MCQOPTIONS
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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.
| 8101. |
A u0026 B are sharing profits in the ratio 2 : 1 . C isadmitted as a partner forn1/4th of the share of profits, 3/4th part of his share from A and 1/4thnnof his share from the B. Thennew profit sharingnnratio is________ |
| A. | 2 : 1 : 1 |
| B. | 23 : 13 : 12 |
| C. | 1 : 1 : 1 |
| D. | 3 : 1 : 5 |
| Answer» C. 1 : 1 : 1 | |
| 8102. |
A company issued 10,000 shares out of 14,000 applied. Mr.A got 300 shares on pro-rata basis.How many shares he would have applied? |
| A. | 420 shares |
| B. | 300 shares |
| C. | 380 shares |
| D. | 500 shares |
| Answer» B. 300 shares | |
| 8103. |
Cost of machinery Rs.60,000.nThey charged depreciation @ 20% on SLMnmethod. In 2nd year they decided to changenmethod and adopt WDV method @ 20%. Ifnmachine was sold for Rs.30,000 at the endnof 3rd year. Calculate the amount of loss. |
| A. | Loss 4720 |
| B. | Loss 4560 |
| C. | Loss 720 |
| D. | Loss 560 |
| Answer» D. Loss 560 | |
| 8104. |
Tree limited forfeited 500 shares of Rs.20 each issued at 5% discount, for non payment of allotment and final call of Rs.9 and Rs.5 respectively. Amount credited to sharennforfeiture A/c will be |
| A. | 3,500 |
| B. | 2,500 |
| C. | 3,000 |
| D. | 4,000 |
| Answer» C. 3,000 | |
| 8105. |
ABC partners, each partner has an individual life policy of Rs.50000 on 31st August, partner ‘B’ died and the surrender value of each policy at death is Rs.2,000. Share of ‘B’ partner is(equal sharing) |
| A. | 17000 |
| B. | 18000 |
| C. | 50000 |
| D. | 54000 |
| Answer» C. 50000 | |
| 8106. |
Rohan u0026 Sohan are partners in a firm sharing profits u0026 losses in the ratio of 3 : 1. A partner Mohan is admitted and he brought Rs.40,000 as goodwill. New profit sharing ratio of all thennpartners is equal. The amountnof goodwill tonnbe shared by old partners is |
| A. | Equally Rs.20,000 each |
| B. | Rohan Rs.30,000 u0026 Sohan Rs.10,000 |
| C. | Rohan Rs.40,000 |
| D. | Rohan received Rs.50,000 u0026 Sohan paid Rs.10,000 |
| Answer» E. | |
| 8107. |
Which of the following arennot taken into consideration while calculating closing stock |
| A. | Insurance of warehouse |
| B. | Carriage |
| C. | Octroi |
| D. | Loading expenses |
| Answer» B. Carriage | |
| 8108. |
Proprietor’s personalnexpenditure not recorded in the books ofnaccounts due to_____ |
| A. | Materiality |
| B. | Conservatism |
| C. | Going concern |
| D. | Business entity concept |
| Answer» E. | |
| 8109. |
Which of the following isnfalse with respect to debentures? |
| A. | Companies can issue irredeemable debentures |
| B. | Companies can issue debentures with voting rights |
| C. | Companies can issue debentures for consideration other than cash |
| D. | Companies can issue convertible debentures |
| Answer» C. Companies can issue debentures for consideration other than cash | |
| 8110. |
The debenture amount Rs.2,000nissued as collecteral security requirednthe following Journal entry |
| A. | Debit debenture A/c and credit debenture suspense A/c |
| B. | Debit debenture suspense A/c and credit debenture A/c |
| C. | Debit collateral security and credit debenture A/c |
| D. | Debit collateral security and credit debenture suspense A/c |
| Answer» C. Debit collateral security and credit debenture A/c | |
| 8111. |
Goods costing Rs.5,000 will be distributed as wages for Rs.5,000. Marketnprice is Rs.6,000. Journal entry is _______ |
