MCQOPTIONS
Saved Bookmarks
MCQOPTIONS
This section includes 1706 Mcqs, each offering curated multiple-choice questions to sharpen your Finance & Accounting knowledge and support exam preparation. Choose a topic below to get started.
| 1451. |
Joint Bank A/c is a — |
| A. | Nominal A/c ; |
| B. | Personal A/c ; |
| C. | Real A/c ; |
| D. | Dummy A/c |
| Answer» C. Real A/c ; | |
| 1452. |
An asset was purchased for Rs.1000000 with the down payment of Rs.200000 and bills accepted for Rs.800000/-. What would be the effect on the total asset and total liabilities in the balance sheet? |
| A. | Assets increased by Rs.800000 and liabilities decreased by Rs.800000 |
| B. | Assets decreased by Rs.800000 and liabilities increased by Rs.800000 |
| C. | Assets increased by Rs.1000000 and liabilities increased by Rs.800000 |
| D. | Assets increased by Rs.800000 and liabilities increased by Rs.800000 |
| Answer» E. | |
| 1453. |
Which of these is not an operating income |
| A. | Income from sale of trading goods ; |
| B. | Bad debts recovered ; |
| C. | Interest on FDs ; |
| D. | None |
| Answer» D. None | |
| 1454. |
Depreciation Account appearing in the Trial Balance is shown in — |
| A. | Profit and Loss A/c ; |
| B. | Trading A/c ; |
| C. | Deducted from the concerned assets A/c; |
| D. | Shown on the liability side |
| Answer» B. Trading A/c ; | |
| 1455. |
X draws a Bill of Exchange on Y for ` 10,000 on 1-1-2013 for 3 months. The due date of the bill will be — |
| A. | 4-4-2013 ; |
| B. | 3-4-2013 ; |
| C. | 1-4-2013 ; |
| D. | 31-3-2013 |
| Answer» B. 3-4-2013 ; | |
| 1456. |
Realisation Account is a: |
| A. | Representative Personal Account; |
| B. | Artificial Personal Account; |
| C. | Real Account; |
| D. | Nominal Account. |
| Answer» E. | |
| 1457. |
Bank reconciliation statement is a part of — |
| A. | Cash book ; |
| B. | Trial balance ; |
| C. | Auditors report ; |
| D. | None of these |
| Answer» B. Trial balance ; | |
| 1458. |
Which factor affecting th value of GoodwillSol: |
| A. | Quality of Product |
| B. | Location of business. |
| C. | Efficient management |
| D. | All of the Above |
| Answer» E. | |
| 1459. |
If Machinery Account is debited with the amount of repairs incurred on the machine, this is anexample of |
| A. | Compensating error |
| B. | Error of principle |
| C. | Error of commission |
| D. | Error of omission |
| Answer» C. Error of commission | |
| 1460. |
All of the following are not considered cash except? |
| A. | Postage and stamps |
| B. | Securities |
| C. | Investments |
| D. | Cheque |
| Answer» B. Securities | |
| 1461. |
A change in Depreciation Method under AS-6 is treated —— |
| A. | Change in Accounting Policy ; |
| B. | Prior-Period Adjusting ; |
| C. | Change in Accounting Standards ; |
| D. | All the three |
| Answer» B. Prior-Period Adjusting ; | |
| 1462. |
A company is a person created by |
| A. | Human beings |
| B. | All mighty god |
| C. | British Government |
| D. | Law |
| Answer» E. | |
| 1463. |
The sale of goods act is applicable in |
| A. | Credit purchase |
| B. | Cash purchases |
| C. | Cash sales |
| D. | None of these |
| Answer» C. Cash sales | |
| 1464. |
Accounts dealing with transaction relating to persons or an organization is called |
| A. | Personal Account ; |
| B. | Nominal Account ; |
| C. | Real Account ; |
| D. | Representative Personal Account |
| Answer» B. Nominal Account ; | |
| 1465. |
If the consignee is allowed del credere commission, then he bears — |
| A. | All sales promotion expenses ; |
| B. | Loss due to bad debts ; |
| C. | Loss due shortage of goods ; |
| D. | All routine expenses in connection with the goods |
| Answer» C. Loss due shortage of goods ; | |
| 1466. |
