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Questions in this quiz (39)
1Cash is an example of
- APersonal Account
- BReal Account
- CNominal Account
- Dboth personal and real account
2All indirect expenses are charged against
- ATrading Account
- BProfit and Loss Account
- CManufacturing Account
- DNone of the above
3The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The depreciation amount under Straight Line Method is
- ARs.57,000
- BRs.59,500
- CRs.54,500
- DRs.50,000
4The account which can never have a credit balance is
- ABank
- BCash
- CDebtor
- DCreditor
5Cash payments are recorded on the _______________ of the Cash Book.
- ADebit side
- BCredit side
- CBoth sides
- DAny one side
6Which of the following equation(s) is(are) true
- AAssets = Liabilities + Capital
- BAssets - Capital = Liabilities
- Cboth Assets = Liabilities + Capital&Assets - Capital = Liabilities
- Dnone of the above
7WDV stands for
- AWritten Down Valuation
- BWrite Down Value
- CWritten Down Value
- DWriting Down Value
8Which of the following is not a current assets?
- AAccounts receivable
- BInventory of finished products
- CInventory of raw materials
- DLand
9Margin of safety is equal to
- AActual sales – Sales at Breakeven point
- BActual sales + Sales at Breakeven point
- CActual sales x Sales at Breakeven point
- DActual sales / Sales at Breakeven point
10Which of the following are advantages of marginal costing?
- ASimplified Overhead Treatment
- BAid to profit planning
- CPricing Decisions
- DAll
11At breakeven point
- ATotal expenses = Total revenue
- BTotal expenses > Total revenue
- CTotal expenses < Total revenue
12What is nature of following transaction:
Replacement of wooden platform for machinery with a concrete one.- ARevenue
- BCapital
- CDeferred Revenue
13What is nature of following transaction:
Cost of transferring stock from one factory to another one where there is shortage.- ARevenue
- BCapital
- CDeferred Revenue
14Petty cash book classified in how many categories
- AOne
- BTwo
- CThree
- DFour
15What is Rule 3 of Double Entry System
- ADebit What Comes in and Credit What Goes out
- BDebit all expenses or losses and Credit the giver
- CDebit all expenses or losses and Credit all income or gains
- DDebit the receiver and Credit the giver
16Adjustment entries recorded in which book:
- AJournal
- BPurchase Book
- CJournal Proper
- DCash book
17What is nature of Goods given as free samples
- AAdministrative Expenses
- BFinancial Expenses
- CSelling & Distribution Expenses
- DNon - operating expenses
18The cost which remains constant up to a certain level and registers change afterwards.
- AFixed Cost
- BVariable Cost
- CSemi – variable Cost
- DIndirect cost
19Which financial statement is used to show what the firm owns?
- Aincome statement
- Bbalance sheet
- Cstatement of retained earnings
- Dcash flow statement
20All credit sales are recorded in
- ASales Day Book
- BSales Credit Book
- CSales Day Account
- DSales Day Register
21The short description of a transaction written at the end of a journal entry is known as ?
- ASummary
- BNarration
- CMemo
- DInfo
22In Which order does the journal or account book list transactions?
- Aalphabetical
- Bdecreasing
- Cincreasing
- Dchronological
23Market value of machine is Rs. 100000 and original cost is Rs. 70000. On what value will you record machine as per cost concept?
- ARs. 70000
- BRs. 100000
- CAverage of market value and original cost
- DCost or market value which is less
24According to accrual concept of accounting, financial or business transaction is recorded:
- Awhen cash is received or paid
- Bwhen transaction occurs
- Cwhen profit is computed
- Dwhen balance sheet is prepared
25Fixed assets are held by business for _____
- AConverting into cash காசாக மாற்றும்போது
- BGenerating revenue வருவாயை உருவாக்குகிறது
- CResale மறுவிற்பனை
- DNone of the above
26Which of the following is not a Real Account?
- ACash A/c
- BInvestments A/c
- COutstanding rent A/c
- DPurchases A/c
27Which of these items would be accounted for as an expense?
- ARepayment of a bank loan.
- BDividends to stockholders. பங்குதாரர்களுக்கான லாபங்கள்.
- CThe purchase of land.
- DPayment of the current period's rent.
28The debts, which are to be repaid within a short period (year or less) are known as
- ACurrent liabilities தற்போதைய கடன்கள்
- BFixed liabilities
- CContingent liabilities
- DAll of the above
29Which one of the following is a bearer cheque
bearer a person or thing that carries or holds something.- AUsed for depositing money into the bank
- BImmediate cash payment at the bank counter
- CBear two parallel transverse lines
- DBearing words A/c Payee
30The Cost price of a machine is Rs. 120000 and the depreciated value is Rs. 66000 after three years. If the company charges depreciation as per SLM, what is the rate of depreciation?
- A25%
- B20%
- C18%
- D15%
31If total cost of 100 units is Rs 5000 and those of 101 units is Rs 5030 then increase of Rs 30 in total cost is
- AMarginal cost
- BPrime cost
- CAll variable overheads
- DNone of the above
32The problems associated with marginal costing are
- ADifficulties in divisions of costs
- BProblem of valuation of stocks
- CIgnores time elements
- DAll of the above
33Working Capital is calculated as ____________
- ACurrent Liabilities+ Current Assets
- BCurrent Assets – Current Liabilities
- CEquity Capital + Debt Capital
- DNone of the above
34Which depreciation method is suitable for assets having fixed life?
- Aa. SLM (Straight Line Method)
- Bb. WDV (Written Down Value Method)
- Cc. Neither of the above.
- Dd. Any of the above
3519.What is a Contra Entry ?
- ANever appears in the Cash Book
- BAlways appears in the Cash Book
- CAppears on both sides of the cash book
36Contribution is the difference between
- ASales and Total Cost
- BVariable cost and Fixed Cost
- CSales and Marginal cost
37Operating expenses does not include which of the following?
- AOffice Salaries
- BRoyalties on Sale
- CBank charges
- DLoss of stock due to fire
38Freehold property is a _________________ account.
- AReal Account
- BPersonal Account
- CNominal Account
39Balance sheet is a statement which discloses an organization’s
- Aa. assets
- Bb. liabilities
- Cc. owner’s equity
- Dd. all of these
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- Description
- A Quiz on acnt, created by don sa on 10/09/2018.
- Author
- don sa
- Language
- English
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