Question

Question # 1 of 10 (Start time: 12:44:52 PM ) Total Marks: 1 The particulars of profit and loss Statement in single entry system may include the following EXCEPT: Select correct option: a) Opening capital b) Closing capital c) Expenses d) Drawings Question # 2 of 10 ( Start time: 12:46:05 PM ) Total Marks: 1 Mr. Asghar introduces the opening capital of Rs. 6,500 in the business and further capital of Rs. 3,000 during the year. His capital at the end of the yearis Rs.11,000. What will be the profit for Mr. Asghar? Select correct option: a) Rs.1,500 b) Rs.4,500 c) Rs.7,000 d) Rs.20,500 Question # 3 of 10 ( Start time: 12:46:53 PM ) Total Marks: 1 Which of the following is NOT included in the debit side of the cash book? Select correct option: a) Capital receipts b) Revenue receipts c) Discount allowed d) Opening balance of cash Question # 4 of 10 ( Start time: 12:47:46 PM ) Total Marks: 1 Income & Expenditure account shows subscriptions for the year at Rs.3,000. It is further given that Subscriptions to the extent of Rs. 500 wereoutstanding for the current year, the amount to be shown on the debit sideof the Receipts & Payments Account will be: Select correct option: a) Rs. 2,500 b) Rs. 3,000 c) Rs. 3,500 d) Rs. 500 Question # 5 of 10 ( Start time: 12:49:12 PM ) Total Marks: 1 Which of the following is used to extract the opening balance of fixed assets in single entry system? Select correct option: a) Debtors account b) Cash account c) Statement of affairs

d) Assets account Question # 6 of 10 ( Start time: 12:49:53 PM ) Total Marks: 1 Individuals or institutions with activities, other than trade, are known as: Select correct option: a) Manufacturing concerns b) Non-trading concerns c) Trading concerns d) None of the given options Question # 7 of 10 ( Start time: 12:50:33 PM ) Total Marks: 1 Capital fund of Non-trading concern is equal to: Select correct option: a) Assets + Income b) Assets + Liabilities c) Expenditure + Liabilities d) Assets - Liabilities Question # 8 of 10 (Start time: 12:51:18 PM ) Total Marks: 1 Under Single-entry system, if the capital at the end of the year is less than the capital at the beginning of the year, the difference will represent: Select correct option: a) Net Profit b) Net loss c) Gross loss d) Gross profit Question # 9 of 10 ( Start time: 12:52:49 PM ) Total Marks: 1 What is the value of sales, if the cost of goods sold is Rs. 3,000 and the gross profit is 20 % of sales? Select correct option: a) Rs. 3,600 b) Rs. 3,750 c) Rs. 6,000 d) Rs.15,000 Question # 10 of 10 ( Start time: 12:53:57 PM ) Total Marks: 1 "Receipts and Payments Account" is prepared at the: Select correct option: a) End of the year b) Start of the year c) Mid of the financial year d) None of the given options