Tag: commercial applications

Questions Related to commercial applications

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

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

  1. intersender conflict

  2. intrasender conflict

  3. interrole conflict

  4. person-role conflict

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Correct Option: A

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

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

  1. communication

  2. structure

  3. personal variables

  4. all of these

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Correct Option: A

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

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

  1. perceived conflict

  2. felt conflict

  3. both (a) and (b)

  4. none of them

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Correct Option: C

Which is the third stage of conflict process?

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

  1. Incompatiblity

  2. Intention

  3. Cognition and personlisation

  4. Behavior

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Correct Option: B

Generally incomplete records are maintained by ____________.

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

  1. Trader

  2. Company

  3. Society

  4. Government

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Correct Option: A
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.

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

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

  1. Opening capital

  2. Opening assets

  3. Opening liabilities

  4. Drawings

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Correct Option: A
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.

In single entry system only ________________ accounts are opened.

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

  1. Real

  2. Nominal

  3. Personal

  4. Real and personal

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Correct Option: D
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.

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

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

  1. Balance sheet

  2. Receipts and payments account

  3. Trial balance

  4. Account sales

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Correct Option: C
Explanation:

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

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

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

  1. Income

  2. Affairs

  3. Revenue

  4. Profit and loss

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Correct Option: B
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.

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

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

  1. Double entry system

  2. Single entry system

  3. Dual aspect system

  4. None of the above

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Correct Option: B
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.