Single Entry System

Generally accounts under single entry system maintained by

• a. Sole trader

• b. Company

• c. Firm

• d. H.U.F

What is the reason behind using single entry system

• a. Less expensive

• b. Suitable for small concern

• c. Simple method

• d. All of the above

Limitation of accounting from incomplete records

• a. Unscientific system

• b. Difficulty in preparing final account

• c. Preparation of trial balance is not possible

• d. All of the above

When closing capital is less than opening capital then result will be:

• a. Profit

• b. Loss

• c. No profit no loss

• d. Loss if there is no drawings

Which principle is not followed by the single entry system

• a. Dual aspects

• b. Matching concept

• c. Revenue recognition

• d. All of the above

On March 31, 2018 assets and liabilities of Mr. Shyam were Rs.10, 00,000 and

Rs.1,50,000 respectively . On March 31, 2019 assets and liabilities are Rs.12,00,000 and

Rs.50,000 respectively , Total Drawing during the year 2018-19 were Rs. 40,000 .Profit

earned by shyam during the year is ……..

• a. 3,40,000

• b. 3,50,000

• c. 3,00,000

• d. None of the above