| Question # 3 of 20 ( Start time: 03:53:25 PM ) Total Marks: 1 Which of the following is NOT based on the concept of double entry book keeping system? Select correct option: |
| Subsidiary ledgers Creditors Control Accounts Debtors Control Accounts All of the given options |
| Question # 4 of 20 ( Start time: 03:54:49 PM ) Total Marks: 1 Which of the following is NOT correct? Select correct option: |
| Decrease in Assets will be credit Decrease in Liabilities will be credit Decrease in Expenses will be credit Decrease in Revenue will be debit |
| Question # 5 of 20 ( Start time: 03:56:50 PM ) Total Marks: 1 Which of the following will be credited if shares are issued against cash? Select correct option: |
| Bank account Share capital account Share premium account Cash account |
| Question # 6 of 20 ( Start time: 03:57:14 PM ) Total Marks: 1 Which of the following is CORRECT if depreciation is given in trial balance? Select correct option: |
| It means depreciation has already been deducted from concerned asset It will be shown as expense in income statement only It will not deduct from concerned asset in Balance Sheet All of the given options are correct |
| Question # 7 of 20 ( Start time: 03:57:50 PM ) Total Marks: 1 Which of the following shows company’s negative working capital? Select correct option: |
| Current Asset > Current Liability Current Asset < Current Liability Current Asset = Current Liability None of the given options |
| Question # 8 of 20 ( Start time: 03:58:14 PM ) Total Marks: 1 Debit signifies: Select correct option: |
| Increase in Asset account Decrease in liability account Decrease in capital account All of the given options |
| Question # 9 of 20 ( Start time: 03:58:27 PM ) Total Marks: 1 If cost of sales is Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will be net result? Select correct option: |
| Rs. 5,000 Losses Rs.10, 000 Profits Rs 1, 95,000 Profits Rs 1, 95,000 Losses |
| Question # 10 of 20 ( Start time: 03:59:02 PM ) Total Marks: 1 A business event which can be measured in terms of money and must be recorded in books of accounts is called: Select correct option: |
| Condition Transaction Information Record |
| Question # 11 of 20 ( Start time: 03:59:16 PM ) Total Marks: 1 What will be debited, If Mr. “A” started business with Rs. 2, 00,000. Select correct option: |
| Capital account Cash account Mr. A’s account Business account |
| Question # 12 of 20 ( Start time: 03:59:34 PM ) Total Marks: 1 If company has distributable profit is Rs. 4, 00,000. Profit sharing share ratio of Mr. A, Mr. B and Mr. C is 2:3:5 respectively what will be the Profit share for Mr. B in distributable profit. Select correct option: |
| Rs. 80,000 Rs. 1, 20,000 Rs. 2, 45,000 Rs. 3, 43,000 |
| Question # 13 of 20 ( Start time: 04:00:34 PM ) Total Marks: 1 Which of the following appears in both the Income Statement debit column and the Balance Sheet credit? Select correct option: |
| Net income Net loss Dividends Retained earnings |
| Question # 14 of 20 ( Start time: 04:00:52 PM ) Total Marks: 1 Which one of the following is NOT true about Capital Expenditure? Select correct option: |
| They create future benefits They are incurred to acquire fixed assets They improve the financial position of the business They reduce the profit of the concern |
| |
| Question # 15 of 20 ( Start time: 04:01:11 PM ) Total Marks: 1 Which of the following is shown on debit side of creditors control account? Select correct option: |
| Bills receivable Returns inward Discount received Credit purchases |
| Question # 16 of 20 ( Start time: 04:02:38 PM ) Total Marks: 1 Fixed Asset (WDV) + working capital =? Select correct option: |
| Total assets Employed Total liabilities Total assets Current Assets |
| Question # 17 of 20 ( Start time: 04:02:54 PM ) Total Marks: 1 Franchise rights, goodwill and patents are the examples of: Select correct option: |
| Liquid assets Tangible assets Intangible assets Current assets |
| Question # 18 of 20 ( Start time: 04:03:03 PM ) Total Marks: 1 Which of the following particular/s is/are included in receipt voucher? Select correct option: |
| Name of organization Bank receipt Date All of the given options |
| Question # 19 of 20 ( Start time: 04:03:19 PM ) Total Marks: 1 Which of the following is NOT correct? Select correct option: |
| Decrease in Assets will be credit Decrease in Liabilities will be debit Decrease in Expenses will be debit Decrease in Revenue will be debit |
| Question # 20 of 20 ( Start time: 04:03:45 PM ) Total Marks: 1 Budget is a plan of income, expenses & other financial operations for: Select correct option: |
| Current period Future period Past period None of the given options |
| Question # 1 of 20 ( Start time: 12:35:08 PM ) Total Marks: 1 Which of the following is(are) example(s) of accruals? Select correct option: |
| Electricity bills payable Water supply bills payable Wages payable All of the given options |
| Question # 2 of 20 ( Start time: 12:37:49 PM ) Total Marks: 1 What will be debited, if business purchased Vehicle on cash? Select correct option: |
| Vehicle account Cash account Business account Bank account |
