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. All three types of accounts

B. Only real and nominal accounts

C. Only personal accounts and cash book

D. All personal and real accounts

Answer: Option C

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 'Set-off and Carry Forward' of losses is governed by:

A. GST Act

B. Partnership Act

C. Companies Act

D. Sections 70 to 80 of Income Tax Act

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Correct Answer: Option D

Explanation:
Provisions for set-off and carry forward of losses are contained in Sections 70-80.

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Question #2

Which module of PFMS allows tracking of fund utilization by implementing agencies at lower tiers?

A. EAT (Expenditure, Advance and Transfer) Module

B. GSTN Module

C. E-Kuber Module

D. DBT Module

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Correct Answer: Option A

Explanation:
The EAT module maps the entire hierarchy of implementing agencies, ensuring funds transferred are tracked until final expenditure.

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Question #3

S1: In a partnership, if a partner retires, his loan to the firm is transferred to his loan account, which is a liability for the firm. S2: If the retiring partner's loan is not settled immediately, it is treated as a loan and interest is allowed as per the deed or at 6% p.a. if the deed is silent. Which statement(s) is/are correct?

A. Both S1 and S2

B. S2 only

C. S1 only

D. Neither S1 nor S2

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Correct Answer: Option A

Explanation:
Both statements are correct. Upon retirement, the partner's capital balance is transferred to his loan account if not paid immediately. This becomes a liability, and interest is charged to the P&L Account at the agreed rate or 6% p.a. if silent.

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