MCQOPTIONS
Saved Bookmarks
MCQOPTIONS
This section includes 200950 Mcqs, each offering curated multiple-choice questions to sharpen your General Knowledge knowledge and support exam preparation. Choose a topic below to get started.
| 8051. |
Which Pakistani scientist is suspected to be involved in giving nuclear know how to other countries? |
| A. | Imaran Khán |
| B. | Javed Kazi |
| C. | Abdul Qadir Khan |
| D. | Shahariyar Khan |
| Answer» D. Shahariyar Khan | |
| 8052. |
Execution of a bond requiringnemployees leaving the organisationnbefore the expiry of the term of service to payncompensation to the employee is considered as: |
| A. | Un enforceable agreement |
| B. | Voidable agreement |
| C. | Valid agreement |
| D. | Void agreement |
| Answer» D. Void agreement | |
| 8053. |
_____ contracts arenenforceable by future events. |
| A. | Contingent Contract |
| B. | Quasi Contract |
| C. | Conditional Contract |
| D. | Wagering Contract |
| Answer» B. Quasi Contract | |
| 8054. |
Obtaining the consent on thenbasis of a relation subsisting betweenntwo persons where one party is able tondominate the will of another is called _______ |
| A. | Coercion |
| B. | Undue influence |
| C. | Fraud |
| D. | Misrepresentation |
| Answer» C. Fraud | |
| 8055. |
Mettur dam is situated on the river |
| A. | Cauvery |
| B. | Narmada |
| C. | Krishna |
| D. | Mahanadi |
| Answer» B. Narmada | |
| 8056. |
Which of the following willnstand under fiduciary relationship as pernIndian contract Act, 1872? |
| A. | Father and Son |
| B. | Doctor and Patient |
| C. | Advocate and Client |
| D. | All of the above |
| Answer» E. | |
| 8057. |
A minor get injured his leftnleg in football match. He engaged a doctornfor treatment of leg. The doctor’s claim fornhis services is under Indian Contract Act 1872n_____ |
| A. | Valid |
| B. | Invalid |
| C. | Void |
| D. | Illegal |
| Answer» B. Invalid | |
| 8058. |
Which of the following arenvalid considerations? |
| A. | Past |
| B. | Present |
| C. | Future |
| D. | Past, Present u0026 Future |
| Answer» E. | |
| 8059. |
An Intentional misrepresentation will amount to _____ |
| A. | Fraud |
| B. | Coercion |
| C. | Undue influence |
| D. | None of these |
| Answer» B. Coercion | |
| 8060. |
Which of the following isnfalse? |
| A. | Consideration must move at the desire of the promisor |
| B. | Consideration may move from promisee (or) any other person |
| C. | Consideration may be past present or future |
| D. | Consideration must be adequate |
| Answer» E. | |
| 8061. |
An offer is made with annintention to have negotiation from other party.nThis type of offer is ____ |
| A. | Invitation to offer |
| B. | Valid offer |
| C. | Voidable offer |
| D. | None of these |
| Answer» B. Valid offer | |
| 8062. |
M/S Law book Company offered books only to ICAI council members. This offer generally known as: |
| A. | General offer |
| B. | Specific offer |
| C. | Both of the above |
| D. | None of the above |
| Answer» C. Both of the above | |
| 8063. |
C of Chennai sent goods costing Rs.6,00,000 to Delhi. These goods were to be sold at cost plus 33 1/3%. The consignee sent advance to consigner as a % of sales value and A sent accordingly Rs.4,80,000. What is thennpercentage of such advance onnsales value? |
| A. | 75% |
| B. | 50% |
| C. | 60% |
| D. | 25% |
| Answer» D. 25% | |
| 8064. |
For the financial year 20011-12, the grossprofit was Rs.1,75,000.During the yearCarriage inward Rs.15,000, Personal expenses of proprietor Rs.75,000 and Carriage outward Rs.17,500. Bad debts for the year were Rs.12,000. The net profit earned for the year 2011-12 would be: |
| A. | Rs.85,000 |
| B. | Rs.1,45,000 |
| C. | Rs.64,500 |
| D. | none of the above |
| Answer» C. Rs.64,500 | |
| 8065. |
_____ arises obligationsnwhere no contract is originally entered. |
| A. | Wagering Contract |
| B. | Contingent Contract |
| C. | Quasi Contract |
| D. | None of these |
