Under single entry system, which of the following is usually not maintained? MCQ with Answer and Explanation

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Under single entry system, which of the following is usually not maintained?

A. Debtors and creditors accounts

B. Cash book

C. Personal accounts

D. Real and nominal accounts

Answer: Option D

Solution (By JKSSB Mock Tests)

Single entry often lacks complete double entry; real and nominal accounts may not be fully maintained.

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

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Question #1

In the absence of a partnership deed, profits are shared:

A. In the ratio of capital

B. Based on age

C. Equally

D. Based on experience

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Correct Answer: Option C

Explanation:
As per Indian Partnership Act, 1932, in absence of a deed, profits and losses are shared equally among partners.

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

Question #2

The 'Peer Review' of audit firms is conducted by:

A. NFRA

B. ICAI's Peer Review Board

C. SEBI

D. MCA

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Correct Answer: Option B

Explanation:
ICAI has a Peer Review Board to ensure quality of audit services.

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

Question #3

A compound journal entry is an entry that:

A. Corrects previous errors

B. Affects only two accounts

C. Is passed at the end of the year

D. Involves more than one debit or more than one credit account

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Correct Answer: Option D

Explanation:
A compound entry contains multiple debits and/or multiple credits, combining related transactions on the same date.

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

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