Basic Accounting 24

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Objective Questions and Answers of MBA: Basic Accounting 24

Subject: Objective Questions and Answers of MBA: Basic Accounting 24

Part 24: Objective questions and answers of Basic Accounting

 

Q1. Average due date can be called as ______________

a) Mean due date

b) Median due date

c) Mode due date

d) Zero date

 

Q2. When furniture is sold for cash, the entry should be made in ______________.

a) Sales book

b) Cash book

c) Journal.

d) Petty cash book.

 

Q3. Amount paid for acquiring goodwill is ______________.

a) Revenue expenditure

b) Deferred revenue expenditure

c) Capital expenditure

d) Deferred capital expenditure

 

Q4. Petty cash may be used to pay ______________.

a) The expenses relating to postage and conveyance

b) Salaries and wages to the final staff

c) For the purchase of furniture and fittings

d) Other recurring expense

 

Q5. A gross profit is transferred to the ______________side of the profit and loss account.

a) Debit

b) Credit

c) Current

d) Asset

 

Q6. Interest received on special fund investments will be added to ______________ fund in the balance sheet.

a) Investment fund

b) Bank fund

c) General

d) Special

 

Q7. Any profit on the sale of furniture of a cricket club will be taken to ______________.

a) Income and expenditure account

b) Cash account

c) Profit and loss account

d) Furniture account

 

Q8. ______________ is allowed to encourage early cash payment.

a) Cash discount

b) Trade discount

c) Quantity discount

d) Price discount

 

Q9. The system of recording transactions based on dual aspect concept is called_______

a) Double account system

b) Double entry system

c) Single entry system

d) Single account system

 

Q10. Bank reconciliation statement is prepared by the ______________

a) Bank

b) Creditors of a business

c) Customer of a bank

d) Suppliers

 

Q11. Bills payable book is a ______________.

a) Subsidiary book

b) Principal book

c) Ledger

d) Memorandum book

 

Q12. A bill of exchange payable after a certain period is known as ______________ bill.

a) Time

b) Accommodation

c) Revenue

d) Dishonored

 

Q13. Donations received for a special purpose will be taken to ______________

a) Income and expenditure account.

b) Asset side of the balance sheet.

c) Liabilities side of the balance sheet.

d) Debit side of the ledger.

 

Q14. Accounts receivable includes ______________

a) Sundry debtors

b) Bill receivable

c) Promissory note

d) All of the above

 

Q15. Account current is a journal:

a) True

b) False

c) Partly true

d) Partly false

 

Q16. The holder of a bill who endorses it is called

a) Endorse

b) Endorse

c) Acceptor

d) Payee

 

Q17. Wages paid for erection of machinery are debited to ______________.

a) Wages account

b) Machinery account

c) Profit and loss account

d) Deferred wages account

 

Q18. Expenditure incurred on research is an example of ______________.

a) Capital expenditure

b) Revenue expenditure

c) Deferred revenue expenditure

d) Partly capital expenditure

 

Q19. Rs. 500 spent on servicing office typewriter should be debited to ______________.

a) Miscellaneous expenses account

b) Typewriter account

c) Repairs account

d) Services account

 

Q20. A debit balance in the income and expenditure account denotes excess of _____over___

(a)Income, expenditure

b) Assets, liabilities

c) Liabilities, assets

d) Expenditure, income

 

Part 24: Objective questions and answers of Basic Accounting

 

Q1. Answer a

 

Q2. Answer b

 

Q3. Answer d

 

Q4. Answer a

 

Q5. Answer b

 

Q6. Answer d

 

Q7. Answer a

 

Q8. Answer a

 

Q9. Answer b

 

Q10. Answer c

 

Q11. Answer b

 

Q12. Answer a

 

Q13. Answer c

 

Q14. Answer d

 

Q15. Answer b

 

Q16. Answer a

 

Q17. Answer b

 

Q18. Answer c

 

Q19. Answer c

 

Q20. Answer d

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