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Quiz 13
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Q.1
When will the bill mature if the date of maturity of a bill is a holiday
Holiday itself
Other agreed day
Preceding working day
Next working day
Q.2
Accounts payable has ____ balance
Credit
Debit
Unfavorable
Favorable
Q.3
Error which affect only one account can be
Error of complete omission
Error of posting
Compensatory errors
None of the above
Q.4
Opening and closing inventories are recorded in
Journal proper
Purchase book
Sales book
Bill receivable book
Q.5
Which of the following instruments is not a negotiable instrument?
Bearer cheque
Promissory note
Crossed cheque
Bills of exchange
Q.6
The installation expenses for a new machinery will be debited to
Cash A/c
Profit & Loss A/c
Machinery A/c
Installation expenses A/c
Q.7
Which one of the following accounting equations is correct?
Assets = Owner's equity
Assets = Liabilities + Owner's equity
Assets = Liabilities - Owner's equity
Assets + Liabilities = Owner's equity
Q.8
Purchase book is maintained to record
All credit purchases
All cash purchases
Purchases of goods
None of the above
Q.9
A document sent to customer when he returns the goods is called
Promissory note
Invoice
Credit note
Debit note
Q.10
In case goods are manufactured and segregated for specified consumers, the best method for valuation of inventory would be
FIFO
Simple average
Base stock
Specific identification method
Q.11
Overriding commission is generally calculated on
Cash sale only
Total sales exceeding invoice value/cost
Credit sales
None of the above
Q.12
Economic life of an enterprise Is split into periodic interval as per ____ concept
Materiality
Periodicity
Accrual
Conservation
Q.13
Which of the following sets of expense are the direct expense of business?
Wages, Carriage Inward, Octroi
Postage, Wages, Carriage Inward
Purchases, Wages, Coal Expenses
Both 'a' and 'c'
Q.14
Suspense account given in the trial balance will be entered in the
Manufacturing account
Balance sheet
Trading account
Profit and loss account
Q.15
When obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability, it is called
Contingent liability
Provision
Secured loan
None of the above
Q.16
A Trial Balance contains the balances of
Only Real A/c
Real A/c and Nominal A/c
Personal A/c
Both 'b' and 'c'
Q.17
Those transactions for which there is no separate book, are recorded in the
Cash book
Bills receivable book
Bills payable book
Journal Proper
Q.18
The person from whom the goods are purchased on credit are called
Debtors
Creditors
Accounts receivable
None of the above
Q.19
Which of the following is/are fixed asset(s)?
Closing inventory
Fixed deposit in a bank
Patents
Prepaid expenses
Q.20
The expenses that have fallen due for payment but not paid are
Outstanding expenses
Deffered expenses
Accrues expenses
Prepaid expenses
Q.21
Which of the following subsidiary books serves the purpose of ledger too, in addition to the recording of accounting transaction?
Purchases book
Sales book
Bills receivable book
Cash Book
Q.22
The three column cash book represents
Real accounts
Nominal accounts
Nominal and personal accounts
Real, personal and nominal accounts
Q.23
Carriage inwards refers to the cost of transportation for
Purchase of materials
Sale of products
Returns outward
Return of unsold goods
Q.24
Right shares are the shares
Issued by a newly formed company
Legally issued to the public at large
Offered to the existing equity shareholders
That have a right of redemption
Q.25
The document inviting offers from public to subscribe for the debentures or shares of a body corporate is a
Share certificate
Debenture
Fixed deposit receipt
Prospectus
Q.26
The portion of the acquisition cost of an asset yet to be allocated is known as
Written down value
Accumulated value
Realizable value
Salvage value
Q.27
Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as
Contingent liability
Liability
Provision
Reserve
Q.28
The accounting equation is based on
Dual aspect
Business entity
Going concern concept
All of the above
Q.29
Different accounting policies can be adopted in the following area(s)
Valuation of inventories
Valuation of Investments
Calculation of depreciation
All of the above
Q.30
Accounting is the process of matching
Benefits and costs
Revenues and costs
Cash inflows and outflows
Potential and real performance
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