Actuarial valuation relates to: |
| A. | Banking company; |
| B. | Electric Supply Company; |
| C. | Insurance Company; |
| D. | None of the above. |
| Answer» D. None of the above. | |
| 1467. |
Which of the following assets is/are to be valued at the lower of cost and net realizable value? |
| A. | Goodwill |
| B. | Inventories |
| C. | Investments |
| D. | Both (b) and (c) above. |
| Answer» C. Investments | |
| 1468. |
Which of the following are/is a current asset? |
| A. | Sundry Debtors ; |
| B. | Stock ; |
| C. | Prepaid insurance ; |
| D. | All of (a), (b) and (c) above |
| Answer» E. | |
| 1469. |
) A Receipts and Payments Account is nothing but a summary of all capital receipts andpayments. |
| A. | True |
| B. | False |
| C. | none |
| D. | all |
| Answer» C. none | |
| 1470. |
When different accounts are clubbed on the basis of some common characteristics that areshared by them, the concept is known as_______. |
| A. | Asset |
| B. | Liability |
| C. | Income |
| D. | Grouping |
| Answer» E. | |
| 1471. |
All receipts from sale of consumable items are treated as:Sol: |
| A. | Capital Receipts |
| B. | Revenue Receipts |
| C. | Both (a) and (b) |
| D. | None of these |
| Answer» C. Both (a) and (b) | |
| 1472. |
Minimum Rent is also calledSol: |
| A. | Dead Rent |
| B. | Rock Rent |
| C. | Fixed rent |
| D. | All of the above |
| Answer» E. | |
| 1473. |
The policy of anticipate no profit and provide for all possible losses arises due to |
| A. | Convention of consistency |
| B. | Convention of conservatism |
| C. | Convention of materiality |
| D. | Convention of full disclosure |
| Answer» C. Convention of materiality | |
| 1474. |
Short working is a type of taxes paid by the lesseeSol: |
| A. | True |
| B. | False |
| C. | none |
| D. | all |
| Answer» C. none | |
| 1475. |
Which of the following is a non-monetary asset? |
| A. | Account Receivable ; |
| B. | Account Payable ; |
| C. | Demand Bank Deposits ; |
| D. | Patents and Trademarks |
| Answer» E. | |
| 1476. |
R Ltd. makes purchases on credit. If the purchases are not as per the specifications, the companyreturns them to the suppliers. The book, that is used to record such returns is |
| A. | Returns Inward Book |
| B. | Returns Outward Book |
| C. | Cash Book |
| D. | Journal Proper |
| Answer» C. Cash Book | |
| 1477. |
Payment of monthly rent to land cord is |
| A. | Economic event |
| B. | Non-economic event |
| C. | None of thes |
| Answer» B. Non-economic event | |
| 1478. |
Stock reserve in relation to closing stock appears |
| A. | on the debit side of branch account |
| B. | on the credit side of branch account |
| C. | on the debit side of profit and loss account |
| D. | on the credit side of profit and loss account |
| Answer» B. on the credit side of branch account | |
| 1479. |
The international accounting standard Committee was set up in -------- |
| A. | 1982 |
| B. | 1976 |
| C. | 1967 |
| D. | 2009 |
| Answer» D. 2009 | |
| 1480. |
Goodwill is nothing more than probability that the old customer will resort to the oldplace. This definition of goodwill was given by: |
| A. | Spicer and Pegler |
| B. | ICAI |
| C. | Lord Elton |
| D. | AICPA |
| Answer» D. AICPA | |
| 1481. |
_____ from the source document for sales returns |
| A. | Credit note |
| B. | Debit note |
| C. | Sales note |
| D. | Sales return note |
| Answer» B. Debit note | |
| 1482. |
In case a trail balance does not agree the difference is put to |
| A. | Trading A/c |
| B. | Profit & Loss A/c |
| C. | Capital A/c |
| D. | Suspense A/c |
| Answer» E. | |
| 1483. |
Which of these Accounts are not closed in a Trading A/c |
| A. | Sales A/c ; |
| B. | Purchase A/c ; |
| C. | Wages A/c ; |
| D. | Depreciation A/c |
| Answer» E. | |
