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Quiz 10
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Q.1
Which of the following can be distributed among the shareholders?
Capital reserve
General reserve
Revaluation reserve
All of the above
Q.2
Shares for which amount is paid by public are called ____ shares
Authorized
Paid up
Bonus shares
All of the above
Q.3
Which of the following is non-profit organization?
Sole proprietorship
Partnership
Limited company
Trust
Q.4
Which of the following account will be credited in the books of XYZ Co. Ltd, if the business purchases a vehicle thriugh cheque?
Vehicle account
Business account
Bank account
Debtors account
Q.5
In which of the following condition, a company will have positive working capital?
If current assets>current liabilities
If current assets
If current assets = current liabilities
Q.6
Which of the following would NOT be considered as a component of 'cost' of stock?
Transportation inward costs
Import duties
Salaries of selling staff
Purchase price
Q.7
Which of the following is TRUE about the treatment of insurance premium paid in advance
Current asset
Current liability
Short term liability
Fixed asset
Q.8
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 above
Q.9
Which of the following item will be shown on debit side of debtors account?
Discount received
Return inwards
Discount allowed
Credit sales
Q.10
In case of debit balance, the words _____ are written on the debit side
To Balance b/d
To Balance c/d
By Balance c/d
By Balance b/d
Q.11
Bank pass book is also known as
Bank book
Bank account
Bank column
Bank statement
Q.12
Which of the following is an example of business liability?
Land
Building
Cash
Creditors
Q.13
The unfavorable balance of Profit and Loss account should be
Added to liabilities
Subtracted from current assets
Subtracted from capital
Subtracted from liabilities
Q.14
A minimum quantity of stock always held as precaution against out of stock situation is called
Zero stock
Risk stock
Base stock
None of the above
Q.15
Discounting of bill by the drawer is done with
Creditor
Drawee
Bank
Notary public
Q.16
A promissory note is drawn by ______ in favor of _____
Drawer, Drawee
Maker, Payee
Payer, Payee
Drawer, Payee
Q.17
____ principle requires that the same accounting method should be used from one accounting period to the next
Conservatism
Consistency
Business entity
Money measurement
Q.18
Which of the following is (are) type(s) of Public Limited Companies?
Listed companies
Non listed companies
Private limited companies
Both listed and non listed companies
Q.19
The charter of a company which defines the limitations and powers of the company is called
Memorandum of Association
Articles of Association
Statutory Report
Certificate of Commencement
Q.20
Merchandise on hand at either the beginning or end of the accounting period is called
Raw material
Cost of goods sold
Work in progress
Inventory
Q.21
When one or both aspects of a transaction are recorded in the wrong class or category of account, it is called
Error of principle
Error of omission
Error of commission
Error of original entry
Q.22
Interest on drawings is ___ for the business
Loss
Expense
Gain
None of the above
Q.23
Narrations are given at the end of
Final accounts
Trial Balance
Each Ledger account
Each journal entry
Q.24
Noting charges are paid at the time of
Renewal of the bill
Retirement of the bill
Dishonor of the bill
None of the above
Q.25
Dismantling and demolition charges is a
Deferred Revenue expenditure
Capital expenditure
Revenue expenditure
None of the above
Q.26
Which of the following account will be credited, if business bought goods on credit from Mr. Z?
Purchases account
Mr. Z account
Cash account
Sales account
Q.27
A bill of exchange when drawn requires
Noting
Discounting
Acceptance
None of the above
Q.28
A bill of exchange is called a ____ by one who is liable to pay it on the due date
Bill receivable
Noted bill of exchange
Bill payable
None of the above
Q.29
The left side of an account is known as ___ and the right side as ____
Debit, Credit
Credit, Debit
Liability, Asset
None of the above
Q.30
The cost of a small calculator is treated as an expense and not shown as an asset in a financial statement of a business entity due to
Materiality concept
Matching concept
Periodicity concept
Conservatism concept
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