Normally single entry book keeping is followed by the:
Small businesses only
Governments only
Large scale businesses only
Both
Small businesses and Governments
The proper classification of Suppliers account is:
Assets
Expenses
Revenues
Liabilities
Depreciation is mainly a process of _______________.
Allocation
Valuation
Calculation
None of the above
An accounting system in which risk of fraud or its non
discovery is less is known as:
Double
Entry Accounting system
Single Entry Accounting system
Cash System of Accounting
Accrual Accounting system
Consider the following data: Particulars Rs. Assets
99,500 Owner's equity 50,500 Liabilities ?
Rs.
49,000
Rs. 55,000
Rs. 125,000
Rs. 115,700
Which one of the following is INCORRECT about closing
Stock?
It is added into current assets
It
is deducted from Material available for use
It becomes opening stock of next year
It reduces the resources of business
Carriage outward and advertising expenses are known as:
Administrative Expenses
Financial Expenses
Selling
Expenses
Cost of Goods Sold
In which of the following all vouchers are first
recorded___________.
General
Journal
General Ledger
Balance Sheet
Trial Balance
In which depreciation method Depreciation remains
constant?
Reducing balance method
Units of Production
Straight
Line method
None of the given options
Any expense that becomes a source of income generation
for a long time period is called __________
Capital
Expense
Revenue Expense
Revenue Receipt
Capital Receipt
Find out the missing value of an Accounting Equation with
the help of given data: Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs.
1,000 Owner’s equity Rs. 1, 000 Liabilities ?
Rs. 12,000
Rs. 11,000
Rs.
110,000
Rs. 111,000
Budget is a plan of income, expenses & other financial
operations for:
Current period
Future
period
Past period
None of the given options
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. 15,000
Rs. 10,000
Rs. 18,000
Rs.
13,000
The investment of Rs. 10,000 made by the owner in
business will have an effect on which of the following accounts?
Cash
Account & Capital Account
Cash Account & Expense Account
Capital Account & Revenue Account
Capital Account & Expense Account
Find out the Owner's equitt,apart of an Accounting
Equation with the help of given data: Cash Rs. 22,500 Debtors Rs. 50,000 Total
assets Rs. missing Accounts payable Rs. 30,000 Total liabilities+ owner equity
Rs. missing
Owner's
equity =42,500
Owner's equity =45,200
Owner's equity =42,520
None of the above
Find out the missing value of an Accounting Equation with
the help of given data: Bank Rs. 22,500 Other assets Rs. 1,000 Creditors Rs. 8,
385 Other liabilities Rs. 9,000 Owner’s equity ?
Rs. 6,115
Rs. 31,885
Rs.
17,385
Rs. 14,115
In which of the following statement opening stock is
shown?
Profit
and loss account
Balance sheet
Cash flow statement
Owner’s equity
The allocation of the cost of a tangible plant asset to
expense in the periods, in which services are received from the asset, is
termed as:
Appreciation
Depreciation
Fluctuation
None of the given options
When a fixed asset in progress is completed, all costs
are transferred to:
Profit & Loss A/c
Statement of owner’s equity
Relevant
asset A/c
Profit & loss appropriation A/c
Partial Payment of loan from bank is made Rs 50000. The
effects of this transaction are:
Decrease in Asset Increase in Asset
Decrease
in Liability Increase in Asset
Decrease in Liability Decrease in Asset
Decrease in Liability Increase in Expense
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