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.
| 8401. |
By preparing trail balance the errors can be revealed the following |
| A. | Posting an entry twice in the ledger |
| B. | Debit of Rs. 1000 is credited twice |
| C. | Omission of complete entry |
| D. | none |
| Answer» C. Omission of complete entry | |
| 8402. |
Provision for doubtful debts is Rs.1000 u0026 debtors are Rs.90,000 at end of year, provision for doubtful debt 1% required, then thenentry |
| A. | P u0026 L A/cDr900To provision for doubtful debts 900 |
| B. | Provision for doubtful debts 900To P u0026 C A/c900 |
| C. | P u0026 L A/cDr100To RDD A/c100 |
| D. | none of these |
| Answer» B. Provision for doubtful debts 900To P u0026 C A/c900 | |
| 8403. |
If JLP is taken jointly, on death of a partner______ is distributed to partners against JLP |
| A. | Policy amount |
| B. | Surrender value |
| C. | Surrender value for dead partner u0026 policyvalue for other |
| D. | none of these |
| Answer» B. Surrender value | |
| 8404. |
Closing stock increased by 5000, gross profit ratio 10% then what will be the profit |
| A. | Gross profit will be increased by 5000 |
| B. | Gross profit will be decreased by 5000 |
| C. | Increase by 500 |
| D. | decrease by 500 |
| Answer» B. Gross profit will be decreased by 5000 | |
| 8405. |
Hari, Roy and Prasad are sharing in 3:5:1. The Roynretired then his share was taken byPrasad fully, then Hari u0026 Prasad profit sharing ratio is _____ |
| A. | 1 : 2 |
| B. | 2 : 1 |
| C. | 3 : 2 |
| D. | equally |
| Answer» B. 2 : 1 | |
| 8406. |
A company forfeited A’s 1000 shares Rs. 10 each @ 10% discount. But A failed to payfirst call of Rs. 2 and final call of Rs. 4 and all thenshares were re issued for Rs.8 per share as fully paid up. The loss on re issue is ____ to forfeited account will be _____ |
| A. | debited Rs. 1,000 |
| B. | debited Rs. 2,000 |
| C. | credited Rs. 2,000 |
| D. | No affected will be made |
| Answer» B. debited Rs. 2,000 | |
| 8407. |
. Mr. Xnsold goods to Mr. Y ask Mr. X to keep thengoods with him for some time |
| A. | ) symbolic delivery |
| B. | actual delivery |
| C. | constructive delivery |
| D. | none of these |
| Answer» B. actual delivery | |
| 8408. |
In sale by description, subject matter can be in thenform of |
| A. | sample words |
| B. | symbols |
| C. | numbers |
| D. | all of the above |
| Answer» E. | |
| 8409. |
Selection of accounting policies appropriation is not based on |
| A. | prudence |
| B. | amount involved |
| C. | substance over form |
| D. | materiality |
| Answer» C. substance over form | |
| 8410. |
Liability on bills discounted at the time of final accounts is treated as ____ |
| A. | not an liability |
| B. | current liability |
| C. | differed liability |
| D. | contingent liability |
| Answer» E. | |
| 8411. |
Profit or loss on revaluation is shared by old partnersnin _____ ratio |
| A. | old profit sharing ratio |
| B. | new profit sharing ratio |
| C. | sacrificing ratio |
| D. | gaining ratio |
| Answer» B. new profit sharing ratio | |
| 8412. |
If there is no agreement in between the partners for sharing profits u0026 losses then they share profits or losses in the ratio of ____ |
| A. | capital ratio at the beginning |
| B. | equally |
| C. | capital ratio at the ending |
| D. | none of the above |
| Answer» C. capital ratio at the ending | |
| 8413. |
Balance in share forfeiture account is shown under the head of ____ |
| A. | share capital |
| B. | reserves u0026 surplus |
| C. | secured loans |
| D. | current liabilities |
| Answer» B. reserves u0026 surplus | |
| 8414. |
Working capital isn______ |
| A. | Current Assets – Current liabilities |
| B. | Fixed Assets- Current liabilities |
| C. | Fixed Assets – liabilities |
| D. | Fixed Assets – Current Assets |
| Answer» B. Fixed Assets- Current liabilities | |
| 8415. |
. X and Y are partners. Their profit sharing ratio is 5:3. They admitted a partner Z for51th share and contribute equally by the old partners, then new profit sharing ratio is __ |
| A. | 21:11:8 |
| B. | 20:8:9 |
| C. | 22:5:6 |
| D. | 5:3:2 |
| Answer» B. 20:8:9 | |
| 8416. |
Which of the following is a characteristic of a partnership |
| A. | Artificial person |
| B. | Perpetual succession |
| C. | Limited liability of all partners |
| D. | None |
| Answer» E. | |
| 8417. |
Debit the receiver u0026 credit the giver is _____account |
