Q. 2 Which of the following is the intangible asset?

* Patents The person who supplies goods to the business is__________of the business. *Creditor Q. 4 Capital = Assets-______? * Liabilities Q. 5 The accounting e uation is satisfie! b" ________ * Capital=Net Assets Q. # The $ule of !ebit %&ebit what co'es in an! c$e!it what goes out% is applicable to( * Real Accounts Q. !hich of the following is a personal account" * Creditors Account

Q.# $i%ed Asset is............ * Land Q. 10 Which of the following expenses is "Deferred Revenue xpenditure" ! " xpenses of shifting of #usiness fro$ one place to another. Q. 11 Which of the following expenses is a revenue expense! " xpense to $aintain the present efficienc% level of fixed asset. Q.1& 'he credit #alance of inco$e and expenditure account $eans........ " xcess of expenditure over inco$e Q. 1( 'he su#scription received in advance during the accounting %ear will #e treated as........ " a lia#ilit% Q. 1) *wner+s drawing will #e deducted fro$ , " Capital Q. 1- All the Revenue xpenditures and Revenue .nco$e are transferred to, " /rofit and Loss Account Q. 10 Loss on sale of old furniture is de#ited , " /rofit and Loss Account Q.11 /urchase Account2 Rent Received Account and Capital Account will nor$all% show........ " De#it2 credit 2 credit #alances respectivel%. Q.&0 A trial #alance helps in chec3ing.......... " Arith$etical accurac% of the #oo3s of accounts. Q.&1 'he total of sales #oo3 are....... to sales Account. " Credited Q.&& 4oods withdrawn #% the proprietor for his personal use will #e, " Credited to 'rading Account. Q.&5 4oods destro%ed #% fire should #e credited to, " 'rading Account Q. &( .nterest on drawing is , "6usiness .nco$e Q.&) 7elect the odd one account, " 6an3 overdraft account Q.&- Current accounts of the partners should #e opened when the capitals are,8ixed

Q Which of the following is 9are: t%pe9s: of /u#lic Li$ited Co$panies! ; 7ee $ore at, 6oth Listed Co$pan% and non listed co$pan% Q.&0 'he charter of a co$pan% which defines the li$itations and powers of the co$pan% is called, Articles of association Q.&< =erchandise on hand at either the #eginning or end of the reporting period is called ; .nventor% Q.&1 A co$pan% declares a cash dividend to #e paid to its stoc3holders next $onth. 'he effect of the transaction is to, Decrease assets and stoc3holders+ e>uit%. Q.50 'he a$ount owed #% de#tors at the end of a $onth appears on the????????? side of the control account ; Left side or de#it Question @o. & of &0 Which of the following voucher is used to record transactions that do not affect #an3 A cash! Bournal Coucher 9Right Answer:

Question @o. 5 of &0 Rs. &2100 9Right Answer:

Question @o. ( of &0 What would conversion costs if costs of raw $aterials2 direct la#or costs2 and $anufacturing overhead costs Rs.<020002 Rs.)020002 and Rs.-020002 respectivel%! Rs.1102 000 9Right Answer:

Question @o. ) of &0 A for$ that allows individuals to co$pare their personal #an3 account records to the #an3+s records of the individual+s account #alance in order to uncover an% possi#le discrepancies is 3nown as, 6an3 Reconciliation state$ent 9Right Answer: Question @o. - of &0 Cash and other resources that are expected to turn to cash or to #e used up within one %ear of the #alance sheet date are called, Current assets 9Right Answer:

Question @o. 0 of &0 An accounting s%ste$ is used #% a #usiness to, All of the given options 9Right Answer:

Question @o. < of &0 /articulars Rs. *pening written down value of $achine 520)2000 Cost of $achine )02000 Depreciation during the %ear 112)00 Closing written down value 9WDC: of the =achines ! Rs. (2152)00 9Right Answer:

Question @o. 1 of &0 8urniture account 9Right Answer: xpenditure incurred in ac>uiring the patent right for the #usiness is an exa$ple of, Revenue expenditure 9Right Answer:

Question @o. 11 of &0 'otal assets ; 'otal lia#ilities D! *wnerEs >uit% 9Right Answer:

Question @o. 1& of &0 What will #e de#ited2 if #usiness #ought goods on credit fro$ =r. Ali! /urchases account 9Right Answer:

Question @o. 15 of &0 /repaid rent given in the 'rial 6alance will #e treated as a 9an:, Revenue 9Right Answer:

Question @o. 1( of &0 A #usiness event which can #e $easured in ter$s of $one% and $ust #e recorded in #oo3s of accounts is called, 'ransaction 9Right Answer: Question @o. 1) of &0 Which one of the following is @*' a feature of sole proprietorship #usiness. 7eparate Legal ntit% 9Right Answer: Question @o. 1- of &0 .n which of the following state$ent opening stoc3 is shown! 6alance sheet 9Right Answer:

Question @o. 10 of &0 'he profita#ilit% of its #usiness operations for a period of ti$e .ts financial position at the end of an accounting period .ts cash receipts and cash pa%$ents during an accounting period 9@ot 7ure: @one of the given options