| Answer» D. None of these | |
| 8066. |
______ is good in substance,nbut suffers from technical defect like Non –nRegistration. |
| A. | Voidable Contract |
| B. | Unenforceable Contract |
| C. | Valid Contract |
| D. | Illegal Contract |
| Answer» C. Valid Contract | |
| 8067. |
What are the essentialnelements of valid contract |
| A. | Lawful Object |
| B. | Lawful Consideration |
| C. | Free Consent |
| D. | All of the above |
| Answer» E. | |
| 8068. |
If preference shares are redeemed out of the fresh issue of Equity shares;which account will be credited? |
| A. | Capital reserve account |
| B. | Capital redemption reserve account |
| C. | Preference share capital account |
| D. | Equity share capital account |
| Answer» E. | |
| 8069. |
While preparing B.R.S withnbalance as per cash book which of the followingnwill not be added |
| A. | Cheque deposited but not cleared |
| B. | Cheque issued but not presented |
| C. | Cheque directly deposited in bank by a customer |
| D. | All of the above |
| Answer» B. Cheque issued but not presented | |
| 8070. |
ABC Ltd has issued a cheque for Rs.3,50,000. The accountant by error has recorded the payment at Rs.35,000. This error can be identified on preparing _______ |
| A. | P u0026 L A/c |
| B. | Bank Book |
| C. | BRS |
| D. | Trial balance |
| Answer» D. Trial balance | |
| 8071. |
Z Ltd. Issued 1,50,000 shares of Rs.100 each at a discount of 10%. Mr. Gopi to whom 300 shares were allotted, failednto pay the final callnnof Rs.30 per share and hencenall the shares arennforfeited. What amount isntransferred tonnshares Forfeiture A/c ? |
| A. | Rs.9,000 |
| B. | Rs.21,000 |
| C. | Rs.18,000 |
| D. | Rs.27,000 |
| Answer» D. Rs.27,000 | |
| 8072. |
Opening stock - 1,50,000 Cash sales - 1,20,000 Credit sales - 2,30,000 Closing stock - Nil Selling price - 125% of cost,nthen purchases =? |
| A. | 1,50,000 |
| B. | 1,40,000 |
| C. | 1,30,000 |
| D. | 1,20,000 |
| Answer» D. 1,20,000 | |
| 8073. |
Goods worth Rs.10,000 was destroyed by fire and insurance company admitted the claim of 60%. The journal entry |
| A. | Loss by Fire a/c Dr. Rs.10,000 To Purchase a/c Rs.4,000 To insurance a/c Rs.6,000 |
| B. | Loss by Fire a/c Dr. Rs.4,000 Insurance Co. a/c Dr. Rs.6,000 To Purchase a/c Rs.10,000 |
| C. | Loss by Fire a/c Dr. Rs.10,000 To Purchase a/c Rs.6,000 To insurance Co. a/c Rs.4,000 |
| D. | Loss by Fire a/c Dr. Rs.6,000 Insurance Co. a/c Dr. Rs.4,000 To Purchase a/c Rs.10,000 |
| Answer» C. Loss by Fire a/c Dr. Rs.10,000 To Purchase a/c Rs.6,000 To insurance Co. a/c Rs.4,000 | |
| 8074. |
600 shares allotted to Mr. X, on which Rs.100 each called up, and Rs.50 paid up were forfeited and reissued for Rs.70 each as fully paid up. Amount transferrednto capital reserve A/c is |
| A. | Rs.12,000 |
| B. | Rs.15,000 |
| C. | Rs.30,000 |
| D. | Rs.18,000 |
| Answer» B. Rs.15,000 | |
| 8075. |
Find closing stock valuen__________ Units Cost Market value 70 5000 2000 20 3000 6000 30 7000 9000 |
| A. | 4,00,000 |
| B. | 4,10,000 |
| C. | 7,30,000 |
| D. | 7,40,000 |
| Answer» C. 7,30,000 | |
| 8076. |
Which of the following is revenue expenditure? |
| A. | Demolition u0026 dismantling expenses |
| B. | Carriage on machinery purchased |
| C. | Packing charges of goods sold |
| D. | Oil painting expenses |
| Answer» D. Oil painting expenses | |
| 8077. |
On dissolution of a firm all assets aretransferred to realization account at ________ |
| A. | Book value |
| B. | Market value |
| C. | Both |
| D. | None |
| Answer» C. Both | |
| 8078. |
The dealer of construction materials due to unknown reason took physical stock ofinventories on 11th April.The cost of stock was Rs.4,20,000 (including goods returned on consignment basis). The dealer received goods cost Rs.1,00,000 in March 2011 for sale on consignment basis. 20% goods have been sold in March, 60% of stock in between 1st – 10th April. Find cost of stock on 31-3-11. |
