MCQOPTIONS
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MCQOPTIONS
This section includes 657 Mcqs, each offering curated multiple-choice questions to sharpen your Testing Subject knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
Recoupment of shortworking can be restricted or unrestricted Sol: |
| A. | True |
| B. | False |
| C. | none |
| D. | all |
| Answer» B. False | |
| 2. |
_________ is the systematic assignment of number to items to classify and organise them. Sol: |
| A. | Codification |
| B. | Coding |
| C. | Grouping |
| D. | Recording |
| Answer» C. Grouping | |
| 3. |
A unique name of symbol or design given to a product or service for easy identification and distinguishing it from the competitor is known as--------- |
| A. | Patent Right |
| B. | Trade Secret |
| C. | Brand |
| D. | all |
| Answer» D. all | |
| 4. |
The legal ownership of the goods is not transferred till the goods are sold in the case of |
| A. | Sale |
| B. | Consignment |
| C. | Purchase |
| D. | Sale |
| Answer» C. Purchase | |
| 5. |
The individual field in the sheet is known as a _________. Sol: |
| A. | Row |
| B. | Cell |
| C. | Column |
| D. | Group |
| Answer» C. Column | |
| 6. |
A bundle of rights given by law to the creators of literary, artistic, dramatic, musical workis known asSol: |
| A. | Patent Rights |
| B. | Trade Rights |
| C. | Copyrights |
| D. | all |
| Answer» D. all | |
| 7. |
Under debtors system depreciation on fixed asset is: |
| A. | credited to branch A/c |
| B. | debited to branch A/c |
| C. | not shown in branch A/c |
| D. | shown in debtors A/c |
| Answer» D. shown in debtors A/c | |
| 8. |
Under debtors system depreciation on fixed asset is________ _______ |
| A. | credited to branch A/c |
| B. | debited to branch A/c |
| C. | not shown in branch A/c |
| D. | shown in debtors A/c |
| Answer» D. shown in debtors A/c | |
| 9. |
Most organisations use __________ for coding their accounts. Sol: |
| A. | Block code |
| B. | Block number |
| C. | Block group |
| D. | Block section |
| Answer» B. Block number | |
| 10. |
An asset which does not have a physical form but has the potential to have a monetaryvalue is known as an -------------Sol: |
| A. | Fictitious Asset |
| B. | Physical Asset |
| C. | Intangible Asset |
| D. | all |
| Answer» D. all | |
| 11. |
An exclusive right given to an entity of individual or business firm to manufacture or sellan invention is known asSol: |
| A. | Copyright |
| B. | Trade right |
| C. | Patent right |
| D. | all |
| Answer» D. all | |
| 12. |
Goodwill will have no effect on business Financial status Sol: |
| A. | True |
| B. | False |
| C. | none |
| D. | all |
| Answer» B. False | |
| 13. |
Creation of company is the first step in Computerized Accounting process. Sol: |
| A. | True |
| B. | False |
| C. | none |
| D. | all |
| Answer» B. False | |
| 14. |
A firm s goodwill is not affected by Sol: |
| A. | Location of the firm |
| B. | The reputation of the Firm |
| C. | Better Customer Service |
| D. | None of the Above |
| Answer» E. | |
| 15. |
Income and expenses related to the prize fund is shown in: Sol: |
| A. | Income and Expenditure Account |
| B. | Assets side of the Balance Sheet |
| C. | Liabilities side of the Balance Sheet |
| D. | Cash Account |
| Answer» B. Assets side of the Balance Sheet | |
| 16. |
Under the capitalisation method, the formula for calculating the goodwill is Sol: |
| A. | Super profits multiplied by the rate of return |
| B. | Average profits multiplied by the rate of return |
| C. | Super profits divided by the rate of return |
| D. | Average profits divided by the rate of return |
| Answer» D. Average profits divided by the rate of return | |
| 17. |
A profit on the sale of furniture of a club will be taken to: |
| A. | Cash account |
| B. | Receipts and payment account |
| C. | Income and expenditure account |
| D. | Balance sheet |
| Answer» D. Balance sheet | |
| 18. |
Weighted average method of calculating goodwill is used when Sol: |
| A. | Profits are not equal |
| B. | Profits show a trend |
| C. | Profits are fluctuating |
| D. | None of the above |
| Answer» C. Profits are fluctuating | |
| 19. |
The monetary value of reputation of business is called Sol: |
| A. | Goodwill |
| B. | Suer profit |
| C. | Surplus |
| D. | None of the above |
| Answer» B. Suer profit | |
| 20. |
The amount of goodwill is paid by new partner : Sol: |
| A. | for the payment of capital |
| B. | for sharing the profit |
| C. | for purchase of assets |
| D. | None of these |
| Answer» C. for purchase of assets | |
| 21. |
When does need valuation of Goodwill Sol: |
| A. | On retirement or Death of a partner |
| B. | Admission of Partner |
| C. | None of the Above |
| D. | Both |
| Answer» E. | |
| 22. |
Which methods of valuation of Goodwill Sol: |
| A. | Super profits |
| B. | Average profits |
| C. | Both |
| D. | None |
| Answer» D. None | |
| 23. |
Goodwill is defined as Sol: |
| A. | Intangible asset |
| B. | Fictitious asset |
| C. | Current asset |
| D. | Liquid asset |
| Answer» B. Fictitious asset | |
| 24. |
A person who take property on lease is called customer Sol: |
| A. | True |
| B. | False |
| C. | none |
| D. | all |
| Answer» C. none | |
| 25. |
Royalty is an income to lessee Sol: |
| A. | True |
| B. | False |
| C. | none |
| D. | all |
| Answer» C. none | |
| 26. |
Valuation of ------------- Assets is difficult. Sol: |
| A. | Intangible |
| B. | Wasting |
