Search This Blog

Wednesday, March 14, 2012

Accounting Quiz - 1

1. Under Hybrid system of accounting for revenues and expenses, the
[A]Accrual basis for revenues and cash basis for expenses is used
[B]Accrual basis for expenses and cash basis for revenues is used
[C]Accrual basis is used both for revenues and expenses
[D]Cash basis is used for both revenues and expenses



2. If a concern proposes to discontinue its business from March 2004 and decides to dispose off all its assets within a period of 4 months, the Balance Sheet as on March 31, 2004 should indicate the assets at their
[A]Historical cost
[B]Net realizable value
[C]Cost less depreciation
[D]Cost price or market value, whichever is lower



3. Which of the following is not a use of fund?
[A]Acquiring assets
[B]Incurring expenses
[C]Incurring losses
[D]Incurring liabilities



4. Which of the following statements is true?
[A]Capital of a firm is reduced by the outside borrowings
[B]When there is no change in proprietor’s capital account, it is an indication of loss in the business
[C]Nominal account refers to the tangible transactions
[D]Real accounts relate to the assets of a business



5. Which of the following statements is false?
[A]The convention of disclosure implies that all material information should be disclosed in the accounts
[B]The losses from the sale of capital assets need not be deducted from the revenue to ascertain the net income
[C]In recognition of the principle of materiality, unimportant items are either omitted or merged with other items
[D]The convention of consistency facilitates, the comparison of the results of one accounting period with that of the other



6. The impact of prior period items is required to be shown as
[A]Retained profits
[B]Gross profits
[C]Previous year profits
[D]Notes to accounts



7. Consider the following data pertaining to ABC Ltd. for the year 2010-2011:
Opening balance of creditors Rs. 80,000
Closing balance of creditors Rs. 90,000
Total purchases during the year Rs.2,50,000
If the creditors were paid to the tune of Rs.1,80,000 and discount received was Rs.8,000, the credit purchases during the year 2010-2011 are
[A]Rs.2,50,000
[B]Rs.1,98,000
[C]Rs.1,88,000
[D]Rs.1,70,000



8. Consider the following information of Hyder Ltd. of Hyderabad for the year 2010-2011:
Credit purchases during the year Rs. 9,25,000
Payment made to creditors during the year Rs.10,00,000
Closing balance of sundry creditors account Rs. 40,000
Discount received Rs. 10,000
The opening balance of sundry creditors account was
[A]Rs.25,000
[B]Rs.45,000
[C]Rs.75,000
[D]Rs.1,25,000



9. Consider the following data pertaining to Sun Ltd. for the month of December 2011:
Purchase of goods for resale Rs. 2,10,000
Freight in Rs. 30,000
Freight out Rs. 25,000
Returns outward Rs. 22,000
Cost of goods available for sale is
[A]Rs.1,88,000
[B]Rs.2,10,000
[C]Rs.2,18,000
[D]Rs.2,35,000



10. How does a mistake of overcasting of purchases day book affect the cost of sales and the profit?
[A]Cost of sales is decreased and net profit is increased
[B]Cost of sales is increased and net profit is not affected
[C]Both cost of sales and gross profit are increased
[D]Cost of sales is increased and gross profit is decreased



11. Which one of the following is a wrong entry in listing out the under mentioned accounts in the Trial Balance of a business?
[A]Plant & machinery - debit column
[B]Discount received - credit column
[C]Sales - credit column
[D]Carriage outward - credit column



12. As on March 31, 2004, the overdraft balance of Mr.X as per bank pass book is Rs.20,000. The pass book balance did not agree with the balance as per cash book. On scrutiny, the following omissions and commissions were noticed:
• A cheque for Rs.4,000 issued to Mr.Y has not been presented for payment till date
• Mr.Z, a tenant, directly deposited into the bank account an amount of Rs.10,000 towards rent and the same is not accounted in the cash book.
• A cheque for Rs.15,000 deposited in the bank is not yet realised
• The interest on debentures for this year, directly collected by the bank, amounted to Rs.10,000.
The bank balance as per cash book is
[A]Debit balance of Rs.23,500
[B]Credit balance of Rs.29,000
[C]Credit balance of Rs.16,500
[D]Debit balance of Rs.5,500



13. The withdrawal of cash from the bank will figure in both the bank and the cash columns of a three column cash book. Such entries are called
[A]Contra entries
[B]Continuous entries
[C]Credit entries
[D]Contingent entries



14. The following errors were made by the accountant of a company while preparing the profit and loss account for the year 2003–2004:
Salaries were overstated by Rs.15,000
Repairs were understated by Rs. 7,000
Income from investments was understated by Rs. 7,000
The impact of the errors on the net profit for the year was
[A]Rs.22,000 (overstated)
[B]Rs.22,000 (understated)
[C]Rs.15,000 (understated)
[D]Rs.7,000 (understated)



