Deck 6: Branch Accounting and Single Entry System

Question 1

The removal of loading from the items of branch stock is adjusted through branch……………..Account

A)adjustment
B)debtor.
C)Stock
D)profit and loss

Answer 1

adjustment

Question 2

A ………………is generally a physical part of the business established under the same roof.

A)Surplus.
B)Depreciation
C)Department
D)Surplus

Answer 2

Department

Question 3

A……………..system of departmental account is more convenient where the number of department are very small

A)Mutual.
B)Branch.
C)Debtor's.
D)Profit and loss

Answer 3

Mutual.

Question 4

All items of stock in Trading and Profit and loss Account are to be converted into cost price if these are given at an _

A)Profit ratio.
B)market price
C)Balance.
D)Invoice price

Question 5

Foreign Branch almost invariably trade independently and records their transaction in

A)cost price
B)Market value
C)Foreign currency
D)invoice price

Question 6

To fulfill the audit requirements under section of the company act 1956

A)(B) 156
B)228
C)(a) i 30.
D)200

Question 7

The branches which are totally dependent on head office are also termed as Agency Branches.

A)True
B)False
C)may be false
D)may be a

Question 8

The independent branches are autonomous as they are allowed to make their own purchases from open markers and pay for their expenses.

A)true
B)false
C)may be false
D)both a and b

Question 9

Actual petty expenses paid by branch from petty cash are to br shown separately in Branch Account.

A)true
B)false
C)both a and b
D)none of the above

Question 10

The method of Branch Accounting varies with the nature and the status of branch.

A)true
B)false
C)neither true nor false
D)none of the above

Question 11

Dependent branch doesn't keep any book of account as their entire Accounting work is performed by the head office.

A)true
B)may be false
C)neither true nor false
D)may be true

Question 12

……………system of book keeping is the only scientific method to record farming transaction.

A)Single entry
B)Double entry
C)Balance sheet
D)Adjustment A/c

Question 13

In single entry system it's difficult to detect

A)Account
B)Fraud.
C)Profit.
D)Gross profit

Question 14

Single entry constitutes incomplete records rather than single entry

A)credit.
B)Profit.
C)Accounting.
D)Net profit

Question 15

Under pure single entry system only……………..Account are kept.

A)Personal
B)double entry
C)Assets
D)None of these

Question 16

Under the………………… entry system personal accounts, cashbook and other subsidiary books are kept separately.

A)Pure single
B)Quasi single
C)Simple single
D)Double entry

Question 17

Accounting is mainly concerned with the future management planning.

A)Personal.
B)Quasi single entry
C)Pure single entry
D)Management

Question 18

In…………………entry system no records are kept for real or nominal Account.

A)Quasi single
B)pure single
C)Simple single
D)Double entry

Question 19

Most of the farming transactions are transacted on ……………..basis.

A)Double entry
B)Creditors.
C)Surplus.
D)Cash

Question 20

In single entry system it's difficult to operate …………….system

A)Pure single
B)Single entry
C)Internal control
D)Quasi single

Question 21

In single entry system it's difficult to exercise control over .

A)Asset
B)Management
C)Single entry
D)Pure single entry

Question 22

Under…………… entry system, Personal Accounts and Cash Book are kept separately.

A)Simple single
B)Pure s ingle.
C)Quasi single.
D)Double entry

Question 23

Under statement of affairs method which is also termed as .

A)Single entry system
B)Quasi single entry system
C)Capital comparison method
D)Double entry system

Question 24

If the closing capital is more than the opening capital it's shows an increase in capital which means a ……………

A)Profit.
B)Shares.
C)Account.
D)Operating capital

Question 25

Under single entry system arithmetical accuracy of the Accounting records can be checked.

A)true
B)false
C)may be false
D)both a and b