Tag: commercial applications

Quizzes (170) Questions (1551)

Questions Related to commercial applications

Multiple choice commercial applications communication in commercial organisations barriers to communication communication in a commercial organisation communication

The conflict that occurs when two or more senders give you incompatible directions is known as _______. 

  1. intersender conflict

  2. intrasender conflict

  3. interrole conflict

  4. person-role conflict
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Intersender conflict occurs when different people (senders) provide conflicting instructions to the same individual, making it impossible to satisfy all expectations simultaneously.

Multiple choice commercial applications communication in commercial organisations barriers to communication communication in a commercial organisation communication

Stage first of conflict process is 'an antecedent' conditions which comprises _______.

  1. communication

  2. structure

  3. personal variables

  4. all of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The first stage of the conflict process is 'potential opposition' or 'antecedent conditions', which includes communication, structure, and personal variables.

Multiple choice commercial applications communication in commercial organisations barriers to communication communication in a commercial organisation communication

Stage second of conflict process is cognition which comprises of ________.

  1. perceived conflict

  2. felt conflict

  3. both (a) and (b)

  4. none of them
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

In the conflict process model, the second stage (cognition and personalization) involves the conflict being perceived (awareness) and felt (emotional involvement).

Multiple choice commercial applications single entry system introduction to single entry system and difference between single entry and double entry system meaning and featuresof incomplete records meaning of incomplete records, reasons for incompleteness and its limitations ascertaining profit or loss from incomplete records preparation of final accounts from incomplete records preparation of statement of affairs double entry system

Generally incomplete records are maintained by ____________.

  1. Trader

  2. Company

  3. Society

  4. Government
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

As Profit or loss under single entry system is ascertained by the difference between Closing and Opening Capitals it make convenient for small traders to follow single entry system due to following features:
a) Hassle free
b) no need for maintaining books of accounts
c) special knowledge of double entry system is not required.

Multiple choice commercial applications single entry system introduction to single entry system and difference between single entry and double entry system meaning and featuresof incomplete records meaning of incomplete records, reasons for incompleteness and its limitations ascertaining profit or loss from incomplete records preparation of final accounts from incomplete records preparation of statement of affairs double entry system

Under single entry system "profit" = closing capital - _________________.

  1. Opening capital

  2. Opening assets

  3. Opening liabilities

  4. Drawings
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Suppose Opening Capital (i.e capital on the 1st day of financial year) is Rs. 50,000 and Closing Capital ( i.e capital on the last day of financial year ) is Rs. 70,000. the resulting difference is more by Rs. 20000 indicating a positive increment in capital called Profit.

Multiple choice commercial applications single entry system introduction to single entry system and difference between single entry and double entry system meaning and featuresof incomplete records meaning of incomplete records, reasons for incompleteness and its limitations ascertaining profit or loss from incomplete records preparation of final accounts from incomplete records preparation of statement of affairs double entry system

In single entry system only ________________ accounts are opened.

  1. Real

  2. Nominal

  3. Personal

  4. Real and personal
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Under Single entry System only personal accounts and cash A/c are opened. 

Only personal and cash accounts and the cash and credit transactions (related to personal accounts) are recorded under this system.

Multiple choice commercial applications single entry system introduction to single entry system and difference between single entry and double entry system meaning and featuresof incomplete records meaning of incomplete records, reasons for incompleteness and its limitations ascertaining profit or loss from incomplete records preparation of final accounts from incomplete records preparation of statement of affairs double entry system

In single entry system it is not possible to prepare _____.

  1. Balance sheet

  2. Receipts and payments account

  3. Trial balance

  4. Account sales
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Under single entry system Books of accounts are not maintained hence, Trial Balance is not Possible to Prepare.

Multiple choice commercial applications single entry system introduction to single entry system and difference between single entry and double entry system meaning and featuresof incomplete records meaning of incomplete records, reasons for incompleteness and its limitations ascertaining profit or loss from incomplete records preparation of final accounts from incomplete records preparation of statement of affairs double entry system

A statement of ____________ is to be prepared in order to find out the profit and loss under a single entry system.

  1. Income

  2. Affairs

  3. Revenue

  4. Profit and loss
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Profit or loss earned by the business under single entry system is based on the difference between its Opening and closing capital.
To ascertain this capital Statement of affairs are prepared.

Multiple choice commercial applications single entry system introduction to single entry system and difference between single entry and double entry system meaning and featuresof incomplete records meaning of incomplete records, reasons for incompleteness and its limitations ascertaining profit or loss from incomplete records preparation of final accounts from incomplete records preparation of statement of affairs double entry system

__________system is usually adopted by traders who have less knowledge of Accounting.

  1. Double entry system

  2. Single entry system

  3. Dual aspect system

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Single Entry System of Accounting, also known as Accounting from Incomplete Records, is a non-standard and non-scientific system of accounting. This system is adopted by small businessmen as they do not have enough capital and expertise to employ the standard double entry system of accounting in their business.