15. What is the net effect of the under mentioned errors on the trial balance of a firm?
I. Total of sales was taken as Rs.58,726 instead of Rs.58,762.
II. A discount of Rs.52 allowed to Mr.X was not posted in the discount account.
III. Sale of old furniture of Rs.130 was credited to Machinery account.
IV. A credit sale of Rs.250 to Mr.S was posted twice in his account.
[A]Credit total of trial balance will be more than that of debit total by Rs.234
[B]Debit total of trial balance will be more than that of credit total by Rs.234
[C]Credit total of trial balance will be more than that of debit total by Rs.104
[D]Debit total of trial balance will be more than that of credit total by Rs.264



0 comments:

Labels

#AhilyaBaiHolkarJayanti #Current Affairs #FamousPersons #GeneralKnowledge #GK #GS #Hindi #HinduSamrajyaDiwas #Ling #Management #ShivajiMaharaj 2012 2012 GK 2013 Current Affairs 2013 Daily Logo Quiz 2013 General Knowledge 2013 Logo Game Quiz 2014AugustCA 2014AugustGK 2014AugustGS 2014AugustIPC 2014CA 2014DecemberCA 2014DecemberGK 2014DecemberGS 2014DecemberIPC 2014JulyCA 2014JulyGK 2014JulyGS 2014JulyIPC 2014JuneCA 2014JuneGK 2014JuneGS 2014JuneIPC 2014MayCA 2014MayGK 2014MayGS 2014MayIPC 2014NovemberCA 2014NovemberGK 2014NovemberGS 2014NovemberIPC 2014OctoberCA 2014OctoberGK 2014OctoberGS 2014OctoberIPC 2014SeptemberCA 2014SeptemberGK 2014SeptemberGS 2014SeptemberIPC 2015GK 2015GScience 2015IndianPolity 2017 Current Affairs 2017August 2017December 2017November 2017October 2017September 2018 Current Affairs 2018FebruaryCA 2018JanuaryCA 2019GK 2020 Current Affairs 2020AugustCA 2020DecCA 2020GeneralScience 2020GK 2020JulyCA 2020JuneCA 2020MayCA 2020NovCA 2020OctCA 2020SepCA 2020SepGK 2021 April GK 2021 Current Affairs 2021 Feb GK 2021 January GK 2021 March GK 26 January A.R.M.Y. Accounting Adjectives Allahabad AllahabadQuiz Ancient History Angular Framework AngularJS April 2012 April 2013 Current Affairs April 2013 GK April 2013 Vocabulary Quiz April 2014 Aptitude Articles Assam August 2012 August2020 Authors Auto Quiz Automobile Quiz Automotive Quiz B School Banaras Bangalore Quiz Bangtan Sonyeondan Bank Exam Entrance Bank PO Exam Banking Banking Clerical Preparation Banking GK Banking Terminology BAT BCA Benares Benares Quiz Bengaluru Bharat Bollywood Quiz BollywoodPersons Books Boudh Festival Britain BTS Buddhism Festivals Bulletproof Boy Scouts Business Communication Business Current Affairs 2012 Business Ethics Business Law Business Management Business Quiz Business School Interview Business World C Programming Capital Market CAT Celebrity Quiz Christmas Quiz Cities of India City Quiz Civil Service Exams Class12English Class2Computer Class2English Class2GA Class2Maths Class3English Class3GA Class3GK Class3Maths Class4English Class7 Class7English Class8Science Class9English Cloud Computing CMMI-DEV Commodity and Derivatives Commodity Market Quiz Compensation and Benefits Compensation Management Computer Quiz Computers Conjunctive Adverbs Corporate Laws Countries Country Quiz Current Affairs Cyber Security Daily Quote Data Mining Data Science Database Management System DataBase Quiz DBMS DBMS True False Questions December 2012 Current Affairs December 2012 GK December 2013 Deepawali Delhi Delhi Quiz Demonetization Dev Anand Quiz Dev Sahab Dilli Diwali Diwali Quiz Dus ka Dum Eco Quiz Economics Economics MCQ Economics Multiple Choice Economics True False Quiz Email Etiquette English Environment Estimation Models EVS Facts about Allahabad Facts about Bangalore Facts about Delhi Facts about Dev Anand Facts about India Facts about Mahatma Gandhi Facts about Patna Facts about Rabindranath Tagore Facts about Varanasi FamousAuthors FamousBooks February 2012 February 2013 Current Affairs February 2013 GK February 2014 Festival Quiz Festivals of India FestivalWishes Filmy Quiz Finance Finance MCQ Finance Multiple Choice Finance Objective Questions