| A. | 3,20,000 |
| B. | 4,00,000 |
| C. | 3,40,000 |
| D. | 3,60,000 |
| Answer» C. 3,40,000 | |
| 8079. |
On 1-4-10 machine purchased for Rs.1,00,000 and 1st October another machine purchased for Rs.50,000. Depreciation on the machinerynnis charged by SLM @ 10%. Whatnis the amountnnthat should be shown in thenbooks at the endnnof 31st March 2012. |
| A. | 1,33,500 |
| B. | 1,22,500 |
| C. | 1,42,500 |
| D. | 1,10,500 |
| Answer» C. 1,42,500 | |
| 8080. |
Sold old furniture valued Rs.2,000 to Sona was recorded as sales, the book value of furniture was Rs.2,500. What will be the rectifying entry? |
| A. | Sales A/c Dr. 2000 Suspense A/c Dr. 500 To furniture A/c 2500 |
| B. | Sales A/c Dr. 2000 P u0026 L A/c Dr. 500 To Furniture A/c 2500 |
| C. | Sales A/c Dr. 2000 Suspense A/c Dr. 500 To sona A/c 2500 |
| D. | Furniture A/c Dr. 2000 To sona A/c 2000 |
| Answer» C. Sales A/c Dr. 2000 Suspense A/c Dr. 500 To sona A/c 2500 | |
| 8081. |
On scrutiny, an accountant found thati. Bad debts recovery ofnRs.500 was credited to debtors A/c wrongly ii. Bank charges of Rs.50 was wrongly entered twice in Cash Book.iii. Purchase returns of Rs.100 was omitted to be entered in the book of A/c’s.What is the impact on profit afterrectification? |
| A. | Increase Rs.650 |
| B. | Increase Rs.350 |
| C. | Decrease Rs.650 |
| D. | Decrease Rs.350 |
| Answer» B. Increase Rs.350 | |
| 8082. |
Mr. A started business with a capital of Rs.10 lakhs as a cloth merchant.During the year he purchased goods worth Rs.7,10,000 and sales during the year was Rs.8,42,000. He pays shop rent of Rs.20,000 for the year 2011-12, and other expenses Rs.75,000.Closing stock at the end of the year is Rs.45,000.What is gross profit? |
| A. | 1,02,000 |
| B. | 82,000 |
| C. | 1,77,000 |
| D. | 1,57,000 |
| Answer» D. 1,57,000 | |
| 8083. |
A machine is purchased forRs.5,00,000. It’s estimated working life is 10,000 hours, the Scrap value is Rs.1,00,000.Anticipated pattern of working hours are as follows:-nnYear Hoursnn1-2 1500nn3-6 1000nn7-10 750nnDepreciation for the 3rd yearnis_________ |
| A. | 30,000 |
| B. | 37,500 |
| C. | 40,000 |
| D. | 45,000 |
| Answer» D. 45,000 | |
| 8084. |
Calculate the amount of salary debited to P u0026 L A/c for the year ending 31-03-13.Salary outstanding as on 31-03-12 – Rs.25,000nnSalary outstanding as onn31-03-13 – Rs.10,000nnPrepaid Salary as on 31-03-12n– Rs.10,000nnSalary paid in cash duringnthe year – Rs.3,00,000 |
| A. | 3,00,000 |
| B. | 3,05,000 |
| C. | 2,95,000 |
| D. | 3,10,000 |
| Answer» D. 3,10,000 | |
| 8085. |
‘A Limited’ purchased goods of Rs.10,00,000,and sold 90% of goods and remaining goods market value is Rs.90,000,and closing stock is 10%, but he recorded Rs.90,000 and not Rs.1,00,000. Which concept does he follows:- |
| A. | Materiality concept |
| B. | Cost concept |
| C. | Entity concept |
| D. | Conservatism concept |
| Answer» E. | |
| 8086. |
Where is “Loss on issue of shares” is shown in financial statements? |
| A. | Contingent Liability |
| B. | General Reserve |
| C. | Other Non – Current Assets |
| D. | None of these |
| Answer» D. None of these | |
| 8087. |
A, B, C are partners sharing profits u0026 losses equally and A paid liability of Rs.10,000 of the firm, from his private property, then the entry in the books of firm is_________ |
| A. | A’s Capital A/c Dr. 10,000 To Cash A/c 10,000 |
| B. | Liability A/c Dr. 10,000 To A’s Capital A/c 10,000 |
| C. | Liability A/c Dr. 10,000 To Cash A/c 10,000 |
| D. | A’s Capital A/c Dr. 10,000 To Liability A/c 10,000 |
| Answer» C. Liability A/c Dr. 10,000 To Cash A/c 10,000 | |
| 8088. |
Which of the following are accounting policies |
| A. | Treatment of goodwill |
| B. | Valuation of inventories |
| C. | Treatment of retirement benefits |
| D. | All the above |
| Answer» E. | |
| 8089. |
