This quiz works best with JavaScript enabled. Home > Accounting > Accountancy > Accountancy – Quiz 28 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 28 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A ltd. wants to redeem 5, 000, 5% debentures of Rs. 100 each at 5% premium. How much amount it must transfer to DRR, if it already had a balance of 10, 000 in DRR A/c. A) 25, 000. B) 1, 15, 000. C) 40, 000. D) 50, 000. Show Answer Correct Answer: B) 1, 15, 000. 2. Goods worth rupees 7000 given away as charity should be credited to A) Sales account. B) Purchases account. C) Charity account. D) Trustee account. Show Answer Correct Answer: B) Purchases account. 3. Co-operative marketing society is the association of small, ..... and ..... A) Abour and Employees. B) Farmers and Artisans. C) Capital and Loan. D) Cottage and Small Scale. Show Answer Correct Answer: B) Farmers and Artisans. 4. Discount allowed will be recorded in A) Trading account debit side. B) Trading account credit side. C) Profit and loss account debit side. D) Profit and loss account credit side. Show Answer Correct Answer: C) Profit and loss account debit side. 5. Fixed method is adopted which of the following will appear in capital account A) Additional capital. B) Int. On capital. C) Int. On drawings. D) Share of profit. Show Answer Correct Answer: A) Additional capital. 6. FULL FORM OF IFRS A) INTERNATIONAL FINANCIAL REPORTING SYSTEM. B) INTERNATIONAL FINANCIAL RECORDING SYSTEM. C) INTERNATIONAL FINANCIAL RECOGNITION SYSTEM. D) INTERNATIONAL FINANCIAL REPORTING STANDARDS. Show Answer Correct Answer: D) INTERNATIONAL FINANCIAL REPORTING STANDARDS. 7. Eena, Meena and Teena are partners in a firm. Teena retired from the firm. After making adjustments for reserves and revaluation of assets and liabilities the balance in Teena's capital account was Rs. 1, 20, 000.Eena and Meena paid Rs, 1, 80, 000 in full settlement to Teena. By what amount is Meena's capital account debited: A) Rs. 50, 000. B) Rs. 30, 000. C) Rs. 60, 000. D) Rs. 25, 000. Show Answer Correct Answer: B) Rs. 30, 000. 8. A and B are partners. Divisible profit as per Profit and Loss Appropriation Account is ' 2, 50, 000. Total interest on partners' drawings is ' 4, 000. A's salary is ' 4, 000 per quarter and B's salary is ' 40, 000 per annum. What will be the net profit/loss earned during the year? A) 3, 00, 000. B) 2, 94, 000. C) 3, 06, 000. D) 3, 02, 000. Show Answer Correct Answer: D) 3, 02, 000. 9. Which of the following is not a limitation of financial statement analysis A) Ignores the qualitative elements. B) Not free from personal bias. C) Intra-firm comparison. D) Ignores the price level changes. Show Answer Correct Answer: C) Intra-firm comparison. 10. Bad debts will be recorded in A) Trading account credit side. B) Profit and loss account debit side. C) Balancesheet liablity side. D) Profit and loss account credit side. Show Answer Correct Answer: B) Profit and loss account debit side. 11. Pick the odd one out: A) Interest on Partner's Capital. B) Partners' Salaries/Commission. C) Transfer of Part of Profit to Reserve. D) Interest on Partner's Loan. Show Answer Correct Answer: D) Interest on Partner's Loan. 12. Making partnership deed- A) A. are mandatory. B) B. are optional. C) S. are partly mandatory. D) The. none of these. Show Answer Correct Answer: B) B. are optional. 13. Receipts and payments account is prepared on A) Cash Basis. B) Time basis. C) Accrual Basis. D) Sales Basis. Show Answer Correct Answer: A) Cash Basis. 14. The Balance of Petty Cash is: A) An Expense. B) Revenue. C) An asset. D) Liability. Show Answer Correct Answer: C) An asset. 15. On retirement of a partner, goodwill will be credited to the Capital Account of: A) Retiring Partner. B) Remaining Partners. Show Answer Correct Answer: A) Retiring Partner. 16. Following are essential elements of a partnership firm except: A) At least two persons. B) There is an agreement between all partners. C) An equal share of profits and losses. D) A partnership agreement is for some businesses. Show Answer Correct Answer: C) An equal share of profits and losses. 17. Which one of the following is not a main objective of accounting? A) Systematic recording of transactions. B) Ascertainment of the profitability of the business. C) Ascertainment of the financial position of the business. D) Solving tax disputes with tax authorities . Show Answer Correct Answer: D) Solving tax disputes with tax authorities . 18. Gain on reissue of forfeiture share transfer to ..... A) Capital reserve. B) Reserve capital. C) P/L account. D) None of these. Show Answer Correct Answer: A) Capital reserve. 19. A Ltd. issued 2, 000; 9% Debentures of ₹ 100 each on the following terms: ₹ 20 on applications ; ₹ 20 on allotment ; ₹ 30 on first call ; ₹ 30 on final call.The public applied for 2, 400 debentures. Applications for 1, 800 debentures were accepted in full. Applications for 400 debentures were allotted 200 debentures and applications for 200 debentures were rejectedamount to be credited in 9%debenture allotment at the time of application A) 40000. B) 4000. C) 400. D) None of these. Show Answer Correct Answer: B) 4000. 20. Accounting equation can be expressed as- A) Liability = Assets + Capital. B) Assets = Liability-Capital. C) Assets = Liability + Capital. D) Assets = Internal Equity-External Equity. Show Answer Correct Answer: C) Assets = Liability + Capital. ← PreviousNext →Related QuizzesAccounting QuizzesAccountancy Quiz 1Accountancy Quiz 2Accountancy Quiz 3Accountancy Quiz 4Accountancy Quiz 5Accountancy Quiz 6Accountancy Quiz 7Accountancy Quiz 8Accountancy Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books