| A. | Personal |
| B. | Real |
| C. | Nominal |
| D. | All the above |
| Answer» B. Real | |
| 8418. |
Prorata basis allotted 5000 shares out of 7500 shares were applied, then 600 shares were applied by a person, how many shares allotted and hownmuch amount adjusted to allotment account. If application money is Rs.2 per share ____, ______ |
| A. | 400 shares 600 |
| B. | ) 200 shares 300/- |
| C. | 200 shares 600 |
| D. | 300 shares 500 |
| Answer» B. ) 200 shares 300/- | |
| 8419. |
Debit the receiver u0026 credit the giver is _____ account |
| A. | Personal |
| B. | Real |
| C. | Nominal |
| D. | All the above |
| Answer» B. Real | |
| 8420. |
Sharing of profits in a partnership firm is |
| A. | Conclusive evidence |
| B. | Not a conclusive evidence |
| C. | must in firms |
| D. | not compulsory |
| Answer» D. not compulsory | |
| 8421. |
Securities premium will be shown in Balance Sheet under the head of ____ |
| A. | Reserves u0026 Surplus |
| B. | Miscellaneous exp |
| C. | Loans u0026 advances |
| D. | None |
| Answer» B. Miscellaneous exp | |
| 8422. |
Which of the following is under implied authority of a partner in a firm |
| A. | submit a dispute of firm to arbitration |
| B. | acquire a immovable property behalf offirm |
| C. | open a bank account on behalf of firm inhis own name |
| D. | participate in the business, decisions |
| Answer» E. | |
| 8423. |
Partnership is dissolved automatically in cases of ____ |
| A. | All partners are insolvent |
| B. | All partners expect one are insolvent |
| C. | The subject matter becomes unlawful |
| D. | In any of the above statements |
| Answer» E. | |
| 8424. |
. A invites B to attend to his son’s Birthday party and arranged everything but B failed then |
| A. | Here there is no contract |
| B. | There is no intention to create relationship |
| C. | both of the above |
| D. | none of the above |
| Answer» C. both of the above | |
| 8425. |
In case of _____ sale, it is subjected to be complete at reserve price |
| A. | Sale of sample |
| B. | Sale of description |
| C. | Sale of auction |
| D. | Reissue of shares |
| Answer» D. Reissue of shares | |
| 8426. |
Future goods are the subject matter of |
| A. | sale |
| B. | agreement to sale |
| C. | neither sale or agreement to sale |
| D. | both sale u0026 agreement to sale |
| Answer» C. neither sale or agreement to sale | |
| 8427. |
Under the Indian contract act 1872, the age of the person to enter into the contract is |
| A. | 21 years |
| B. | 16 years |
| C. | less than one day of 18 years |
| D. | 1 day more than 18 years |
| Answer» E. | |
| 8428. |
Offer can be withdrawn when |
| A. | before the acceptance of offers againstthe oferror |
| B. | after the acceptance of offers against theoferror |
| C. | at any time |
| D. | cannot be withdrawn |
| Answer» B. after the acceptance of offers against theoferror | |
| 8429. |
. Counter offer is a ____ |
| A. | ) change in the original offer |
| B. | rejection of original offer |
| C. | same as original offer |
| D. | not a offer at all |
| Answer» B. rejection of original offer | |
| 8430. |
A sells to B 100 Kg. of wheat on the due date B says to A to keep the wheat for some time.This is a _____ |
| A. | symbolic delivery |
| B. | actual delivery |
| C. | constructive delivery |
| D. | none |
| Answer» B. actual delivery | |
| 8431. |
Partnershipnagreement between persons arise from |
| A. | the states of person |
| B. | operation of law |
| C. | the contract of those person |
| D. | none of these |
| Answer» D. none of these | |
| 8432. |
. A sleeping partner is ____ |
| A. | not take active part in the firm |
| B. | take only salary from the firm |
| C. | not contribute capital to the firm |
| D. | none of these |
| Answer» B. take only salary from the firm | |
| 8433. |
The transactions collateral to illegal agreements is ____ |
| A. | valid |
| B. | ) voidable at the option of plaintiff |
| C. | also illegal u0026 not enforceable by law |
| D. | none of these |
| Answer» D. none of these | |
| 8434. |
A agrees to sell B smuggled goods for Rs. 1000 per unit. The agreement is void due to |
| A. | uncertainty |
| B. | illegality |
| C. | impossibility |
| D. | immortality |
| Answer» C. impossibility | |
| 8435. |
Which of the following will be account in fiduciary position |
| A. | parent and son |
