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7. The basic rule of book keeping, debit the receiver and credit the giver is applicable to:
A. nominal account.
B. real account.
C. personal account.
D. drawing account.
ANSWER: C
10. Which of the following accounts will invariably have a credit balance?
A. Discount account.
B. Account payable account.
C. Cash account.
D. Purchases account.
ANSWER: B
12. Which of the following accounts may have a debit or credit balance?
A. Discount Received account.
B. Sales account.
C. Trade expenses account.
D. Loan account.
ANSWER: D
13. Which of the following books should be used to record purchase of furniture on credit?
A. Cash book.
B. Journal proper.
C. Purchases book.
D. Sales book.
ANSWER: B
22. Balance sheet is prepared primarily with the following group in view:
A. Owners.
B. Creditors.
C. Government.
D. Management.
ANSWER: A
24. The excess of current assets over current liabilities is called ________.
A. Net tangible worth.
B. Networth.
C. Gross working capital.
D. Net working capital.
ANSWER: C
25. The discount column of a triple column cash book records _______.
A. trade discount.
B. cash discount.
C. quantity discount.
D. seasonal discount.
ANSWER: B
27. When machinery is sold for cash, the entry should be made in __________.
A. sales book .
B. cash book.
C. Journal.
D. petty cash book..
ANSWER: B
40. ____________ is refers to the verification of cost accounts and check on the adherence to the
cost accounting plan
A. Cost Audit
B. Cost centre
C. Cost unit
D. Cost profit
ANSWER: A
41. Wages paid to a labour who was engaged in production activities can be termed as _______.
A. direct cost.
B. indirect cost.
C. sunk cost.
D. imputed cost.
ANSWER: A
42. The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost.
B. historical cost.
C. sunk cost.
D. shutdown cost.
ANSWER: D
47. FIFO is
A. fast investment in future orders
B. first in first out
C. fast issue of first order
D. none of the above.
ANSWER: B
48. Scrap is
A. residue of raw material
B. wastage of material
C. surplus material
D. abnormal loss of material
ANSWER: A
52. In cash basis of accounting, revenue is recognized when the ------------ is received
A. accrual
B. outstanding
C. actual receipt
D. actual payment
ANSWER: D
55. ----------- is an activity of processing to supply goods and services to final consumers.
A. Supply chain
B. Purchases
C. Sales
D. Process
ANSWER: A.
56. ---------------- company have the word Limited at the end of their names.
A. Public
B. Joint
C. Partnership
D. Private
ANSWER: D.
57. Accounting cycle starts with recording of a transaction and gets completed with -----------
A. Book closing
B. End of Accounts
C. Closing
D. none.
ANSWER: A.
58. Each acting entry has an underlying document called ----------
A. Voucher
B. Invoice
C. Bill
D. Exchange
ANSWER: A.
61. Inventory which is to be stored and sold when market price is high is called ---------
A. Bulls
B. Bears
C. Hedge
D. Pledge
ANSWER: C.
70.
A.
ANSWER: C.
71.
A. Alphabetical
B. Chronological
C. Consequent
D. Numerical
ANSWER: B.
72.
A.
ANSWER: A.
73.
A.
ANSWER: C.
76. The purpose of Reconciliation is to ensure the financial statement disclose a -----------
A. True and Fair view
B. Accurate values
C. Both the above
D. None
ANSWER: A.
77. Under statutory reports, the directors report is signed by the ------------------- on behalf of the
directors
A. Lawyer
B. Company Secretary
C. Director
D. Managing Director
ANSWER: B.
79. The purpose of XBRL is to convert the -----------into a meaningful comparable information.
A. Recorded data
B. Financial data
C. Credit data
D. None
ANSWER: B.
81. Accounts receivable are recorded at their settlement value, they are ---------
A. Secured by collateral
B. received
C. Payable
D. not secured by collateral
ANSWER: D.
83. Total AR/ debtors are trade receivable resulting from -----------
A. credit sales
B. Credit purchase
C. Cash sales
D. Cash purchases
ANSWER: A.
85. Customer set up would be done in the sellers books with -----------
A. Minor name
B. Name of buyer
C. legal name of the buyer
D. none
ANSWER: C.
88. Bills of account is where customer wants the bill/ invoice to be set to ----------
A. sold to account
B. bill to account
C. ship to account
D. installation account
ANSWER: A.
91. ------- can provide the trade reference about a customer within the country or outside the
country.
A. Credit rating agencies
B. Customer Rating
C. Agencies
D. None of the above
ANSWER: A.
94. Percentage of completion method and completed contract method is used in -----------
A. Short Term Contracts
B. Gesture periods
C. Long Term Contracts
D. None
ANSWER: C.
95. Pre billing closing reconciliation is process of data validation and analysis to ensure
appropriate -----------
A. Book keeping
B. Entry
C. Record
D. Invoice.
ANSWER: D.
96. Cash basis of accounting revenue is recognized only when the -------- is received.
A. Actual payment
B. Credit payment
C. Credit
D. Debit
ANSWER: A.
97. ----------- software solution interpreting each department / module / functions of an
enterprise.
A. ERP
B. SAP
C. SSAP
D. None
ANSWER: A.
99. ---------- are in the most power full ERPs widely used across the world.
A. FORTON
B. Oracle application & SAP
C. JAVA
D. All the above
ANSWER: B.
100. -------------is a computer based settlement and clearing facility to process the electronic
transactions.
A. ACH (Automated Clearing House)
B. Automated Warehouse
C. Automated Teller machine
D. None
ANSWER: A.
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Extra Questions , if u want u insert if anything is missing. After that delete these.
4. Drawings account is related to ___________
A. Nominal Account.
B. Personal Account.
C. Real Account.
D. None of the above
ANSWER: B