In a single entry system, which accounts are usually maintained? MCQ with Answer and Explanation

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In a single entry system, which accounts are usually maintained?

A. Only personal accounts and cash book

B. All three types of accounts

C. Only real and nominal accounts

D. All personal and real accounts

Answer: Option A

Solution (By JKSSB Mock Tests)

The single entry system is incomplete; typically, only personal accounts (debtors/creditors) and the cash book are fully maintained.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The primary body that formulates Indian Accounting Standards (Ind AS) is the:

A. Securities and Exchange Board of India (SEBI)

B. Institute of Chartered Accountants of India (ICAI)

C. Reserve Bank of India (RBI)

D. Ministry of Finance

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Correct Answer: Option B

Explanation:
The Accounting Standards Board (ASB) constituted by ICAI formulates the accounting standards, which are then notified by the Ministry of Corporate Affairs.

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Question #2

GST is a comprehensive indirect tax levied on:

A. Import of capital goods only

B. Sale of services only

C. Supply of goods and services

D. Manufacture of goods only

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Correct Answer: Option C

Explanation:
GST is a destination-based tax on supply of goods and services, replacing multiple indirect taxes.

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Question #3

Which of the following is NOT a function of financial management?

A. Recording daily transactions

B. Determining capital structure

C. Disposing of surplus funds

D. Estimating capital requirements

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Correct Answer: Option A

Explanation:
Recording daily transactions is a function of financial accounting, not financial management. Financial management focuses on planning, organizing, and controlling funds.

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