Question @o. 1< of &0 Which of the following is 9are: exa$ple9s: of non distri#uta#le profit! 4eneral reserve Accu$ulated profit and loss 9credit #alance: Revaluation reserves @one of the given options 9@ot sure: Question @o. 11 of &0 Which of the following *rganiFation converts raw $aterial into finished goods! =anufacturing concern 9Right Answer: .n fir$s cash flow state$ents2 which of the following would appear as a cash outflow! 'he pa%$ents for share in a co$pan% whose shares are treated on a stoc3 exchange A decrease in trade de#tors over the course of an accounting period =one% received as a result of issuing new shares =one% received as result of selling fixed assets 9@ot sure: Which of the following particularGs isGare included in receipt voucher! All of the given options 9Right Answer: Which of the following assets is $ost li3el% to appreciate rather than depreciate! Land 9Right Answer: Which of the following ite$ needs to #e entered in the Cash 6oo3 in order to #ring it in line with the entries on the 6an3 7tate$ent! A #an3 charges 9Right Answer:

Wages paid to la#orers wor3ing in the $anufacturing depart$ent is treated as an expense of, Cost of goods sold 9Right Answer:

6ad de#ts written off 9given in adHust$ent: alwa%s affect the, De#tors account 9Right Answer:

Carriage paid Rs. )0 for the newl% purchased $achiner% if de#ited to carriage account will effect, *nl% $achiner% account 9Right Answer:

Cost of goods $anufactured ; opening wor3 in process I ending wor3 in process D! 'otal factor% cost 9Right Answer: .f cost of sales is Rs. 1)20002 inco$e fro$ sales Rs. &002000 and operating expenses Rs. 5002000. What will #e net result! Rs. 12 1)2000 Losses 9Right Answer:

What is the proper order of the following steps in the accounting process! .. /repare and anal%Fe the trial #alance ... Record relevant transactions and events in a Hournal .... Anal%Fe each transaction and event fro$ source docu$ents .C. /ost Hournal infor$ation to ledger accounts .... ... .C. .. 9Right Answer:

All of the #elow ite$s are directl% recorded #% #an3 without inti$ating the #usiness until the end of $onth2 JC /', Kn;presented Che>ues 9Right Answer: Which of the following is @ot an Asset Account! Loan fro$ A6C co. 9Right Answer: A #alance of pass #oo3 written in #rac3ets 9 : #% the #an3 is 3nown as, 8avora#le #alance for custo$er9Right Answer:

Which of the following is an exa$ple of direct $aterials cost! /roduction wor3erEs wages9Right Answer: Question @o. 0 of &0 xpenditure incurred in ac>uiring the patent right for the #usiness is an exa$ple of, Capital expenditure9Right Answer:

Cash #oo3 is a part of ??????? . 4eneral Ledger 9Right Answer:

What will #e the entr% of disposal of an asset at cost price! De#it 8ixed Asset Disposal and Credit 8ixed Asset Cost De#it Accu$ulated Dep. and Credit 8ixed Asset Disposal De#it Cash G 6an3 and Credit 8ixed Asset Disposal @one of the given options A6C co. has a capital of Rs. 10020002 Long 'er$ Lia#ilities Rs. )020002 net profit during the %ear Rs. 1)2000 and the a$ount of total lia#ilities is Rs 10)2000. What will #e the a$ount of Current Lia#ilities! Rs. 102000 9Right Answer: A $anufacturing concern has Raw $aterial of worth Rs. 10020002 Direct La#or Rs. 0)2000 and 8actor% *verhead Rs. )02000. 'he a$ount of Conversion cost will #e, Rs. 1&)2000 9Right Answer:

'he 7ales Returns Da% 6oo3 would include, 7toc3 that custo$ers have returned 9Right Answer:

'otal 7ales are calculated #% adding, Cash sales and credit sales 9Right Answer:

.n the cost of goods sold state$ent2 the su$ of la#or cost and the factor% over head is 3nown as, Conversion cost 9Right Answer:

*utsiderEs clai$ against the assets of the #usiness is called, Lia#ilit% 9Right Answer:

Which of the following particularGs isGare included in pa%$ent voucher! All of the given options 9Right Answer: 4oods returned #% =r. 6 a$ount to Rs. (2000. 'he entr% in the #oo3s will #e, =r. 6 is De#it 7ales Returns is Credit 9Right Answer:

A for$ that allows individuals to co$pare their personal #an3 account records to the #an3+s records of the individual+s account #alance in order to uncover an% possi#le discrepancies is 3nown as, 6an3 Reconciliation state$ent 9Right Answer: 8ollowing infor$ation is availa#le relating to a $anufacturing concern, Cost of 4oods 7old Rs. &()2000 /urchases Rs. &)02000 8reight .nward Rs. )2000 Closing 7toc3 Rs. &)2000 What will #e the a$ount of *pening 7toc3! Rs. 1)2000 9Right Answer: