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Q.2 Omission of paise and showing the round figures in financial statements is based on
Conservatism concept
Consistency concept
Materiality concept
Realisation concept
Accrual concept
Cost concept
Continuity concept
Going concern
Consistency
Conservatism
Accrual
Q.5 What is the Rectification Entry when Sale of Machinery recorded in the Sales Book is rectified after Final Account ?
Contingent Liability
Contingent Asset
Current Liability
Current Asset
Q.7 When the total of trial balance is not reconciled, the account opened at this juncture is:
Trading Account
Suspense Account
None of these
Q.8 Which type of error occurs when credit sales is wrongly recorded in Purchase Day Book:
Error of Omission
Error of Commission
Compensatory Error
Error of Principle
Q.10 Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation,
is termed as ________
Provision
Liability
Contingent liability
It is purchased
It is put to use
It is installed
Any of above
q13. The adjustments to be made for prepaid expenses is:
None of these
Q.15 Cost of goods sold is equal to:
Opening stock plus total purchases minus Closing Stock + Direct Costs
Q.16 What should be the treatment, when the due date falls on a Sudden holiday ?
Q.17 In case of del-credere commission provided by consignor to consignee, bad debts is a loss of __________________
Consignee
Consignor
Raw Materials
Work in Progress
Finished Goods
Value not recovered from the Insurance Co. is shown on the credit side
Value re recovered from the Insurance Co. is shown on the credit side
No Entry
Q.22 In arriving at adjusted cash balance which of the following is not taken into account:
All of these
Interest on Investment collected by Bankers on 30th Nov. Rs.955, entered in Cash Book on 4th Dec.
Cheque deposited for collection on 30th Nov. but returned dishonoured on 6th Dec. of Rs.945
Bankers have made mistake in balancing by showing overdrawn balance in excess by Rs.1,000 on 30th Nov., Which was
rectified in Bank Pass Book on 7th Dec. when notified.
In the above case, the balance in the Cash Book on 30th Nov is 1. Rs.11,080 (Debit)
2. Rs.11,080 (Credit)
3. Rs.9,100 (Debit)
4. Rs.9,010 (Credit)
Q.24 Proprietor (owner) is treated as creditor of business due to :
Periodicity concept
Materiality Principle
Entity Concept
Consistency concept
Q.25 What is the Journal Entry for Depreciation when Provision for Depreciation exits ?
Separate entity
Going concern
Consistency
Time period
Q.27 AS 2 is on:
Valuation of Inventories
Revenue Recognition
Depreciation Accounting
Q.28 Ledger is also called -
Principal Book
Subsidiary Book
Day Book
Proper Book
Income Statement
Balance Sheet
Q.30 The beginning stock of the current year is overstated by Rs. 500 and closing stock is overstated by Rs. 1,200. The
Profit of the current Year will be :
Land
Goodwill
Machinery
Coal mines
Q.32 Scrap value of an asset means the amount that it can fetch on sale at the _______ of its useful life:
Beginning
End
Middle
None
Q.33 Amount realized from the sale of securities (Investments) purchased earlier is an example of
Revenue Expenditure
Capital Receipt
Capital Expenditure
Understatement of Performance
Overstatement of Performance
Debtor
Bill Receivable
Endorsee
Payee
Q.36 What should be the treatment, when the due date is a public holiday ?
Q.37 In a Joint venture between A &B, A spent Rs.2,000 on freight Rs.1,000 as godown rent, & also raised a loan from
bank
of Rs.50,000 at 18 % p.a . Repayable after 1 month. B spent Rs.5,000 as selling expenses & he also raised a loan from
bank of Rs.1,50,000 at 18% repayable after 2 months. The total expenses of Joint Venture will be
will be
Rs.8,000
Rs.8,250
Rs.5,250
Rs.13,250
Q.38 A consignee sold goods costing Rs.50,000 at a profit of Rs.10,000. Out of total sales 30% was credit sale. As per
the agreement the consignee will get 5% ordinary commission, 2% del-credere commission on credit sales & 3% overriding commission on amount in excess of cost price. The amount of commission will be.
Rs. 3,660
Rs.3,840
Rs.4,500
Rs.3,100
Q.39 Goods costing Rs.1,20,000 were sent on consignment basis. These goods are invoiced to give a gross margin of
20% on invoice price . The amount of loading is :
Rs.24,000
Rs.30,000
Rs.20,000
Q.40 X of Kolkata sends out goods costing Rs.1,00,000 to Y of Delhi. 3/5th of the goods were sold by consignee for
Rs.70,000. Commission 2% on sales plus 10% of gross sales less all commission exceeds cost price. The amount of
Commission will be:
Rs.2833
Rs.2900
Rs.3000
Rs.2181
Q.41 Journal Proper is called -
Principal Book
Subsidiary Book
Day Book
Proper Book
Q.42 If average stock is Rs. 20,000. Closing stock is Rs. 4,000 more than value of opening stock. Closing stock will be:
Rs. 16,000
Rs. 18,000
Rs. 20,000
Rs. 22,000
Q.43 What is the amount of purchase when opening stock = Rs.3,500 Closing Stock = Rs.1,500, Cost of goods sold =
Rs.22,000.
Rs.20,000
Rs.24,000
Rs.27,000
Rs.17,000
Q.44 The purpose of accommodation bill is:
Ordinary commission
Special commission
q46 Fluctuating Capital Account is credited with:
Interest on Capital
All of these
Q.47 JLP of the partner is a / an ___________ account:
Nominal
Personal
Representative Personal
Asset
Q.48 Brokerage on the issue of shares and debentures is a _____________ expenditure:
Revenue
Capital
Deferred Revenue
Q.49 Security premium is shown under which head in the Balance Sheet.
Current Liabilities
Miscellaneous Expenditure
None of these
q 50. Discount on issue of debentures is a ___________