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Quiz 14
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Q.1
Which of the following event is subject matter of Accounting?
Death of key executive of the business
Strike of workers
Payment of Rs.1000 to bank in discharge of outstanding loan
Marriage of the daughter of the MD of the company
Q.2
Which of the following is a real account?
Salary account
Cash account
Outstanding rent account
Sundry creditors account
Q.3
Which of the following is not an item of revenue expenditure?
Interest on deposits accepted
Annual insurance premium on inventory
Customs duty paid in connection with the import of equipment
Repairs and maintenance on machinery
Q.4
Which of the following appears in the profit and loss appropriation account?
Interest on debentures
Dividend
Provision for taxation
Provision for bad debts
Q.5
Which of the following inventory valuation methods show higher profits during the period of rising prices?
FIFO
LIFO
Weighted average cost method
Simple average method
Q.6
Which of the following is true when a debtor pays his dues?
The asset side of the balance sheet will decrease
The asset side of the balance sheet will increase
The liability side of the balance sheet will increase
There is no change in total assets or total liabilities
Q.7
Which of the following ratios indicate the short-term liquidity of a business?
Inventory turnover ratio
Debt equity ratio
Acid test ratio
Proprietary ratio
Q.8
Purchase of fixed assets on credit is originally recorded in
Purchases book
Ledger
Cash book
Journal Proper
Q.9
The claims against the company not acknowledged as debts are shown as
Current liabilities
Loans and advances
Notes to balance sheet
Director's report
Q.10
Amortization of unidentified intangible assets is in terms of
Conservatism concept
Materiality concept
Matching concept
Cost concept
Q.11
Declared dividend should be classified in the balance sheet as a
Provision
Current liability
Reserve
Current asset
Q.12
If the opening inventory of a business is undercast, it will
Increase gross profit and decrease net profit
Decrease gross profit as well as net profit
Increase value of assets
Increase gross profit as well as net profit
Q.13
Normally the following accounts are balanced
Real account and Nominal account
Personal account and Real account
Only Nominal account
All accounts
Q.14
The main objective of providing depreciation is to
Calculate the true net profit
Compute the actual cash profit
Create funds for replacement of fixed assets
Reduce tax burden
Q.15
The maximum amount beyond which a company is not allowed to raise funds by issue of shares is
Issued capital
Reserve capital
Nominal capital
Subscribed capital
Q.16
Based on which of the following concepts, is share capital account shown on the liability side of a balance sheet?
Business entity concept
Money measurement concept
Cost concept
Going concern concept
Q.17
Which of the following is not considered as Research & Development costs?
Testing in search for product alternatives
Legal work on patent application
Modification of design of a process
Searching for application of new research findings
Q.18
Under cash basis of accounting, revenue is recognized when
Sale is made
Cash is received
Goods are delivered
Services are rendered
Q.19
The trade discount on purchases is recorded
When it is received
When the inventory is purchased
When the inventory is sold
Not at all recorded in the books
Q.20
Which of the following is not a financial statement?
Profit and loss account
Profit and loss appropriation account
Balance sheet
Trial Balance
Q.21
Provision for bad debts is made as per the
Conservatism concept
Cost concept
Consistency concept
Going concern concept
Q.22
Which of the following is a leverage ratio?
Debt equity ratio
Current ratio
Quick ratio
Earning power
Q.23
Body using its powerful metabolism can make vitamins
TRUE
FALSE
Q.24
Expense is debit or credit ?
debit
credit
Q.25
Diterima pendapatan jasa bengkel Rp 250.000jurnal nya adalah...
pendapatan jasa (D), kas(K) Rp 250.000
kas (D), piutang (K) Rp 250.000
kas (D), pendapatan jasa (K) Rp 250.000
piutang (D), kas(K) Rp 250.000
Q.26
A bank reconciliation statement is prepared by?
Banker
Accountant of the business
Auditors
Registrars
Q.27
The main purpose of preparing a bank reconciliation statement is?
Part of a Bank Statement
Part of the Cash Book
A separate statement
A sub-division of a journal
Q.28
What are source documents?
these are the small track of transaction.
these are used to keep the business running
they are the small proof that the transaction did happen.
small documents
Q.29
Assets are usually reported on the balance sheet at which amount?
Cost
Current Market Value
Expected Selling Price
None of These
Q.30
The bone building cells.
Osteoclasts
Osteocytes
Osteoblasts
osteocalcin
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