Accounting systems - single entry and double entry - class-XI
Under single entry system, there is no provision to make adjustments, while under double entry system, adjustments are made at the time of preparing final accounts.
_____________ has defined Single Entry System as, 'A system of book keeping in which as a rule only records of cash and personal accounts are maintained, it is always incomplete double entry varying with the circumstances."
Under double entry system both aspects of transaction are recorded, while Under single entry system, both aspects of transaction are not recorded.
Company accounting conforms more to dual aspect concept than to incomplete recording system because.
I. Companies Act insists upon the adoption of double entry systems of book keeping.
II. Balance sheet could not be prepared under sec. $211$ of Company's Act according to the incomplete recording system
III. To show true and fair view of the affairs of the company
IV. To ensure adequate disclosure.
Select the correct answer from the codes given and mark your answer sheet accordingly.
Which of the following are prepared by the organisations keeping only incomplete accounting records?
I. Cash book
II. Customer's Accounts
III. Expenses Accounts
IV. Day Books
Choose the correct answer using the codes given.
Generally incomplete records are maintained by ____________.
Under single entry system "profit" = closing capital - _________________.
Single entry system is most popular for ____________.
An accounting system where debit and credit rule is not followed.
In single entry system only ________________ accounts are opened.
In single entry system it is not possible to prepare _____.
A statement of ____________ is to be prepared in order to find out the profit and loss under a single entry system.
__________system is usually adopted by traders who have less knowledge of Accounting.
In _____ forms of business the owners are directly responsible for the debts of the business.
Income -tax of the sole trader paid is shown ___________.
In Double Entry System, if one account is debited the other account must be credited with equal amount.
Book-keeping is helpful for ___________.
The job of recording transaction has been called as "Book-keeping"
Book-keeping helps the management in _____________.
Which of the following is/are the advantage of double entry system of book-keeping?
How many books are prepared under conventional accounting system?
In double entry system of book-keeping, one is receiver of benefit and other is giver of benefit.
The credit of evolving the present Double Entry Book-Keping System goes to a philosopher turned mathematician, Italian merchant ''Luca D Bargo Pacioli'' in 1494.
Which method of book keeping guranteed arithmetical accuracy?
Filing is an important aspect of ____________.
Double entry system of book-keeping refers to a system where, _____________________.
Double entry book keeping system is most scientific system of recording business transactions.
The Double Entry System of accounting originated in _________.
Double Entry Principle means _____________________.
In double entry system of book-keeping every business transaction affects _____________.
The accounting system which records both the aspects i.e. debit and credit, of all the transactions is known as _____________.
In double Entry system of Book-keeping every business transaction affects __________.
The system of recording transactions based on dual aspect concept is _____________.
The term "Double Entry System" implies that __________.
State with reasons whether the following statement is true or false.
Revenue are matched with expenses in accordance with the matching principle.
State with reasons whether the following statement is true or false.
In double account, all business transactions are recorded as having dual aspect.
In double entry system of book-keeping every business transaction affects ________________________.
Which system of accounts recognizes the fact that every transaction has two aspects and records both aspects of each and every transaction?
Which of the following is/are merit of double entry system?
As per the provisions of the Companies Act, 2013, companies must maintain their accounts under __________________.
If salary is given to proprietor ___________.
When the final accounts are being prepared for a firm in respect of adjustments __________________.
Double Entry principle means __________________.
The correct concept of double entry book keeping states that ____________________.
The accounting entries for recording Rs.10,00,000 cash introduced by the owner of a business is ______________.
When a liability is reduced or decreased, it is recorded on the ______________.
Double entry in cash book is completed when _________________.
As the book keeper, identify the account to which you will post the following transaction recorded by the Cashier in the cash account:
Rs. 500 paid to buy a cash book and ledger book _________________.