| A. | Wages A/c Dr. 6000 To salary A/c 6000 |
| B. | Wages A/c Dr. 6000 To salaries A/c 6000 |
| C. | Wages A/c Dr. 5000 To purchases A/c 5000 |
| D. | Wages A/c Dr. 6000 To purchases 6000 |
| Answer» D. Wages A/c Dr. 6000 To purchases 6000 | |
| 8112. |
Goods sent on sale or return basis at a cost of Rs.1 lakh. In that, 50% of goods were accepted and 30% of the goods were returned. The remaining stock was held with customer and the period not yet expired.Then closing stock will be _______ |
| A. | 1,00,000 |
| B. | 50,000 |
| C. | 20,000 |
| D. | 30,000 |
| Answer» D. 30,000 | |
| 8113. |
‘A’ has discounted 3 monthsnbill @ 10% p.a. from bank and given credit of11,700. On due date, the bill wasndishonoured and noting charges of Rs.50 was paid by bank. The amount by which A’s A/c will be debited bynnbank is__________ |
| A. | 13050 |
| B. | 12050 |
| C. | 11000 |
| D. | None |
| Answer» C. 11000 | |
| 8114. |
Which of the following isntrue? |
| A. | Co-venturers always share profits equally |
| B. | They cannot be more than two co-venturers |
| C. | The relationship between co-venturers is Principal u0026 Agent |
| D. | Co-venturers may provide funds for venture |
| Answer» E. | |
| 8115. |
The normal rate of return isn20%. The total capital employed isnRs.6,00,000. The average profit is Rs.1,50,000.nCalculate goodwill as the basis of 3 years purchase ofnsuper profits. |
| A. | Rs.90,000 |
| B. | Rs.1,20,000 |
| C. | Rs.1,00,000 |
| D. | Rs.60,000 |
| Answer» B. Rs.1,20,000 | |
| 8116. |
Which of the following is notna contingent liability? |
| A. | Claim against enterprises not acknowledged as debt |
| B. | Guarantee given in respect of third parties |
| C. | Liability in respect of bills discounted |
| D. | Penalty imposed by excise officer for violation of provisions of Central Excise Act |
| Answer» E. | |
| 8117. |
Balance in JLP A/c ofnpartners is________ |
| A. | Total premium paid by the firm |
| B. | Annual premium paid each year |
| C. | Surrender Value |
| D. | JLP amount - Surrender Value |
| Answer» D. JLP amount - Surrender Value | |
| 8118. |
Which of the followingnconcept shows difference between amount ofnreceipt and right to receive an amount? |
| A. | Matching Concept |
| B. | Going concern Concept |
| C. | Accrual Concept |
| D. | Realisation Concept |
| Answer» D. Realisation Concept | |
| 8119. |
Opening stock 400 units @nRs.20 each. Purchases during the year 200nunits @ Rs.25each. Issues – 250 units In LIFO Method, closing stocknwill be? |
| A. | 8750 |
| B. | 7000 |
| C. | 7750 |
| D. | 8000 |
| Answer» C. 7750 | |
| 8120. |
The expenditure Rs.2,000nincurred on a trial run of newly purchasednmachine is_________ |
| A. | Preliminary expenses |
| B. | Capital expenditure |
| C. | Revenue expenditure |
| D. | Deferred revenue expenditure |
| Answer» C. Revenue expenditure | |
| 8121. |
Which of the following is annevent ? |
| A. | Purchase of goods worth Rs.4,000 |
| B. | Sale of goods worth Rs.2,000 |
| C. | Closing stock worth Rs.2,000 |
| D. | Rent paid Rs.2,000 |
| Answer» D. Rent paid Rs.2,000 | |
| 8122. |
Unclaimed dividend is shown under ______ |
| A. | Other current liabilities |
| B. | Reserves u0026 Surplus |
| C. | Secured loans |
| D. | Miscellaneous expenditure |
| Answer» B. Reserves u0026 Surplus | |
| 8123. |
Proprietor used a rentednbuilding both for business purpose and as wellnas residence equally. The rent paid duringnthe year for the building was Rs.1,32,000ndebited to rent expenses A/c in the books ofnbusiness. One month rent is still outstanding.nLiability of the business for rent outstandingn___ |
