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Model Paper 5 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountModel Paper 51 Mark
MCQ
Two methods for ascertaining profit and loss in case of single entry system:
  • A
    Statement of balance and conversion
  • B
    Statement of affairs and converter
  • ✓
    Statement of affairs and conversion
  • D
    Statement of profits and Conversation
✓

Answer

Correct option: C.
Statement of affairs and conversion
C
Statement of affairs and conversion
Explanation:
The profit and loss of a firm in case of single entry system can be ascertained by the
following two methods
i. statement of affairs method and
ii. conversion method
From these method profit is calculated only.

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