MCQ for CA Intermediate ACCOUNTING - Chapter 14 - ACCOUNTS FROM INCOMPLETE RECORDS

Sample Multiple Choice Questions (MCQ's) for CA Intermediate - Paper 1 - ACCOUNTING - Chapter 14: ACCOUNTS FROM INCOMPLETE RECORDS - For Practice relevant for May/November 23 Examinations

 

Q1.  In case of net worth method, profit is determined by

  1. Preparing a trading and profit and loss account.
  2. Comparing the capital in the beginning with the capital at the end of the accounting period.
  3. Comparing the net assets in the beginning with the net assets at the end of the accounting period. 

Answer: 2

Q2.  Single entry system can be followed by

  1. Small firms.
  2. Joint stock companies
  3. Co-operative societies.

Answer: 1

Q3.  Closing capital is calculated as 

  1. Opening capital +Additional capital -Drawings
  2. Opening capital +Additional capital –Drawings + Profit.
  3. Opening capital +Additional capital +Drawings - Profit. 

Answer: 2

Q4.  Under single entry system, only personal accounts are kept and in some cases

  1. Cash book is maintained
  2. Fixed assets’ accounts are maintained
  3. Liabilities’ accounts are maintained.

Answer: 1

Q5.  The closing capital of Mr. B as on 31.3.20X2 was ₹ 4,00,000. On 1.4.20X1 his capital was ₹ 3,50,000. His net profit for the year ended 31.3.20X2 was ₹ 1,00,000. He introduced ₹ 30,000 as additional capital in February, 20X2 Find out the amount drawn by Mr. B for his domestic expenses

  1. ₹ 1,00,000;
  2. ₹ 80,000;
  3. ₹ 1,20,000;

Answer: 2

 

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