NCERT MCQ ON Accounts from Incomplete Records:

Question 1.
Incomplete record mechanism of book keeping is
(a) Scientific
(b) Unscientific
(c) Unsystematic
(d) Both (b) and (c)Answer

Answer: (b) Unscientific

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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 affairsAnswer

Answer: (d) Opening statement of affairs

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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 affairsAnswer

Answer: (a) Total creditors account

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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. 40,000Answer

Answer: (b) Rs. 25,000.

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Write the correct word(s)

Question 1.
Credit sales can be ascertained as the balancing figure in the …………….. account.Answer

Answer: total debtor’s

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Question 2.
Excess of ……………. over ……………… represents loss sustained during the period.Answer

Answer: opening capital, closing capital

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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

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Question 4.
Incomplete records are generally used by ……………….Answer

Answer: small traders.

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