This quiz works best with JavaScript enabled. Home > Accounting > Accountancy > Accountancy – Quiz 29 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 29 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A documentary evidence in support of business transaction is known as A) Events. B) Entry. C) Voucher. D) Purchases. Show Answer Correct Answer: C) Voucher. 2. Number of partners in a partnership firm may be: A) Maximum Two. B) Maximum Ten. C) Maximum One Hundred. D) Maximum Fifty. Show Answer Correct Answer: D) Maximum Fifty. 3. Select the odd one out A) Revaluation profit. B) Accumulated loss. C) Goodwill brought by new partner. D) Investment fluctuation fund. Show Answer Correct Answer: C) Goodwill brought by new partner. 4. Shreya is a good baker. She wants to start a bakery. For this, she wants to get into partnership with her friend's daughter advita, interested in business, who's 15th birthday was celebrated a week ago. Can they form a partnership? A) Yes. B) No. Show Answer Correct Answer: B) No. 5. Accounting measures the business transactions in terms of ..... units. A) Valueless. B) Non-Monetary. C) Monetary. D) Marketable. Show Answer Correct Answer: C) Monetary. 6. At the time of reissue of all forfeited shares A) General reserve is debited with the credit balance left in the forfeited shares account. B) General reserve is credited with the credit balance left in the forfeited shares account. C) General reserve is credited with the credit balance left in the forfeited shares account. D) Capital reserve is credited with the credit balance left in the forfeited shares account. Show Answer Correct Answer: D) Capital reserve is credited with the credit balance left in the forfeited shares account. 7. If any loan or advance is provided by partner then, balance of such Loan Account should be transferred to A) Assets side of balance sheet. B) Liabilities site of balance sheet. C) Partners capital account. D) Partners loan account. Show Answer Correct Answer: B) Liabilities site of balance sheet. 8. The basic accounting postulates are denoted by- A) Concepts. B) Book keeping. C) Accounting. D) None. Show Answer Correct Answer: A) Concepts. 9. Journal entries of workmens compensation reserve A) All partners cap. To W.C.R. B) W.C.R A/C TO All partners cap. C) Retire partners cap.a/c To W.C.R. D) W.C.R To retired partners cap. Show Answer Correct Answer: B) W.C.R A/C TO All partners cap. 10. Which of the following is the primary purpose of a ledger in accounting? A) To record financial transactions in chronological order. B) To prepare financial statements. C) To provide a summary of all accounts with their balances. D) To record cash transactions only. Show Answer Correct Answer: C) To provide a summary of all accounts with their balances. 11. R A) Q. B) G. C) H. D) Hf. Show Answer Correct Answer: B) G. 12. Warehousing maintains safety of goods and services and fulfills ..... utility. A) Place. B) Risk. C) Time. D) Finance. Show Answer Correct Answer: C) Time. 13. Ledger is a book in which:(2016) A) Only personal and cash accounts are opened. B) Only real accounts are opened. C) Only nominal accounts are opened. D) All, real, nominal and personal accounts are opened. Show Answer Correct Answer: D) All, real, nominal and personal accounts are opened. 14. Credit rules for personal account is A) Credit the giver. B) Credit the receiver. C) Credit what comes in. D) Credit all gain and expenses. Show Answer Correct Answer: A) Credit the giver. 15. 4 month bill drawn on 1st January 2019 will mature for payment on ..... A) 3rd may 2019. B) 4th may 2019. C) 5th may 2019. D) 10th may 2019. Show Answer Correct Answer: B) 4th may 2019. 16. Working Capital is the: A) Cash and Bank Balance. B) Capital borrowed from the Banks. C) Difference between Current Assets and Current Liabilities. D) Difference between Current Assets and Fixed Assets. Show Answer Correct Answer: C) Difference between Current Assets and Current Liabilities. 17. How many types of share? A) 1. B) 2. C) 3. D) 4. Show Answer Correct Answer: B) 2. 18. Interpretation of Financial Statements includes: A) Criticisms and Analysis. B) Comparison and Trend Study. C) Drawing Conclusion. D) All the above. Show Answer Correct Answer: D) All the above. 19. Total assets in a business are Rs 8, 00, 000 and total liabilties are Rs 5, 00, 000. The difference is called: A) Income. B) Expenses. C) Capital. D) Goodwill. Show Answer Correct Answer: C) Capital. 20. Which of the following account with a normal balance is shown at the credit side of a trial balance? A) Bank. B) Equipment. C) Cash. D) Unpaid Expenses. Show Answer Correct Answer: D) Unpaid Expenses. ← 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