Download App

Accounts from Incomplete Records — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountAccounts from Incomplete Records1 Mark
MCQ
Profit can be ascertained from the incomplete records under single entry by using $......$
  • A
    Statement of affairs
  • B
    Conversion method
  • ✓
    Either $A$ or $B$
  • D
    None of the above
✓

Answer

Correct option: C.
Either $A$ or $B$

The Statement of Affairs Method: takes the difference of opening and closing capitals for calculation of profit or loss under Single Entry System.
The Conversion Method of single entry system: tries to convert the records from single entry to double entry system to find the Profit or loss earned by the business.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "M.C.Q (1 Marks)" from Accounts from Incomplete Records→Accounts from Incomplete Records — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Trading and Profit and Loss Account is prepared:
→
Loss of stock to fire would lead to $......$
→
Which of these is an appropriation of profit $......$
→
Income received in advance is $......$
→
Sales are equal to.
→
Which of these items will appear in a manufacturing A/c:
→
$......$ are costs which have been applied against revenue of particular accounting period.
→
There are certain items which are not recorded on day-to-day basis such as $.........$
→
Single Entry System of book keeping is:
→
Cost of Goods Sold $₹ 1,50,000;$ Closing Stock $₹ 40,000;$ Opening Stock $₹ 60,000;$  Amount of purchase will be:
→