Single Entry System – MCQs with Answers

Single Entry Bookkeeping System also known as Single Entry Accounting System or Accounts form Incomplete Records. It is a method of bookkeeping relying on a one sided accounting entry to maintain financial information.
Most businesses maintain a record of all transactions based on the double entry bookkeeping system. However, many small, simple businesses maintain only a single-entry system that records the “bare-essentials”.

Single Entry System – MCQs with Answers – 

1. In double entry system:
 A) Only one aspect of a transaction is recorded (B) Both aspect of a transaction is recorded
C) No aspect of a transaction is recorded           (D) None of these
2. In Single entry mostly:
 A) Personal aspects of transaction are recorded (B) Nominal aspects of transaction are recorded
C) Real aspects of transaction are recorded                       (D) All of the above
3. Statements of assets & liabilities prepared under single entry system is called:
 A) Balance sheet                                                       (B) Profit & loss statement
C) Statement of affairs                                       (D) Income Statement
4. Statements of assets & liabilities prepared under double entry system is called:
 A) Balance sheet                                                  (B) Profit & loss statement
C) Statement of affairs                                           (D) Income Statement
 5. Normally single entry system is suitable for:
 A) Small scale business                                  (B) Large scale business
C) Both of them                                                      (D) None of them

6. The opening and closing balances of bills receivable can be calculated by preparing the:

 A) Total debtors account                     (B) Total creditors account
C) Bills Receivable Account          (D) Bills payable account
7.If sales Rs. 240,000, Purchases Rs.175,000 , Closing Stock Rs. 30,000, Percentage of gross profit on sale is 20%, then opening stock will be:
A) Rs. 45,000                                           (B) Rs. 50,000
C) 47,000                                                 (D) Rs. 55,000
8. If sales Rs. 300,000, Purchases Rs.200,000 , Opening Stock Rs. 90,000, Percentage of gross profit on sale is 20%, then Closing stock will be:
 A) Rs. 55,000                                   (B) Rs. 50,000
C) 45,000                                           (D) Rs. 60,000
9. If the credit sales Rs.80,000, cash received from debtors is Rs.15,000 and bad debts Rs.2,500 then the amount of the closing debtor will be:
 A) Rs. 62,500                                 (B) Rs. 62,000
C) 65,000                                            (D) Rs. 60,000

Now you can check your knowledge. Below you will find 20 MCQs from Chapter : Single Entry System – Accounts form Incomplete Record Part-1 (1 to 20 MCQs)