Incomplete Records and Single Entry
Accounts · 50 practice questions
Determination of missing figures; preparation of final accounts from incomplete records; conversion of single entry to double entry.
- Determine a proprietor's capital using a statement of affairs.
- Determine sales, purchases, cash balances, debtors, creditors and expenses by converting single entry to double entry.
- Use accounting equations and gross/net profit percentages to determine cost of sales and profits.
Try a few questions
- Practice question 1
Incomplete records specifically remain a common feature of
- A.very small businesses that may lack the resources for full bookkeeping
- B.no particular business size of any kind, despite the common feature described
- C.a factor entirely unrelated to very small businesses of any kind
- D.very large, multinational corporations exclusively, with no relevance to small business
Show the answer
A. very small businesses that may lack the resources for full bookkeeping
Incomplete records specifically remain a common feature of very small businesses that may lack the resources for full bookkeeping.
- Practice question 2
A trader's sales for the year, estimated from a mark-up of 50% on a cost of sales of ₦60,000, is
- A.₦60,000
- B.₦120,000
- C.₦90,000
- D.₦30,000
Show the answer
C. ₦90,000
Sales = 60,000 x 1.50 = ₦90,000.
- Practice question 3
A total debtors account specifically would include opening debtors, credit sales, and
- A.closing debtors among its key entries
- B.a factor entirely unrelated to closing debtors of any kind
- C.no further entry of any kind beyond opening debtors and credit sales alone
- D.only cash sales, rather than any closing debtor balance
Show the answer
A. closing debtors among its key entries
A total debtors account specifically would include opening debtors, credit sales, and closing debtors among its key entries.
More UTME Accounts topics
- Nature and Significance of Bookkeeping and Accounting
- Principles of Double Entry
- Ethics in Accounting
- Cash Book
- Bank Transactions and Reconciliation Statements
- Final Accounts of a Sole Trader
- Stock Valuation
- Control Accounts and Self-Balancing Ledgers
- Manufacturing Accounts
- Accounts of Not-For-Profit-Making Organizations
- Departmental Accounts
- Branch Accounts
Practise with instant feedback
Answer questions one at a time and see the right answer and the reason straight away. Free to start.
Start practising