The investment of Rs. 10,000 made by the owner in
business will have an effecton which of the followingaccounts?
Cash Account & Capital Account
Cash Account & Capital Account
Cash Account & Expense Account
Capital Account & Revenue Account
Capital Account & Expense Account
The term "Debit" is drived from ------language.
latIN
latIN
English
A book that keeps separate record for each account is
knownas:
Trial Balance
voucher
general journal
general ledger
Which of the following businesses have unlimited
liability?I) Sole Proprietorship II) Partnership III) Joint Stock Company
I and III
II and III
I and II
I, II, and III
Fixed Asset (WDV) + workingcapital =?
Total assets Employed
Total liabilities
TOTAL assets
current assets
Cost of goods manufactured + openingfinished goods –
ending finished goods =?
Total factory cost
Total factory cost
Cost of goods sold
prime cost
conversion cost
A Debtor Control Account is a part of
Double Entry book keeping system
Single entry book keeping system
A voucher which is used to record a payment of cash orcheque:
Cash Payment Voucher
ABC co. has a capital of Rs. 100,000, Long Term
LiabilitiesRs. 50,000, net profit during the year Rs. 15,000 and the amount of
totalassetsis Rs 175,000. What will be the amount of Current Liabilities?
Rs. 20,000
Rs. 150,000
Rs. 10,00
Rs.25000
The third party who owes money to the business iscalled:
Debtor
Creditor
stock holder
stack holder
Bad debts written off (given in adjustment) always affect
the
Debtors account
Debtors account
Creditors account
cash account
In cost of goods sold statement, the ‘cost of
materialconsumed’ is equal to:
Opening raw material inventory + Purchases – Ending
rawmaterial inventory
Opening raw material inventory - Purchases + Ending raw
materialinventory
Ending raw material inventory + Opening raw
materialinventory - Purchases
Ending raw material inventory + Opening raw
materialinventory + Purchases
Which of the following is/are the example/s of
IntangibleAsset?
Copy rights
Good will
Patent rights
All of the given options
Which of the following is (are) item (s) of cost of goods
soldstatement?
Purchase of raw material
Any tax/freight paid on purchases
Any expense incurred on carriage/transportation of
rawmaterial purchased items
All of the given options
What will be debited, if business bought goods on
creditfrom Mr. Ali?
Purchases account
Mr. Ali account
Cash account
Sales account
Expense incurred for operating activities of the business
in providing goods andservices is known as:
revenue expense
capital expense
revenue expense
capital expense
deferred expense
preliminary expense
Upon checking the Bank Statement against the Cash Book,
anamount of Rs.120 for dividends from SIA had not been entered in the Cash
Book.Which of the following entries should be recorded to rectify themistake?
Dr. Bank Account and Cr. DividendsAccount
Dr. SIA Account and Cr. Bank Account
Dr. Dividends Account and Cr. Bank Account
Dr. Bank Account and Cr. SIA Account
A receipt is capital receipt because
It is related to normal reasons
the amount is heavy
it is credited to capital account
it is related to fixed assets
A company uses straight line method of depreciation for
anitem of equipment that cost Rs. 28,000, has salvage value of Rs. 3,000, and
hasa five year useful life. What will be the book value of asset at the end
ofthird year?
Rs. 15,000
Rs. 10,000
Rs. 18,000
Rs. 13,000
Bank Reconciliation Statement is:
A memorandum statement
A ledger account
A part of cash book
A part of journal
Comments
Post a Comment
Please give us your feedback & help us to improve this site.