| 1484. |
Floating asset is known as |
| A. | fixed asset |
| B. | current assets |
| C. | non current assets |
| D. | long term asset |
| Answer» C. non current assets | |
| 1485. |
Shortworking not recouped is debited to P/L AccountSol: |
| A. | True |
| B. | False |
| C. | none |
| D. | all |
| Answer» B. False | |
| 1486. |
From the profits of previous three years, Rs 150000, Rs 200000, and Rs250000/- the valueof goodwill at five years of purchase is -----------Sol: |
| A. | Rs12,50,000/- |
| B. | Rs 7,50,000/- |
| C. | Rs10,00,000/- |
| D. | all |
| Answer» D. all | |
| 1487. |
Canteen expenses are apportioned among departments in the proportion of |
| A. | Departmental floor space |
| B. | Departmental direct wages |
| C. | Departmental sales |
| D. | Departmental No. of employees |
| Answer» E. | |
| 1488. |
In which book the transactions are recorded originally |
| A. | cashbook |
| B. | balance sheet |
| C. | journal |
| D. | subsidiary book |
| Answer» D. subsidiary book | |
| 1489. |
A share of a public company is: |
| A. | Non-refundable |
| B. | Non-transferable |
| C. | Transferable |
| D. | Not allottable |
| Answer» D. Not allottable | |
| 1490. |
Capital can be obtained by preparing: |
| A. | Cash book |
| B. | Statement of affairs |
| C. | Debtors A/c |
| D. | Creditors A/c |
| Answer» C. Debtors A/c | |
| 1491. |
Premium received on issue of debentures may be utilised for |
| A. | For writing off discount allowed on issue of shares |
| B. | For writing off premium allowed on redemption of debentures |
| C. | For writing off preliminary expenses |
| D. | For All of the Above |
| Answer» E. | |
| 1492. |
In single entry system only accounts are opened: |
| A. | Personal A/c |
| B. | Real A/c |
| C. | Nominal A/c |
| D. | Real & Nominal A/c |
| Answer» B. Real A/c | |
| 1493. |
________ means the price at which the goods can be purchased by the hirer for ready cash |
| A. | HP price |
| B. | Installment price |
| C. | Cash price |
| D. | Down payment |
| Answer» D. Down payment | |
| 1494. |
Which of the following errors affects the agreement of a Trial Balance? |
| A. | Mistake in balancing an account |
| B. | Omitting to record a transaction entirely in the subsidiary books |
| C. | Recording of a wrong entry in the subsidiary books |
| D. | Posting an entry on the correct side but in the wrong account |
| Answer» B. Omitting to record a transaction entirely in the subsidiary books | |
| 1495. |
The premium paid on the life policy of the proprietor is debited to |
| A. | Profit and loss account |
| B. | Trading account |
| C. | Premium account |
| D. | Drawing account |
| Answer» E. | |
| 1496. |
Shareholders are : |
| A. | Customers of the Company |
| B. | Owners of the Company |
| C. | Creditors of the Company |
| D. | None of these |
| Answer» C. Creditors of the Company | |
| 1497. |
Sales is equal to |
| A. | Net income + expenses + cost of goods sold |
| B. | Gross profit + net income + expenses |
| C. | Gross profit + cost of goods sold + direct expenses |
| D. | Net income + direct expenses |
| Answer» D. Net income + direct expenses | |
| 1498. |
Royalty is an ………………….to lessee |
| A. | Income |
| B. | Expense |
| C. | Both |
| D. | None |
| Answer» C. Both | |
| 1499. |
Which of the following is not a feature of a promissory note? |
| A. | It must be in writing |
| B. | It contains an unconditional promise to pay |
| C. | It is payable to the bearer |
| D. | It must be signed by the maker |
| Answer» D. It must be signed by the maker | |
| 1500. |
Which of the following is a non-profitable organisation ?Sol: |
| A. | Jharkhand Academic Council |
| B. | Tata Steel |
| C. | Air India |
| D. | Reliance |
| Answer» B. Tata Steel | |