| Question # 3 of 20 ( Start time: 12:38:06 PM ) Total Marks: 1 In which of the following statement/s closing stock is/are shown? Select correct option: |
| Profit and loss account Balance sheet Income statement All of the given options |
| Question # 4 of 20 ( Start time: 12:38:43 PM ) Total Marks: 1 While adjusting the cash balance of cash book, which of the following is NOT taken into account. Select correct option: |
| Mistakes in the cash book Interest credited in the pass book but not entered in cash book Interest debited in the pass book but not entered in cash book Mistakes in the statement of owner’s equity |
| Question # 5 of 20 ( Start time: 12:39:13 PM ) Total Marks: 1 A transaction that has been recorded in wrong account of the same class instead of being recorded in the right account, this is called: Select correct option: |
| Error of Omission Error of Commission Error of Principle Error of Original entry |
| Question # 6 of 20 ( Start time: 01:06:56 PM ) Total Marks: 1 Consider the following data: Particulars Rs. Assets 1,05,000 Owner's equity 70,000 Liabilities ? Select correct option: |
| Rs. 35,000 Rs. 1, 75,000 Rs. 7, 35,000 Rs. 1, 05,000 |
| Question # 7 of 20 ( Start time: 01:07:59 PM ) Total Marks: 1 Which of the following voucher is used to record receipt of cash? Select correct option: |
| Journal Voucher Receipt Voucher Payment Voucher Nominal Voucher |
| |
| Question # 8 of 20 ( Start time: 03:42:52 PM ) Total Marks: 1 Upon checking the Bank Statement against the Cash Book, an amount of Rs.120 for dividends from SIA had not been entered in the Cash Book. Which of the following entries should be recorded to rectify the mistake? Select correct option: |
| Dr. Bank Account and Cr. Dividends Account Dr. SIA Account and Cr. Bank Account Dr. Dividends Account and Cr. Bank Account Dr. Bank Account and Cr. SIA Account |
| Question # 9 of 20 ( Start time: 03:44:26 PM ) Total Marks: 1 In the cost of goods sold statement, the sum of labor cost and the factory over head is known as: Select correct option: |
| Conversion cost Prime cost Total factory cost Cost of goods manufactured |
| Question # 10 of 20 ( Start time: 03:44:50 PM ) Total Marks: 1 A sale of typewriter that has been used in the office should be credited to: Select correct option: |
| Cash Account Sales Account Purchase Account Office Equipment Account |
| Question # 11 of 20 ( Start time: 03:45:30 PM ) Total Marks: 1 Which of the following Organization converts raw material into finished goods? Select correct option: |
| Trading concern Manufacturing concern Merchandising concern Service concern |
| Question # 12 of 20 ( Start time: 03:45:48 PM ) Total Marks: 1 Which of the following Journal entry will be recorded when the bad debts are recovered? Select correct option: |
| Cash account (Dr.) & Bad Debts recovered account (Cr.) Accounts Receivable (Dr.) & Bad Debts recovered account (Cr.) Bad debts recovered account (Dr.) and profit & loss account (Cr.) Provision for doubtful debts account (Dr.) & cash account (Cr.) |
| Question # 13 of 20 ( Start time: 03:47:08 PM ) Total Marks: 1 In which situation(s) Partnership is dissolved? Select correct option: |
| In case of death of partner At the admission of new partner If any partner resigned from partnership All of the given options |
| Question # 14 of 20 ( Start time: 03:48:10 PM ) Total Marks: 1 Which of the following particular is NOT included in journal voucher? Select correct option: |
| Name of organization Bank receipt number Debit amount Credit amount |
| Question # 15 of 20 ( Start time: 03:48:31 PM ) Total Marks: 1 In which of the following Gross Profit is calculated? Select correct option: |
| Balance Sheet Trading Account Appropriation Account Receipt and Payment Account |
| Question # 16 of 20 ( Start time: 03:48:45 PM ) Total Marks: 1 Which of the following would NOT be considered as a component of 'cost' of stock? Select correct option: |
| Salaries of selling staff Transportation inward costs Import duties Purchase price |
| Question # 17 of 20 ( Start time: 03:49:04 PM ) Total Marks: 1 Debit signifies: Select correct option: |
| Increase in Asset account Decrease in liability account Decrease in capital account All of the given options |
| Question # 18 of 20 ( Start time: 03:49:23 PM ) Total Marks: 1 Normally single entry book keeping is followed by the: Select correct option: |
| Small businesses only Governments only Large scale businesses only |
| Both Small businesses and Governments |
| Question # 19 of 20 ( Start time: 03:49:39 PM ) Total Marks: 1 Which of the following are recorded in Cash Book? Select correct option: |
| Receipts and payments Profits and losses Assets and liabilities Capital and Expenditures |
| Question # 20 of 20 ( Start time: 03:49:55 PM ) Total Marks: 1 Which of the following is NOT a characteristic of Journal? Select correct option: |
| Transactions are recorded in chronological order Transaction is first recorded in Journal from Voucher It is also called “The original book of entry” None of the given options |
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