Basic Accounting 26

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Objective Questions and Answers of MBA: Basic Accounting 26

Subject: Objective Questions and Answers of MBA: Basic Accounting 26

Part 26: Objective questions and answers of Basic Accounting

 

Q1. Any donation received for a specific purpose is a ______________.

a) Liability

b) Assets

c) Revenue receipt

d) Capital receipts

 

Q2. Depreciation deducted from the concerned ______________.

a) Liability

b) Asset

c) Expenses

d) Incomes

 

Q3. Subscriptions received in advance will figure in the ______________.

a) Balance sheet

b) Receipts and payment account

c) Income and expenditure account

d) Revenue account

 

Q4. ______________ is given to promote sales.

a) Cash discount

b) Trade discount

c) Quantity discount

d) Price discount

 

Q5. Ledger is a book of ______________empor

a) Original entry

b) Final entry

c) All cash entry

d) All credit entry

 

Q6. The appropriate book to record credit purchase of machinery is ______________.

a) Purchases book

b) Journal

c) Cash book

d) Petty cash book

 

Q7. A bill drawn and accepted for providing funds to a friend in need is known as________

a) Cheque.

b) Promissory note.

c) Accommodation bill.

d) Demand bill.

 

Q8. Goods destroyed by fire should be credited to ______________

a) Purchases account

b) Sales account

c) Loss of goods by fire account

d) Insurance account

 

Q9. Bills are drawn by ______________

a) Creditors

b) Debtors

c) Agent

d) Brokers

 

Q10. Daily Record of Transaction means

a) Ledger

b) Journal

c) Trial Balance

d) None of these

 

Q11. The appropriate book to record credit purchase of machinery is ______________.

a) Purchases book

b) Journal

c) Cash book

d) Petty cash book

 

Q12. Premium received on issue of shares is a ______________. Tempor

a) Capital receipt

b) Revenue receipt

c) Deferred capital receipt

d) Deferred revenue receipt

 

Q13. Which one of the following is capital expenditure?

a) Cost of advertisement

b) Purchase of a delivery van

c) Purchase of raw material

d) Purchase of machine oil

 

Q14. Receipts and payments account is a ______________.

a) Personal account

b) Nominal account

c) Real account

d) Representative account

 

Q15. Income and expenditure account is a ______________.

a) Real account

b) Nominal account

c) Personal account

d) Representative account

 

Q16. Non-trading institutions prepare ______________.

a) Profit and loss account

b) Trading account

c) Manufacturing account

d) Income and expenditure account

 

Q17. Accounting principles are generally based on ______________

a) Practicability

b) Subjectivity

c) Convenience in recording

d) Applicability

 

Q18. Debit balance in cash book means ______________

a) Overdraft as per pass book

b) Overdraft as per cash book

c) Credit balance as per pass book

d) Debit balance as per day book

 

Q19. Wages is an example of ______________

a) Capital expenses

b) Indirect expenses

c) Direct expenses

d) Revenue expenses

 

Q20. Drawings account is related to ______________

a) Nominal Account

b) Personal Account

c) Real Account

d) None of the above

 

Part 26: Objective questions and answers of Basic Accounting

 

Q1. Answer d

 

Q2. Answer b

 

Q3. Answer a

 

Q4. Answer b

 

Q5. Answer b

 

Q6. Answer a

 

Q7. Answer c

 

Q8. Answer a

 

Q9. Answer c

 

Q10. Answer b

 

Q11. Answer b

 

Q12. Answer a

 

Q13. Answer b

 

Q14. Answer b

 

Q15. Answer b

 

Q16. Answer d

 

Q17. Answer a

 

Q18. Answer c

 

Q19. Answer c

 

Q20. Answer b

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