| A. | ) Rs.11,000 |
| B. | Rs.12,000 |
| C. | Rs.5,500 |
| D. | Rs.6,000 |
| Answer» E. | |
| 8124. |
Which of the following willnnot affect trial balance? |
| A. | Purchase book was under casted by Rs.5,000 |
| B. | White wash charges Rs.10,000 were debited to building A/c |
| C. | Cash paid to Briz Binan Rs.500 was debited to Briz Binan A/c as Rs.5,000 |
| D. | Credit sales of Rs.2,000 to P correctly recorded in sales book but not posted to P’s account. |
| Answer» C. Cash paid to Briz Binan Rs.500 was debited to Briz Binan A/c as Rs.5,000 | |
| 8125. |
Bill is drawn by Mr.Mohan onnMr. Mahesh on30th January 2012 for onenMonth, then due date of the bill is_________ |
| A. | 28th February |
| B. | 2nd March, 2012 |
| C. | 3rd March, 2012 |
| D. | 4th March, 2012 |
| Answer» D. 4th March, 2012 | |
| 8126. |
The criminal act involves in ____ |
| A. | Undue Influence |
| B. | Coercion |
| C. | Misrepresentation |
| D. | All of the above |
| Answer» C. Misrepresentation | |
| 8127. |
By transfer of partner’sninterest then the ____ |
| A. | Partner does not ceases to be a partner |
| B. | Partner ceases to be a partner |
| C. | Has a right to share profit |
| D. | None |
| Answer» C. Has a right to share profit | |
| 8128. |
Ancontract which is based on the principles of equity,njustice and good conciseness is called: |
| A. | anticipatory contract |
| B. | contingent contract |
| C. | quasi contract |
| D. | wagering agreement |
| Answer» D. wagering agreement | |
| 8129. |
Partnernexpelled because of personal issues of partners with him then itnis___ |
| A. | Valid |
| B. | Void |
| C. | Voidable |
| D. | None |
| Answer» C. Voidable | |
| 8130. |
Preliminarynexpenses will be shown in ____ |
| A. | Trading A/c – debit side |
| B. | Profit u0026 Loss Appropriation A/c – debit side |
| C. | Balance sheet – liabilities side |
| D. | Balance sheet – assets side |
| Answer» E. | |
| 8131. |
__narises when obligations are created without ancontract. |
| A. | Quasi Contract |
| B. | Wagering Agreement |
| C. | Contingent Contract |
| D. | None |
| Answer» B. Wagering Agreement | |
| 8132. |
Pre – contractualnimpossibility is also known as |
| A. | Initial Impossibility |
| B. | Supervening impossibility |
| C. | Actual Impossibility |
| D. | None |
| Answer» B. Supervening impossibility | |
| 8133. |
Inncase of death of a partner, the goodwill is to be distributed to thendeceased partner as per _ |
| A. | Gaining Ratio |
| B. | Sacrificing Ratio |
| C. | New Ratio |
| D. | Old Ratio |
| Answer» E. | |
| 8134. |
Whichnof the following statements is false? |
| A. | Partnership deed is a mutual agreementamong the partners |
| B. | In the absence of agreement, partners sharethe profits equally. |
| C. | Profit u0026 Loss appropriation account isprepared to show the distribution of profitsamong the partners. |
| D. | The liability of the partners is limited |
| Answer» E. | |
| 8135. |
On the admission of a new partner, which one of the following in the Balance sheet should be transferred to the Capital A/c’s of the old partners in old profit sharing ratio? |
| A. | Bank O.D. |
| B. | General Reserve |
| C. | Bills payable |
| D. | Outstanding expenses |
| Answer» C. Bills payable | |
| 8136. |
Whichnaccount will be prepared at the time of admissionnof a new partner for giving effect of changesnin the values of assets u0026 liabilities in the oldnbalance sheet? |
