Basic Accounting 25

COEP
Lets Crack Online Exam

Objective Questions and Answers of MBA: Basic Accounting 25

Subject: Objective Questions and Answers of MBA: Basic Accounting 25

Part 25: Objective questions and answers of Basic Accounting

 

Q1. Income and expenditure account reveals ______________.

a) cash in hand

b) surplus or deficiency

c) capital account

d) revenue account

 

Q2. Bills Receivable book is to keep record of ______________.

a) bills received from customers

b) bills received from supplier

c) credit purchases

d) credit sales

 

Q3. Purchase of machinery is recorded in ______________

a) sales book

b) journal proper

c) purchases book

d) sales returns book

 

Q4. Revenue receipts are ______________ in the business.

a) non-recurring

b) Recurring

c) Accumulating

d) non-accumulating

 

Q5. Balance sheet is a ______________

a) statement

b) Account

c) Ledger

d) Book

 

Q6. Bank account is ______________

a) Nominal account

b) Real account

c) Personal account

d) none of these above

 

Q7. When a bill is discharged, the acceptor debits ______________

a) Creditors account

b) Cash account

c) Bills payable account

d) Bills receivable account

 

Q8. Which one the following is an example of an intangible asset?

a) Preliminary expenses

b) Discount on issue of debentures

c) Investments

d) Copyrights

 

Q9. Any expenditure incurred in order to reduce the operating expenses is______.

a) capital expenditure

b) revenue expenditure

c) deferred revenue expenditure

d) promotional expenditure

 

Q10. A credit sale of goods to Shiva should be debited to ______________.

a) Sales account

b) Goods account

c) Shiva account

d) Purchase account

 

Q11. Any written document in support of a business transaction is called a ______________.

a) Voucher

b) Bill

c) Carbon copy

d) Expense bill

 

Q12. Book-keeping is mainly concerned with ______________

a) recording of financial data relating to business operations

b) designing the system in recording, classifying, summarizing the recorded data

c) interpreting the data for internal and external end users

d) only for internal purposes

 

Q13. A bank pass book is a copy of ______________

a) the cash column of a customer’s cash book

b) the bank column of a customer’s cash book

c) the customer’s account in the banks ledger

d) the customer account in the suppliers ledger

 

Q14. Which account is generally used for rectification of errors?

a) Memorandum account

b) Suspense account

c) Rectification account

d) Adjustment account

 

Q15. A person who draws a bill of exchange is known as the ______________

a) Drawee.

b) Drawer.

c) Payer.

d) Payee.

 

Q16. Cash book prepared on imprest system is ______________

a) two column cash book

b) cash book

c) petty cash book

d) purchase book

 

Q17. Heavy advertising to launch a new product is a ______________

a) capital expenditure

b) deferred revenue expenditure

c) other expenditure

d) revenue expenditure

 

Q18. Capital=

a) Asset – Liabilities

b) Asset

c) Liabilities

d) All the above

 

Q19. Which one of the following is an example of personal account?

a) Capital account

b) Building account

c) Cash account

d) Investment account

 

Q20. The method of account current usually employed by the banker is known as____.

a) Daily balance method

b) Red ink interest

c) Current account

d) Product method

 

Part 25: Objective questions and answers of Basic Accounting

 

Q1. Answer b

 

Q2. Answer a

 

Q3. Answer b

 

Q4. Answer b

 

Q5. Answer a

 

Q6. Answer c

 

Q7. Answer c

 

Q8. Answer d

 

Q9. Answer a

 

Q10. Answer c

 

Q11. Answer a

 

Q12. Answer a

 

Q13. Answer c

 

Q14. Answer b

 

Q15. Answer b

 

Q16. Answer c

 

Q17. Answer c

 

Q18. Answer a

 

Q19. Answer a

 

Q20. Answer a

Be the first to comment

Leave a Reply