Basic Accounting 27

COEP
Lets Crack Online Exam

Objective Questions and Answers of MBA: Basic Accounting 27

Subject: Objective Questions and Answers of MBA: Basic Accounting 27

Part 27: Objective questions and answers of Basic Accounting

 

Q1. Purchase of Typewriter would result in ______________ of fund.

a) Change

b) application

c) Service

d) no flow

 

Q2. Excess of income over expenditure in shown on the ______________ side of income and expenditure account.

a) Credit

b) Debit

c) Upper

d) Lower

 

Q3. Specific donations received by a non-trading concern are usually ______________.

a) revenue receipt

b) capital receipt

c) capital expenditure

d) revenue expenditure

 

Q4. Subscription received in advance is ______________.

a) an income

b) an asset

c) a liability

d) an expense

 

Q5. The basic function of financial accounting is to ______________

a) record all business transactions

b) interpret the financial data

c) assist the management in performing functions effectively

d) information to management

 

Q6. In triple column cash book, cash withdrawn from bank for office use will appear in___

a) debit side of the cash book only

b) both sides of the cash book

c) credit side of the cash book only

d) credit side of the bank account

 

Q7. Interest on drawings is ______________

a) expenditure for the business

b) expense for the business

c) gain for the business

d) loss for the business

 

Q8. Which of the following is related to nominal account?

a) Bank account

b) Commission account

c) Furniture account

d) Interest received account

 

Q9. Errors which affect one account can be ______________

a) errors of omission

b) errors of principle

c) errors of posting

d) error of commission

 

Q10. The Letter "c" is shown in the Cash book which means ______________

a) consignment

b) Commitment

c) Contra Entry

d) Cash entry

 

Q11. The person to whom the amount has to be paid is known as ______________

a) Drawee

b) Drawer

c) Acceptor

d) Payee

 

Q12. Which account is generally used for rectification of errors?

a) Memorandum account

b) Suspense account

c) Rectification account

d) Adjustment account

 

Q13. The preparation of a Trial balance helps in ______________.

a) locating errors in principle

b) locating errors of omission

c) locating clerical errors

d) locating compensatory errors

 

Q14. Interest on capital is credited to ______________ account.

a) Expenses account

b) Income account

c) Capital account

d) Asset account

 

Q15. Any amount received towards endowment fund is a ______________receipt.

a) Ordinary

b) Special

c) Revenue

d) Capital

 

Q16. Sale of old newspaper is to be shown on the credit side of the ______________.

a) cash book

b) income and expenditure

c) balance sheet

d) trading account

 

Q17. The process of recording financial transactions in the journal is called ______________

a) Journalizing

b) Utilizing

c) Posting

d) Balancing

 

Q18. Credit sales are recorded in ______________

a) sales book

b) cash book

c) journal proper

d) purchases book

 

Q19. The balance of the petty cash book is ______________.

a) an asset

b) a liability

c) an income

d) an expenditure

 

Q20. Preliminary expenses are an example of ______________

a) deferred Revenue Expenditure

b) revenue Expenditure

c) capital Expenditure

d) common expenditure

 

Part 27: Objective questions and answers of Basic Accounting

 

Q1. Answer c

 

Q2. Answer b

 

Q3. Answer b

 

Q4. Answer c

 

Q5. Answer a

 

Q6. Answer b

 

Q7. Answer c

 

Q8. Answer b

 

Q9. Answer c

 

Q10. Answer c

 

Q11. Answer d

 

Q12. Answer b

 

Q13. Answer c

 

Q14. Answer c

 

Q15. Answer d

 

Q16. Answer b

 

Q17. Answer a

 

Q18. Answer a

 

Q19. Answer a

 

Q20. Answer b

Be the first to comment

Leave a Reply