Finance Quiz Finance True False Financial Accounting Financial Institutions Financial Management Firewalls Fun Quiz FunTrivia Gautam Buddha Gender General Knowledge GeneralAwareness Geography Gerunds Ghrisneshwar Jyotirling Temple GK GK Quiz GK2016 GKToday GMAT Grammar GRE English GurPurab Gurudev Rabindranath Tagore GuruPurnima Gyan Guru HarryPotter HCM Helping Verbs Hindi Cinema Hindi Movies Quiz Hindi Synonyms Class 4 Hindi4 Hindu Festivals Hindu Gods Hindustan History Holi Quiz Holika Dahan HR HRD HRM Quiz Human Capital Management Human Resource Human Resource Management Quiz IAS IEO3English IEO4English IIFT IIM Interview IMO3Maths IMO4Maths IndependenceDay. SwatantraDiwas India Quiz Indian Budget Indian Cinema Indian Festivals Indian Polity and Constitution Information Technology International Days International Economics International Finance International Marketing Introduction to Management ISB Interview IT IT Aptitude Jain Festivals Janmashtmi January 2012 January 2013 Current Affairs January 2013 GK January 2014 Java Java Interview Questions Java MCQ Java Multiple Choice Java Programming July 2012 July 2013 Current Affairs July 2013 GK July 2013 Vocabulary Quiz July2020 June 2012 June 2013 GK June 2013 Vocabulary Quiz Jyotirling Kashi Vishwanath Mandir KBC KBC Questions Kedarnath Temple Know Allahabad Know Bangalore Know Delhi Know Patna Law MCQ Law Quiz Learn English LLB Quiz Logical Reasoning Logo Quiz Lohri Lord Buddha Macro Economics Mahatma Gandhi Quiz Maintenance Management MakarSankranti Mallikarjuna Jyotirlinga temple Management Management Accounting Management MCQ Management Quiz Managerial Economics Managerial Effectiveness Manipur MarathaKing March 2012 March 2013 Current Affairs March 2013 GK March 2013 Vocabulary Quiz March 2014 Mark II Function Point Analysis Marketing Marketing Management Quiz MAT MataVaishnoDevi Material Management Material Requirement Planning Materials Management May 2012 May 2013 Current Affairs May 2013 GK May 2013 Vocabulary Quiz May 2014 MBA MBA Entrance MBA IT MCA Medieval History Meghalaya Mental Ability Micro Economics Mizoram MM Modern History Monuments of India Multiple Choice Questions MyGov Quiz Nagaland National Days National Education Policy National Girl Child Day NCERT6Maths NCERT7Geog NCERT7Hindi NCERT7Maths NCERTGeography NCFM NEP2020 New Delhi Nouns November 2012 November 2012 GK November 2013 Numerical Ability OB OB Quiz October 2012 October 2012 GK Olympics Omkareshwar Jyotirlinga Temple Online Quiz Contest Operations Operations Management Organisation Behavior Organisation Behaviour Organizational Behaviour PADMAN Patliputra Patna Patna Quiz PCS Personality Quiz Personnel Administration Personnel Management Quiz PGCPM PGDBA PGDCA PGDIT Placement Papers of IT Companies PMP PMP Certification PMP Questions Portfolio Management Possessive Nouns Pratiyogita Darpan Prayag Production and Operation Management Programming Languages Project Management Project Management MCQ QMBlog QT Quant Quantitative Aptitude Quantitative Technique Quotations Rabindranath Tagore Quiz Rashtriya Ekta Divas RDBMS Republic Day Samanya Gyan Sangam Santa Claus SAP HANA SAT Satyamev Jayate Science Security Analysis September 2012 September 2012 GK Shree Mahakaleshwar Temple Shree Siddhivinayak Ganapati Temple Shree Somnath Temple Siddhartha SNAP Software Testing Spellings Sports SportsPersons Sri Ramanathaswamy Temple SSO StatesOfIndia Static GK Strategic Finance Strategic Management Strategy Strategy True False SundayFun Swami Vivekanand Swami Vivekananda Quiz Synonyms Systems Quiz Taiwan National Day Tata Crucible Teasers Teej Temples Temples of India Time and Calendar TOEFL Trimbakeshwar Jyotirlinga Temple Tripura TV Show UK Quiz United Kingdom Vaidyanatha Jyotirlinga temple Varanasi Verbal Ability Vocab Vocabulary World Heart Day World Mental Health Day World Teachers Day World Tourism Day XLRI Interview