| B. | doctor and patient |
| C. | all of the above |
| D. | none |
| Answer» C. all of the above | |
| 8436. |
An unpaid seller’s right of storage of goods in transit can be excised only the buyer is insolvent |
| A. | ) true |
| B. | partly true |
| C. | false |
| D. | none |
| Answer» B. partly true | |
| 8437. |
Rosa paid Rs.1,200 on 1-7-09 towards yearly subscription (July 1, 2009 to June 30, 2010) of a newspaper. It means she has to make adjustment of _____ expenses for finalisation of a/cnfor the year ended 31-3-10 |
| A. | Rs.300 as prepaid |
| B. | Rs.300 as outstanding |
| C. | Rs.200 as prepaid |
| D. | Rs.200 as outstanding |
| Answer» B. Rs.300 as outstanding | |
| 8438. |
. At the end of financial year, accounts receivable has a balance of Rs.1 lakh u0026 provision for bad u0026 doubtful debts provided amounting to Rs.7,000. The expected of net realisable value of A/c receivable is Rs.____ |
| A. | 7,000 |
| B. | 1,07,000 |
| C. | 93,000 |
| D. | 1,00,000 |
| Answer» D. 1,00,000 | |
| 8439. |
. Reserve price is considered in ____ |
| A. | sale by sample |
| B. | sale by description |
| C. | sale by auction |
| D. | all of the above |
| Answer» D. all of the above | |
| 8440. |
Prima facie risk passes with _____ |
| A. | property of ownership |
| B. | computed agreement |
| C. | verification u0026 delivery of goods |
| D. | payment of price |
| Answer» B. computed agreement | |
| 8441. |
. An amount of Rs. 8765 paid to M was debited to N |
| A. | increase in net profit |
| B. | Decrease in net profit |
| C. | increase in asset |
| D. | no effect on net profit |
| Answer» E. | |
| 8442. |
Cost of goods sold Rs.10,000, Opening stock Rs.2,000 and Closing stock Rs. 3,000. Findthe amount of purchases _____ |
| A. | Rs.10,000 |
| B. | Rs.11,000 |
| C. | Rs.15,000 |
| D. | Rs.9,000 |
| Answer» C. Rs.15,000 | |
| 8443. |
. A draws a bill on B. B did not accept the same. Which of the following Journal entries in thenbooks of A |
| A. | B A/cDrTo B A/cTo B/P A/c |
| B. | B/RA/cDrTo B A/c |
| C. | B A/cDrTo B/R A/c |
| D. | ) No entry is passed |
| Answer» E. | |
| 8444. |
A owned Rs. 25,000 to B. A is insolvent. B got A’s computer valuing Rs. 11,500 in full settlement.Pass the Journal entry in the books of B. |
| A. | Purchases a/c Dr 11,500To A a/c11,500 |
| B. | Computer a/cDr11,500Bad debts a/cDr.13,500To A a/c25,000 |
| C. | Computer a/cDr25,000To A a/c25,000 |
| D. | Computer A/cDr11,500To A a/c11,500 |
| Answer» C. Computer a/cDr25,000To A a/c25,000 | |
| 8445. |
A company forfeited 2000 shares of Rs. 10 each held by Mr. John for non payment ofallotment money of Rs. 4 per share. The called up value per share was Rs. 9 onforfeiture. The amount debited to share capital will be Rs._____ |
| A. | 10,000 |
| B. | 8,000 |
| C. | 2,000 |
| D. | 18,000 |
| Answer» E. | |
| 8446. |
On 31-3-09 the balance of the cash book is Rs. 7074 (credit) and balance as per bankstatement is Rs. 3159 (debit). On scrutiny it was found that the difference was due tocheque issued but not yet presented for payment.nThe bank balance as on 31-3-09 |
| A. | as bank overdraft Rs. 3159 |
| B. | as cash at bank Rs. 7074 |
| C. | as bank overdraft Rs. 7074 |
| D. | as cash at bank Rs. 3159 |
| Answer» B. as cash at bank Rs. 7074 | |
| 8447. |
. A purchased a computer on 1-4-06 for Rs.60,000nand another on 1-10-07 for Rs.40, 000. He charged depreciation @ 20% p.a under straight line method. What will be thebalance as on 31-03-09 |
| A. | Rs.40,000 |
| B. | Rs.64,000 |
| C. | Rs.52,000 |
| D. | Rs.48,000 |
| Answer» D. Rs.48,000 | |
| 8448. |
A sold goods to B on credit for Rs. 10,000 but debited to C instead of B. What will beeffected |
| A. | trail balance |
| B. | individual account |
| C. | balance sheet |
| D. | total debtors |
| Answer» C. balance sheet | |
| 8449. |
Purchased the asset for Rs. 2,00,000 with available discount 20% then what amount should be credited to debentures A/c, when the purchase consideration is discharged by the issue of debentures. |
| A. | ) Rs.2,00,000 |
| B. | Rs.1,80,000 |
| C. | Rs. 1,60,000 |
| D. | Rs.2,40,000 |
| Answer» D. Rs.2,40,000 | |
| 8450. |
The buyer refused to take delivery and the seller refused to take return then the goods are |
| A. | Deemed to be in transit |
| B. | Not deemed to be in transit |
| C. | both |
| D. | none of these |
| Answer» B. Not deemed to be in transit | |