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CA Foundation Accounts from Incomplete Records — practice questions

Explore 46 free Accounts from Incomplete Records questions in CA Foundation Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Accounts from Incomplete Records questions and exercises with answers

Showing questions 1–30 of 46.

Which book is the primary record in single-entry bookkeeping?Read the answer and worked solution →Partial records outside full double entry are called what?Read the answer and worked solution →A single-entry system is described as not being what?Read the answer and worked solution →Why do small traders often prefer single-entry records?Read the answer and worked solution →Which is a drawback of keeping accounts on a single-entry basis?Read the answer and worked solution →Arithmetic errors in account totals are common under which system?Read the answer and worked solution →From incomplete records, an accountant typically prepares an income statement and a what?Read the answer and worked solution →Cash basis accounting records revenue when which event occurs?Read the answer and worked solution →Accrual accounting records income at what point?Read the answer and worked solution →A petty cash book usually follows which system of advances?Read the answer and worked solution →The sales ledger deals mostly with which account?Read the answer and worked solution →The purchase ledger goes hand in hand with which account?Read the answer and worked solution →A journal lists transactions in which order?Read the answer and worked solution →Assets less liabilities gives which balance?Read the answer and worked solution →A trader's assets total Rs 5,60,000 and liabilities Rs 2,10,000. What is the capital?Read the answer and worked solution →Liabilities are Rs 1,80,000 and capital is Rs 3,20,000. What are the total assets?Read the answer and worked solution →Capital rose from Rs 4,00,000 to Rs 4,80,000; drawings Rs 50,000. Profit?Read the answer and worked solution →Opening capital Rs 2,50,000, closing capital Rs 2,10,000, drawings Rs 30,000. What is the result for the year?Read the answer and worked solution →Opening assets 3,00,000, liabilities 1,00,000; closing 4,50,000, 1,20,000. Drawings 20,000. Profit?Read the answer and worked solution →Capital rose from Rs 1,50,000 to Rs 1,90,000 and profit was Rs 55,000. What were the drawings?Read the answer and worked solution →Opening capital Rs 3,00,000, closing Rs 3,50,000, drawings Rs 40,000, capital added Rs 30,000. Profit?Read the answer and worked solution →Owner's equity is the sum of contributed capital and what?Read the answer and worked solution →Retained earnings are computed as net income less what?Read the answer and worked solution →A firm buys goods at Rs 800 and adds 25% markup on cost. What is the selling price?Read the answer and worked solution →Goods are sold for Rs 1,20,000 at a 20% profit margin on sales. What was the cost?Read the answer and worked solution →A markup of 25% on cost equals what margin on selling price?Read the answer and worked solution →A margin of 20% on sales equals what markup on cost?Read the answer and worked solution →Cost is Rs 1.40 and price Rs 1.99. What is the markup on cost, to the nearest whole percent?Read the answer and worked solution →Sales were Rs 4,00,000 with a gross profit of 25% on sales. What was the cost of goods sold?Read the answer and worked solution →Sales of Rs 3,60,000 include a 20% markup on cost. What is the gross profit?Read the answer and worked solution →

Worked practice questions

Which book is the primary record in single-entry bookkeeping?

  1. Cash book
  2. Journal proper
  3. Bills book
  4. Purchase ledger
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Correct answer: A. Cash book

Single-entry records revolve around the cash book, with only a few personal accounts kept beside it.

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Partial records outside full double entry are called what?

  1. Cash basis accounting
  2. Incomplete records accounting
  3. Accrual basis accounting
  4. Departmental accounting
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Correct answer: B. Incomplete records accounting

Partial record keeping that falls short of double entry is termed accounting for incomplete records.

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A single-entry system is described as not being what?

  1. Low in cost to run
  2. Simple to follow
  3. Used by small firms
  4. Self-balancing
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Correct answer: D. Self-balancing

Without equal debits and credits, a trial balance cannot prove arithmetical accuracy, so the system is not self-balancing.

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