Important Questions with Answers for Class 11 CBSE Accountancy Chapter 11 Accounts of Incomplete Records which is outlined by expert Accountancy teachers from the latest version of CBSE (NCERT) books.
CBSE Class 11 Accountancy Chapter – 11 Important Questions
What do you mean by Incomplete Record?
Answer: Incomplete record refers to those records which are not arranged according to the principles of double-entry.
Give two features of Incomplete Record?
Answer: The two features of incomplete record are.
- Lack of uniformity in the records.
- It is a mixed system of recording transactions of the business.
Give two reasons for keeping Incomplete Record?
Answer: The two reasons for keeping incomplete record are.
- Convenient Method- It is an easy and uncomplicated method of registering the company’s transactions as it does not demand any individual knowledge of the principles of double-entry
- Limited resources required – Since only cash book and few ledger accounts are recorded in this system, the staff required for support is also smaller as compared to the double-entry system.
Give two limitations of keeping Incomplete Record?
Answer: The two limitations of keeping incomplete record are.
- Trial Balance preparation is not possible- This system does not record both the debit and credit aspect of a transaction. Due to which the trial balance cannot be prepared, and the accuracy of the financial transaction cannot be rectified.
- Incomplete system- It is incomplete because of the fact that this system does not record both the aspect of a transaction (credit & debit). Also, this system does not follow any set of rules.
State two account maintained in an account from incomplete records.
Answer: The two account maintained in an account from incomplete records are.
- Cash account
- Personal Account
What is the common objective of single entry system and the double-entry system?
Answer: The common objective of single entry system and double entry system is to determine the net profit or loss of the company.
Which accounting principle is followed under single entry and also in double entry system?
Answer: Monetary unit principle
Which accounting principle is neglected under single entry and followed in double entry system?
Answer: Dual Aspect Concept
Which two methods are used in determining profit and loss in a single entry system?
Answer: The two methods are used in determining profit and loss in a single entry system are.
- Statement of Affairs Method
- Conversation Method
The single entry system account is maintained by.
1. Sole Trader
Answer: Sole Trader
Single entry system of bookkeeping is.
4. All of these
Answer: All of these
When closing capital is more than opening capital, it denotes.
3. No Loss, No Profit
4. Profit, if there is no introduction of fresh capital
Answer: Profit, if there is no introduction of fresh capital
Can a limited company maintain its account under single entry system?
Answer: No, a limited company maintain its account under single entry system
What does it mean if closing capital is less than opening capital?
3. Loss, if there is no drawing
4. None of the above
Answer: Loss, if there is no drawing
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