Account.
(b) Bills Payable Account.
(c) Creditors Account.
(d) None of these.

Question Given the opening and closing balances of debtors and the figure of credit sales, the balancing figure of Total Debtors Account will give 
(a) Bills received during the year.
(b) Cash received from debtors.
(c) Closing balance of bill receivable.
(d) None of these.

Question. Generally accounts under single entry system are maintained by :   
(A) Sole Trader
(B) Company
(C) Society
(D) Government

Question. Assets and Liabilities amount to Rs. 80,000 and Rs. 58,000 respectively, then the difference amount will represent
(a) Capital
(b) Creditors
(c) Profit
(d) Loss

Question. If closing capital is less than opening capital, it shows_______.
(a) Loss
(b) Profit
(c) No profit no loss
(d) Loss, if there is no introduction of fresh capital

Question From incomplete records, it is possible to prepare   
(a) Ledger Accounts.
(b) Trial Balance.
(c) Statement of Affairs.
(d) None of these.

Question. If Closing Capital Rs. 40,000, with Additional Capital during the year of Rs. 30,000, Drawings of Rs. 20,000, and a loss of Rs. 60,000, so Opening Capital was:
(a) 90,000
(b) 80,000
(c) 70,000
(d) 10,000

Question. If Capital at the end of the year is Rs.40,000; Capital introduced during the year Rs.30,000; drawings for the year Rs.20,000 and loss for the year is Rs.60,000, then Capital at the beginning of the year was :   
(A) Rs.90,000
(B) Rs. 80,000
(C) Rs.70,000
(D) Rs. 10,000

Question If the rate of gross profit is 25% of sales and Cost of Goods sold is Rs. 1,00,000; the amount of gross profit will be   B
(a) Rs. 25,000.
(b) Rs. 33,333.
(c) Rs. 20,000.
(d) None of these.

Question. If Closing Capital is Rs. 50,000, Additional Capital introduced during the year Rs. 30,000; Drawings Rs. 20,000 and Profit is Rs. 30,000; then Opening Capital is _.
(a) 10,000
(b) 30,000
(c) 20,000
(d) 35,000

Question. Profit = Closing Capital + Drawings – Additional Capital – _
(a) Opening capital
(b) Closing capital
(c) Loss
(d) None of these

Question. When closing capital is less than opening capital, it denotes:   
(A) Profit
(B) Loss
(C) Loss, if there is no drawing
(D) None of the above

Question Capital in the beginning of the accounting year is ascertained by preparing   
(a) Debtors’ Account.
(b) Cash Account.
(c) Opening Statement of Affairs.
(d) None of these.

Question. If we want to calculate opening capital, what should be added in closing capital__________.
(a) Loss
(b) Profit
(c) Profit and drawing
(d) Loss and drawing

Question If the gross profit is 20% of cost of goods sold and sales are Rs. 1,00,000; the amount of gross profit will be   
(a) Rs. 20,000.
(b) Rs. 25,000.
(c) Rs. 16,667.
(d) None of these.

Question. When closing capital (after changing drawings) is less than opening capital, the difference is considered as:-
(a) Loss
(b) Profit
(c) Additional capital
(d) None of them

Question. If Capital at the beginning is Rs. 24,000, Closing capital is Rs. 40,000, drawing is Rs. 7,000, and additional capital is Rs. 8,000. Make a benefit or loss calculation.
(a) Loss 15,000
(b) Profit 15,000
(c) Profit 20,000
(d) Loss 20,000

Question When closing capital is less than opening capital, it means 
(a) Profit.
(b) Loss.
(c) Loss if there is no drawing.
(d) None of these.

Question. The statement of affairs is planned in order to-
(a) Calculation of assets
(b) Calculate of capital
(c) Calculate liabilities
(d) Calculation of financial position

Question Closing balance of creditors is determined by preparing  B
(a) Total Debtors Account.
(b) Total Creditors Account.
(e) Bills Receivable Account.
(d) Bills Payable Account.