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Questions:

Multiple Choice Question

53 x 1 = 53

If the insurance premium paid Rs 1,000 pre-paid insurance Rs 300. The amount of insurance premium shown in profit and loss account will be :

(a)

Rs 1,300

(b)

Rs 1,000

(c)

Rs 300

(d)

Rs 700

If the opening capital is Rs 50,000 as on April 01.2014 and additional capital introduced Rs 10,000 on January 01.2015. Interest charge on capital 10% p.a. The amount of interest on capital shown in profit and loss account as on March 31.2015 will be :

(a)

Rs 5,250

(b)

Rs 6,000

(c)

Rs 4,000

(d)

Rs 3,000

If the rent received in advance Rs 2,000. The adjustment entry will be :

(a)

Debit profit and loss account and Credit rent account

(b)

Debit rent account Credit rent received in advance account

(c)

Debit rent received in advance account and Credit rent account

(d)

None of these.

If the rent of one month is still to be paid the adjustment entry will be

(a)

Debit outstanding rent account and Credit rent account

(b)

Debit profit and loss account and Credit rent account

(c)

Debit rent account and Credit profit and loss account

(d)

Debit rent account and Credit outstanding rent account.

Rahul's trial balance provide you the following information:
Debtors Rs 8,000
Bad debts Rs 2,000
Provision for doubtful debts Rs 4,000
It is desired to maintain a provision for bad debts of Rs 1,000
State the amount to be debited/credited in profit and loss account:

(a)

Rs 5,000 (Debit)

(b)

Rs 3,000 (Debit)

(c)

Rs 1,000 (Credit)

(d)

None of these.

Which of the following is correct

(a)

Operating profit = Operating profit - Nonoperating expenses - Non-operating incomes

(b)

Operating profit = Net profit + Non-operating Expenses + Non-operating incomes

(c)

Operating profit = Net profit + Non-operating expenses - Non-operating incomes

(d)

Operating profit = Net profit - Non-operating expenses + Non-operating incomes

While calculating operating profit, the following are not taken into account.

(a)

Normal transactions

(b)

Abnormal items

(c)

Expenses of a purely financial nature

(d)

(ii)& (iii)

(e)

(i)& (ill)

Choose the correct chronological order of ascertainment of the following profits from the profit and loss account:

(a)

Operating Profit, Net Profit, Gross Profit

(b)

Operating Profit, Gross Profit, Net Profit

(c)

Gross Profit, Operating Profit, Net Profit

(d)

Gross Profit, Net Profit, Operating Profit

The financial statement consist of

(a)

Trial balance

(b)

Profit and loss account

(c)

Balance sheet

(d)

(i)& (iii)

(e)

(ii) & (iii)

10.

Balancing of account means:

(a)

Total of debit side

(b)

Total of credit side

(c)

Difference in total of debit & credit

(d)

None of these

11.

The periodic total of purchases return journal is posted to:

(a)

Purchase account

(b)

Profit and loss account

(c)

Purchase returns account

(d)

Furniture account

12.

Credit balance of bank account in cash book shows:

(a)

Overdraft

(b)

Cash deposited in our bank

(c)

Cash withdrawn from bank

(d)

None of these

13.

The periodic total sales return journal is posted to :

(a)

Sales account

(b)

Goods account

(c)

Purchases return account

(d)

Sales return account

14.

Total of these transactions is posted in purchase account:

(a)

Purchase of furniture

(b)

Cash and credit purchase

(c)

Purchases return

(d)

Purchase of stationery

15.

Cash book does not record transaction of:

(a)

Cash nature

(b)

Credit nature

(c)

Cash and credit nature

(d)

None of these

16.

Goods purchased on cash are recorded in the:

(a)

Purchases (journal) book

(b)

Sales (journal) book

(c)

Cash book

(d)

Purchases return (journal) book

17.

Double column cash book records;

(a)

All transactions

(b)

Cash and bank transactions

(c)

Only credit transactions

(d)

Only credit transactions

18.

When a firm maintains a cash book, it need not maintain:

(a)

Journal Proper

(b)

Purchases (journal) book

(c)

Bank and cash account in the ledger

19.

Recording of transaction in the Journal is called:

(a)

Casting

(b)

Posting

(c)

Journalising

(d)

Recording

20.

The book in which all accounts are maintained is known as:

(a)

Cash Book

(b)

Journal

(c)

Purchases Book

(d)

Ledger

21.