Goods costing Rs.4,000 having normal sales value of Rs.6,000 were destroyed by fire. The scrap value of Rs.400 was taken over by insurance company. Insurance company accepted a final claim of Rs.2,700. What amount of loss by fire will be transferred to P u0026 L A/c.? |
| A. | 3,300 |
| B. | 1,300 |
| C. | 1,700 |
| D. | 900 |
| Answer» C. 1,700 | |
| 8090. |
A u0026 B entered into Joint Venture to shareProfit u0026 Losses equally.A supplied goods worth Rs.7,000 and incurred expenses of Rs.300. B sold the goods for Rs.10,000 and incurred expenses of Rs.500.What is the finalnnremittance by B to A? |
| A. | 7,900 |
| B. | 5,200 |
| C. | 8,400 |
| D. | 8,800 |
| Answer» D. 8,800 | |
| 8091. |
All the enterprises shouldnfollow the same method of accounting policiesnfor comparability of accounts isndue to _______ |
| A. | Conservatism |
| B. | Consistency |
| C. | Matching |
| D. | Going concern |
| Answer» C. Matching | |
| 8092. |
The Piston u0026 Rings are arranged for increasing fuel efficiency. This is a______ |
| A. | Revenue expenditure |
| B. | Deferred revenue expenditure |
| C. | Capital expenditure |
| D. | None of these |
| Answer» D. None of these | |
| 8093. |
Over Draft balance as per Cash Book of ‘X’Rs.20,500. Direct remittance of his customer is Rs.50,000 and ‘X’ was not aware that Rs.25,000 cheque was deposited, returned unpaid and he was yet to be informed. Balance as per Pass Book is_________ |
| A. | 4,500 Cr. |
| B. | 4,500 O.D. |
| C. | 45,500 Cr |
| D. | None |
| Answer» B. 4,500 O.D. | |
| 8094. |
Goods sent on consignment at a cost ofRs.50,000. 1/4th lost in transit and claimreceived Rs.10,000. The amount of abnormal loss to be transferred to general P u0026 L A/c is______ |
| A. | 12,500 |
| B. | 2,500 |
| C. | 10,000 |
| D. | None |
| Answer» C. 10,000 | |
| 8095. |
X purchased goods on 90 days credit from Y of worth Rs.20,000. Y has given a trade discount of Rs.1,000 on the same. He also allowed a cash discount of Rs.500, ifnpayment is madennwithin 30 days. X availedncash discount andnnalso paid the dues of Y. Atnthe end, goodsnnpurchased from Y remainednunsold andnnincluded in the stock. Whatnis the amount ofnnstock. |
| A. | Rs.20,000 |
| B. | Rs.19,500 |
| C. | Rs.19,000 |
| D. | Rs.18,500 |
| Answer» D. Rs.18,500 | |
| 8096. |
Opening and closing balances of debtors are 30,000 u0026 40,000 respectively. Cash collected from debtors 2,40,000.Discount allowed is 15,000 for prompt payment.Bad debts Rs.10,000. The total goods sold on creditnnare______ |
| A. | 2,55,000 |
| B. | 2,45,000 |
| C. | 2,95,000 |
| D. | 2,75,000 |
| Answer» E. | |
| 8097. |
Delcredre commission will be given for ______ |
| A. | Speedy collection of cash |
| B. | Prompt payment of cash |
| C. | To cover risk of bad debts |
| D. | Sale of goods above invoice price |
| Answer» D. Sale of goods above invoice price | |
| 8098. |
The directors of E limited made the final call of Rs.50 per share on 1st August 2012 indicating the last date of payment of call money to be 31st August. Mr.White holding 5000 shares paid the call money on October 15th 2012. If the company adopts table ‘A’,nthe amount of interest on calls-in-arrears to be paid byMr.White would be _________ |
| A. | 3125 |
| B. | 1562.50 |
| C. | 1875 |
| D. | 1500 |
| Answer» C. 1875 | |
| 8099. |
The accounting equation asset= capital liabilities, which of the following is true. Ram has started business with 5,50,000 and has purchased goods worth 1,50,000 on credit |
| A. | 7,00,000 = 5,50,000 + 1,50,000 |
| B. | 7,00,000 = 6,50,000 + 50,000 |
| C. | 5,50,000 = 7,00,000 - 1,50,000 |
| D. | 5,50,000 = 5,00,000 + 50,000 |
| Answer» B. 7,00,000 = 6,50,000 + 50,000 | |
| 8100. |
What is the principle of nominal A/c? |
| A. | Debit what comes in, credit what goes out. |
| B. | Debit all expenses u0026 losses u0026 credit all incomes u0026 gains. |
| C. | Debit the receiver, credit the giver |
| D. | Debit all assets, credit all liabilities. |
| Answer» C. Debit the receiver, credit the giver | |