My today Quiz25/2/2014
If debit side of a ledger is greater than credit side, the
balance will be called as:
debit
Which of the following are recorded in Cash Book?
Receipts and payments
What are the effects on financial statements, if provision
for Income Tax to be made Rs. 12,000 is given in adjustment?
Both it will be deducted in income statement and it will be
treated as current liability in balance sheet
Which of the following is NOT correct?
Decrease in Revenue will be credit
The Purchases account and Sales account should include:
Both cash and credit sales and cash and credit purchases of
merchandise
"distribution of dividend" is the concept applied
in which the following organization:
commerical organization
A balance of pass book written in brackets ( ) by the bank
is known as:
Unfavorable balance for customer
If Salaries Rs. 12, 000, Rent Rs. 5,000, Gross profit Rs.
58,000 and Discount received Rs. 10, 000. What will be the amount of Net
Profit?
51000
Budget is another name of __________ in Accounting.
Statement of Cash Flow
Guest Strategy
Financial Forecast
Which of the following is shown on debit side of creditors
control account?
Bills receivable
Credit purchases
Discount received
Returns inward
At the end of accounting period a list of all ledger
balances is prepared. This list is called
trial balance
Cheques deposited but not yet credited by the bank in the
Pass Book. What would be the effect of this transaction on Cash and Pass book
balances? I- Cash book shows – more balance II- Cash book shows – less balance
III- Pass book shows – less balance IV- Pass book shows – more balance
I & II
II & III
I & IV
I & III
If cost of sales is Rs. 95,000, income from sales Rs.
200,000 and operating expenses Rs. 300,000. What will be net result?
Rs. 1, 95,000 Losses
Franchise rights, goodwill and patents are the examples of:
Intangible assets
Profit can be distributed from which of the following
account:
share capital account
share premium account
profit and loss account
revaluation reserves account
A company uses straight line method of depreciation for an
item of equipment that cost Rs. 28,000, has salvage value of Rs. 3,000, and has
a five year useful life. What will be the book value of asset at the end of
third year?
Rs. 13,000
After the expiry of useful life of fixed asset the process
of selling that asset is called as ____________
Salvage Value of Fixed Asset
Disposal of Fixed Asset
Useful life of Fixed Asset
Dividend declared is treated in the Balance Sheet of the
company as a:
Provision
Current liability
Reserves and surplus
Current assets
In which of the following all vouchers are first recorded__
General Journal
Which of the following is not a cash outflow for the
organization?
depreciation
dividends
interest payments
taxes
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