Find the correct statement

(a)

Credit a increase in assets

(b)

Credit the increase in expenses

(c)

Debit the increase in revenue

(d)

Credit the increase in capital

22.

Cash withdrawn by the Proprietor should be credited to:

(a)

Drawings account

(b)

Capital account

(c)

Profit and loss account

(d)

Cash account

23.

Which of the following is correct?

(a)

Liabilities Assets + Capital

(b)

Assets Liabilities - Capital

(c)

Capital Assets Liabilities

(d)

Capital Assets + Liabilities

24.

A purchase of machine for cash should be debited to

(a)

Cash account

(b)

Machine account

(c)

Purchase account

(d)

None of these

25.

How many sides does an account have?

(a)

Two

(b)

Three

(c)

one

(d)

None of these

26.

Voucher is prepared from:

(a)

Documentary evidence

(b)

Journal entry

(c)

Ledger account

(d)

All of the above

27.

Voucher is prepared for

(a)

Cash received and paid

(b)

Cash/Credit sales

(c)

Cash/Credit purchase

(d)

All of the above

28.

Trial balance is:

(a)

An account

(b)

A statement

(c)

A subsidiary book

(d)

A principal book

29.

If wages paid for installation of new machinery is debited to wages Account, it is:

(a)

An error of commission

(b)

An error of principle

(c)

A compensating error

(d)

An error of omission

30.

If suspense account does not balance off even after rectification of errors it implies that

(a)

There are some one sided errors only in the books yet to be located

(b)

There are no more errors yet to be located

(c)

There are some two sided error only yet to be located

(d)

There may be both one sided errors and two sided errors yet to be located.

31.

If the trial balance agrees, it implies that:

(a)

There is no error in the books

(b)

There may be two sided errors in the book

(c)

There may be one sided error in the books

(d)

There may be both two sided and one sided errors in the books.

32.

Which of following errors will be rectified through suspense account:

(a)

Sales return book under cast by Rs 1,000

(b)

Sales return by Madhu Rs 1,000 not recorded

(c)

Sales return by Madhu Rs 1,000recorded as Rs 10

(d)

Sales return by Madhu Rs 1,000 recorded through purchases returns book

33.

Which of the following is not an error of commission:

(a)

Overcasting of sales book

(b)

Credit sales to Ramesh Rs 5,000 credited to his account

(c)

Wrong balancing of machinery account

(d)

Cash sales not recorded in cash book

34.

Which of the following is not an error of principle:

(a)

Purchase of furniture debited to purchases account

(b)

Repairs on the overhauling of second hand machinery purchased debited to repairs account.

(c)

Cash received from Manoj posted to Saroj

(d)

Sale of old car credited to sales account.

35.

Agreement of trial balance is affected by:

(a)

One sided error only

(b)

Two sided error only

(c)

Both a and b

(d)

None of the above

36.

Journal entry to record salaries will include

(a)

Debit salaries Credit cash.

(b)

Debit capital Credit cash

(c)

Debit cash Credit salary

(d)

Debit salary Credit creditors

37.

The journal entry to record payment of monthly bill will include:

(a)

Debit monthly bill and Credit capital.

(b)

Debit capital and Credit capital

(c)

Debit monthly bill and Credit cash

(d)

Debit monthly bill and Credit creditors

38.

If a transaction is properly analysed and recorded

(a)

Only two accounts will be used to record the transaction.

(b)

One account will be used to record transaction

(c)

One account balance will increase and another will decrease

(d)

Total amount debited will equals total amount credited

39.

When a entry is made in journal

(a)

Assets are listed first.

(b)

Accounts to be debited listed first.

(c)

Accounts to be credited listed first.

(d)

Accounts may be listed in any order

40.

The journal entry to record purchase of equipment for Rs.2,00,000 cash and a balance of Rs. 8,00,000 due in 30 days include

(a)

Debit equipment for Rs.2,00,000 and Credit cash 2,00,000

(b)

Debit equipment for Rs.10,00,000 and Credit Rs.2,00,000 and creditors Rs.8,00,00.

(c)

Debit equipment Rs.2,00,000 and Credit debtors Rs.8,00,000

(d)

Debit equipment Rs.10,00,000 and Credit cash Rs.10,00,000

41.

The journal entry to record the sale of services on credit should include:

(a)

Debit to debtors and credit to capital.