| A. | Profit u0026 Loss A/c |
| B. | Revaluation A/c |
| C. | Memorandum Revaluation A/c |
| D. | Realisation A/c |
| Answer» C. Memorandum Revaluation A/c | |
| 8137. |
Thenpolicy of anticipate no profit and provide fornall possible losses arise due to the concept of _____ |
| A. | Consistency |
| B. | Disclosure |
| C. | Conservatism |
| D. | Matching |
| Answer» D. Matching | |
| 8138. |
When there is no partnership deed among the partners, the partner is allowed to get ____ |
| A. | 15% interest on loan |
| B. | 8% interest on loan |
| C. | 6% interest on loan |
| D. | No interest |
| Answer» D. No interest | |
| 8139. |
Business enterprise is separate from its owner according to _____ concept. |
| A. | Money measurement concept |
| B. | Matching concept |
| C. | Entity concept |
| D. | Dual aspect concept |
| Answer» D. Dual aspect concept | |
| 8140. |
Deferred Revenue Expenditure to the extent not written off is shown in the balance sheet under ___ |
| A. | Miscellaneous expenses |
| B. | Capital |
| C. | Current Liabilities |
| D. | Fixed Asset |
| Answer» B. Capital | |
| 8141. |
Which of the following expenses will not be included in the acquisition cost of plant? |
| A. | Purchase price of plant |
| B. | Installation expenses |
| C. | Annual maintenance charges |
| D. | Delivery charges. |
| Answer» D. Delivery charges. | |
| 8142. |
Net profit of a firm is Rs. 5000/-. Interest on capital u0026 drawings still not recorded are Rs.5,000 u0026 Rs.2,500 respectively. Net profit available for the distribution among thennpartnersnwill be Rs.___ |
| A. | 7,500 |
| B. | 5,000 |
| C. | 2,500 |
| D. | Nil |
| Answer» D. Nil | |
| 8143. |
XYZ Ltd. follows W.D.V.nMethod of depreciation year after year, due ton____ concept. |
| A. | Consistency |
| B. | Convenience |
| C. | Comparability |
| D. | Conservatism |
| Answer» B. Convenience | |
| 8144. |
Rs. 30npaid on postage is shown in which subsidiarynbook. |
| A. | Purchases Book |
| B. | Cash Book |
| C. | Petty Cash Book |
| D. | None |
| Answer» D. None | |
| 8145. |
Small items like, pencils,pens, files, etc. are written off within a year according to _ concept |
| A. | Materiality |
| B. | consistency |
| C. | Conservatism |
| D. | Realisation |
| Answer» B. consistency | |
| 8146. |
Whichnof the following is incorrect? |
| A. | Good will intangible asset |
| B. | Sundry debtors current asset |
| C. | Loose tools tangible fixed asset |
| D. | Out standing expenses current asset. |
| Answer» E. | |
| 8147. |
Goods worth Rs.5,000 were supplied to Mr. X at an invoice price of 20% above cost and allowed trade discount at 10% on invoice price. The amount of sale will be Rs.____ |
| A. | 5,400 |
| B. | 5,500 |
| C. | 5,625 |
| D. | 6,600 |
| Answer» B. 5,500 | |
| 8148. |
Prepaidnexpenses of Rs.1000/- shown in the trialnbalance will appear in _____ |
| A. | Liabilities side of balance sheet |
| B. | Dr. Side of P u0026 L A/c |
| C. | Dr. Side of P u0026 L Appropriation A/c |
| D. | Assets side of Balance Sheet. |
| Answer» E. | |
| 8149. |
Balance of Goods Sent on Consignment is transferred to ____ |
| A. | Trading A/c |
| B. | P u0026 L A/c |
| C. | Consignee A/c |
| D. | Consignor A/c |
| Answer» B. P u0026 L A/c | |
| 8150. |
In case of Reducing BalancenMethod depreciationnis calculated on _____ |
| A. | Original Cost |
| B. | Original Cost – Depreciation |
| C. | Market value |
| D. | W.D.V |
| Answer» E. | |