Test Your Understanding · Q1
Q.Tick the correct answer:
- Incomplete record mechanism of book keeping is:
(a) Scientific
(b) Unscientific
(c) Unsystematic
(d) both
(b) and
(c)
- Opening capital is ascertained by preparing:
(a) Total debtors account
(b) Total creditors account
(c) Cash account
(d) Opening statement of affairs
- Credit purchase, during the year is ascertained by preparing:
(a) Total creditors account
(b) Total debtors account
(c) Cash account
(d) Opening statement of affairs
- If opening capital is ₹60,000, drawings ₹5,000, capital introduced during the period ₹10,000, closing capital ₹90,000. The value of profit earned during the period will be:
(a) ₹20,000
(b) ₹25,000
(c) ₹30,000
(d) ₹40,000
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Reasoning
| Q | Answer | Why |
|---|---|---|
| 1 | (b) Unscientific | Incomplete records are an unscientific, unsystematic mechanism — not a proper 'system'. (The book's key marks (b); it is also unsystematic.) |
| 2 | (d) Opening statement of affairs | Opening capital is the balancing figure of the statement of affairs prepared at the beginning of the year. |
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