| C. | Current |
| D. | all |
| Answer» B. Wasting | |
| 27. |
Short working is a type of taxes paid by the lessee Sol: |
| A. | True |
| B. | False |
| C. | none |
| D. | all |
| Answer» C. none | |
| 28. |
The value of Intangible assets is ------------- over a period of time. Sol: |
| A. | Amortized |
| B. | Added |
| C. | Depreciated |
| D. | all |
| Answer» B. Added | |
| 29. |
Goodwill is an intangible Assets Sol: |
| A. | True |
| B. | False |
| C. | none |
| D. | all |
| Answer» B. False | |
| 30. |
This is the feature of Intangible assets Sol: |
| A. | They are valuable to internal and external entities. |
| B. | They are always acquired. |
| C. | They may be internally created or purchased |
| D. | all |
| Answer» D. all | |
| 31. |
In which of the following methods, the cost of the asset is spread over in equal proportion during its useful economic life? |
| A. | Straight-line method |
| B. | Written down value method |
| C. | Units-of-production method |
| D. | Sum-of-the years -digits method |
| Answer» B. Written down value method | |
| 32. |
Not-for-profit organisations are based on theory. Sol: |
| A. | Fund |
| B. | Surplus |
| C. | Profit |
| D. | Expenses |
| Answer» B. Surplus | |
| 33. |
The content of single entry system is |
| A. | Double entry |
| B. | Single entry |
| C. | No entry |
| D. | A mixture of all the above |
| Answer» E. | |
| 34. |
Not for profit organisations institutions prepare |
| A. | Profit and loss account |
| B. | Manufacturing account |
| C. | Income and expenditure account |
| D. | All of the above |
| Answer» D. All of the above | |
| 35. |
Following are forms of Intangible assets. Sol: |
| A. | Brand, Goodwill, Furniture, Design |
| B. | Goodwill, Patent Rights, Machinery |
| C. | Brand, Trademark, Copyrights, Know how |
| D. | all |
| Answer» D. all | |
| 36. |
Branches not keeping full system of accounting is called________. |
| A. | Independent branches |
| B. | Partial branches |
| C. | Dependent branches |
| D. | None of these |
| Answer» D. None of these | |
| 37. |
Such systems also generate reports which allow the accounting professionals to have a proper view of different transactions in a comprehensive manner. |
| A. | Enterprise Resource Planning software |
| B. | Pre-packaged accounting software |
| C. | Spreadsheet software |
| D. | Customised accounting packages |
| Answer» C. Spreadsheet software | |
| 38. |
Such kind of software offers various functionalities such as cell content, pivot table, formulas and macros. |
| A. | Enterprise Resource Planning software |
| B. | Pre-packaged accounting software |
| C. | Spreadsheet software |
| D. | Customised accounting packages |
| Answer» D. Customised accounting packages | |
| 39. |
In not-for-profit organisations, excess of expenditure over income is called |
| A. | Loss |
| B. | Profit |
| C. | Deficit |
| D. | Surplus |
| Answer» D. Surplus | |
| 40. |
Receipts and Payments Account usually indicates |
| A. | Surplus |
| B. | Capital Fund |
| C. | Debit Balance |
| D. | Credit Balance |
| Answer» D. Credit Balance | |
| 41. |
The minimum share application money is |
| A. | Rs.5 per share |
| B. | 5% of nominal value of shares |
| C. | 10% of nominal value of shares |
| D. | 20% of nominal value of shares. |
| Answer» C. 10% of nominal value of shares | |
| 42. |
The expenses which have been incurred to bring the goods or making the goods ready for sales is called |
| A. | Administrative expenses |
| B. | Direct expenses |
| C. | Indirect expenses |
| D. | Revenue expenses |
| Answer» C. Indirect expenses | |
| 43. |
is a person who is designated as such in the incorporation documents of the limited liability partnership agreement |
| A. | Director |
| B. | Manager |
| C. | Designated Partner |
| D. | Partner |
| Answer» D. Partner | |
| 44. |
When an existing company offers it shares for sale to the existing shareholders, it is known as |
| A. | Private placement |
| B. | Bonus issue. |
| C. | Right issue |
| D. | Offer for sale |
| Answer» D. Offer for sale | |
| 45. |
This is the kind of software which is specifically designed for meeting the requirements ofa particular business.Sol: |
| A. | Enterprise Resource Planning software |
| B. | Customised accounting packages |
| C. | Pre-packaged accounting software |
| D. | Spreadsheet software |
| Answer» C. Pre-packaged accounting software | |
| 46. |
The software may also allow for graphical rendering of data, which is useful for carryingout analysis.Sol: |
| A. | Enterprise Resource Planning software |
| B. | Spreadsheet software |
| C. | Pre-packaged accounting software |
| D. | Customised accounting packages |
| Answer» C. Pre-packaged accounting software | |
| 47. |
Schedule XIV of the Companies Act specifies as minimum rate of depreciation (WDV) on ship fishing vessels |
| A. | 27% ; |
| B. | 33% ; |
| C. | 10% ; |
| D. | 15% |
| Answer» B. 33% ; | |
| 48. |
Receipts and Payments Account usually indicates: Sol: |
| A. | Surplus |
| B. | Capital fund |
| C. | Debit Balance |
| D. | Credit Balance |
| Answer» D. Credit Balance | |
| 49. |
Receipts and Payments Account is a : Sol: |
| A. | Personal Account |
| B. | Real Account |
| C. | Nominal Account |
| D. | None of these |
| Answer» C. Nominal Account | |
| 50. |
In not-for-profit organisation, excess of expenditure over income is called : Sol: |
| A. | Loss |
| B. | Profit |
| C. | Deficit |
| D. | Surplus |
| Answer» D. Surplus | |