(b)

Debit to cash and Credit to debtors.

(c)

Debit to fees income and Credit to debtors.

(d)

Debit to debtors and Credit to fees income.

42.

The ledger folio column of journal is used to :

(a)

Record the date on which amount posted to a ledger account

(b)

Record the number of ledger account to which information is posted.

(c)

Record the number of amounts posted to the ledger account

(d)

Record the page number of the ledger account

43.

Double entry accounting requires that:

(a)

All transactions that create debits to asset accounts must create credits to liability or capital accounts;

(b)

A transaction that requires a debit to a liability account require a credit to an asset account;

(c)

Every transaction must be recorded with equal debits equal total credits.

44.

A bank reconciliation statement is mainly prepared for:

(a)

Reconcile the cash balance of the cash book

(b)

Reconcile the difference between the bank balance shown

(c)

Both a and b

(d)

None of these

45.

Favourable bank balance means:

(a)

Credit balance in the cash book

(b)

Credit balance in passbook

(c)

Debit balance in the cash book

(d)

Both band c

46.

Unfavourable bank balance means

(a)

Credit balance in passbook

(b)

Credit balance in cash book

(c)

Debit balance in cash book

(d)

None ofthese

47.

Passbook is a copy of :

(a)

Copy of customer Account

(b)

Bank column of cash book

(c)

Cash column of cash book

(d)

Copy of receipts and payments

48.

A bank reconciliation statement is prepared with the balance

(a)

Passbook

(b)

Cash book

(c)

Both passbook and cash book

(d)

None of these

49.

A bank reconciliation statement is prepared by

(a)

Creditors

(b)

Book keeper

(c)

Account holder in a bank

(d)

Debtors

50.

During the life-time of an entity accounting produce financial statements in accordance with which basic accounting concept:

(a)

Conservation

(b)

Matching

(c)

Accounting period

(d)

None of the above

51.

Use of common unit of measurement and common format of reporting promotes;

(a)

Comparability

(b)

Understandability

(c)

Relevance

(d)

Reliability

52.

Deepti wants to buy a building form her business today. Which of the following is the relevant data for his decision?

(a)

Similar business acquired the required building in 2000 for Rs 10,00,000

(b)

Building cost details of 2003

(c)

Building cost details of 1998

(d)

Similar building cost in August, 2005 Rs 25,00,000

53.

Which of the following is not a business transaction?

(a)

Bought furniture of Rs 10,000 for business

(b)

Paid for salaries of employees Rs 5,000

(c)

Paid sons fees from her personal bank account Rs 20,000

(d)

Paid sons fees from the business Rs 2,000

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Answers Key:

Multiple Choice Question

53 x 1 = 53

(d)
Rs 700

(a)
Rs 5,250

(b)
Debit rent account Credit rent received in advance account

(d)
Debit rent account and Credit outstanding rent account.

(e)
(ii) & (iii)

10.

11.

12.

(b)
Cash deposited in our bank

13.

(d)
Sales return account

14.

(b)
Cash and credit purchase

15.

(b)
Credit nature

16.

17.

(b)
Cash and bank transactions

18.

19.

20.

(d)
Ledger

21.

(d)
Credit the increase in capital

22.

(d)
Cash account

23.

24.

(b)
Machine account

25.

(a)
Two

26.

(a)
Documentary evidence

27.

(d)
All of the above

28.

(b)
A statement

29.

(b)
An error of principle

30.

(a)
There are some one sided errors only in the books yet to be located

31.

(b)
There may be two sided errors in the book

32.

(a)
Sales return book under cast by Rs 1,000

33.

(d)
Cash sales not recorded in cash book

34.

35.

(a)
One sided error only

36.

(a)
Debit salaries Credit cash.

37.

38.

(d)
Total amount debited will equals total amount credited

39.

(b)
Accounts to be debited listed first.

40.

(b)
Debit equipment for Rs.10,00,000 and Credit Rs.2,00,000 and creditors Rs.8,00,00.

41.

(d)
Debit to debtors and Credit to fees income.

42.

(d)
Record the page number of the ledger account

43.

44.

(b)
Reconcile the difference between the bank balance shown

45.

46.

(a)
Credit balance in passbook

47.

(a)
Copy of customer Account

48.

49.

(b)
Book keeper

50.

51.

(a)
Comparability

52.

(a)
Similar business acquired the required building in 2000 for Rs 10,00,000

53.

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