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Quiz 12
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Q.1
Revenue expenditures are recorded in the
Manufacturing account
Trading account
Profit & loss account
All of the above
Q.2
In case of opening Credit Balance, the word ______ are written on the credit side.
By Balance b/d
To Balance b/d
By Balance c/d
To Balance c/d
Q.3
Preliminary expenses are treated as
Fixed asstes
Current assets
Intangible assets
Miscellaneous expenditure
Q.4
Endorsement, discounting and collection of bills of exchange is made by
Debtors
Creditors
Drawee
Drawer
Q.5
The assumption underlying the fixed installment method of depreciation is that of ____ of the asset over its useful life
Equal usage
Usage
Charge
None of the above
Q.6
_____ will generally show a debit balance
Bank loan
Bad debts recovered
Drawings
Salary payable
Q.7
Joint venture account is a
Nominal account
Personal account
Real account
Dummy account
Q.8
Errors are _____ mistakes
Intentional
Undetected
Unintentional
None of the above
Q.9
Petty cash is used for payment of
Salaries & wages of the staff
For purchase of assets
Small expenses relating to postage's and conveyance etc.
All of the above
Q.10
Promissory note is prepared by
Drawer
Endorsee
Drawee
All of the above
Q.11
Memorandum Joint Venture account is a
Personal account
Real account
Nominal account
None of the above
Q.12
_____ is not required in Promissory Note
Acceptance
Noting
Discounting
None of the above
Q.13
The concept that "an accountant shouldn't anticipate profit, but must provide for all losses"
Conservation concept
Consistency concept
Materiality concept
Reduction concept
Q.14
When the goods are returned to a supplier
A Debit note is sent to him
An Account sale is sent to him
A receipt is sent to him
Either 'b' or 'c'
Q.15
Bills receivable endorsed are debited to
Bills Payable A/c
Debtor's A/c
Endorsee A/c
Bills Receivable A/c
Q.16
Profit & Loss account is prepared for a period of one year by following
Periodicity concept
Business entity concept
Accrual concept
None of the above
Q.17
Which of the following enhances the earning capacity of an asset?
Reduction in operating costs
Increase in working capacity of an asset
Replacing damage parts of an asset
Both 'b' and 'c'
Q.18
Gross profit is equal to
Opening stock + purchases - closing stock
Net profit - expenses
Sales - Closing stock + purchases
Sales - Cost of goods sold
Q.19
Which error cannot be revealed on the preparation of trial balance?
Wrong totalling of account
Compensatory errors
Error of commission
Wrong balancing of an account
Q.20
Parties to a bill of exchange are
Drawer
Drawee
Payee
All of the above
Q.21
Accommodation bill is drawn
To finance actual purchase or sale of goods
To facilitate trade transmission
To cater the fund requirements of both the parties
None of the above
Q.22
Loss leads to reduction in
Capital
Income
Liabilities
None of the above
Q.23
Transaction between business and owner are recorded following ____ concept
Periodicity
Business entity
Prudence
Going concern
Q.24
One of the Fundamental accounting assumption is
Materiality
Going concern
Business entity
Dual aspect
Q.25
Patents accounts are
Secured loan account
Nominal account
Real account
Debtors account
Q.26
Reserve capital means
Part of subscribed uncalled capital
Accumulated profit
Part of Capital Reserve
Part of Capital Redemption Reserve
Q.27
Revenue from sale of product ordinarily is reported as part of earning in the period
The planning takes place
The sale is made
The product is manufactured
The cash is collected
Q.28
Del-credere Commission is allowed to cover
All types losses
Abnormal loss
Normal loss
None of the above
Q.29
Interest on Capital is _____ for the business
Revenue
Expense
Gain
None of the above
Q.30
Rs.5000 spent on maintenance of computer is
Deferred capital expenditure
Capital expenditure
Revenue expenditure
None of the above
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