This quiz works best with JavaScript enabled. Home > Accounting > Accountancy > Accountancy – Quiz 30 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 30 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Goodwill is? A) A tangible asset. B) Intangible asset. C) Both intangible and fictitious. D) Intangible but not fictitious. Show Answer Correct Answer: D) Intangible but not fictitious. 2. Transaction are posted in a book called ledger. A) True. B) False. Show Answer Correct Answer: A) True. 3. Following is not a right of a shareholder ..... A) To receive a dividend declared by the company. B) To attend and vote a meetings. C) To manage Company's affairs. D) To receive the company's accounts. Show Answer Correct Answer: C) To manage Company's affairs. 4. Realisation account is a- A) Personal Account. B) Real Account. C) Nominal Account. D) None of the above. Show Answer Correct Answer: C) Nominal Account. 5. Current ratio is 2:1. On the sale of fixed asset (book value Rs 20, 000) for Rs 18, 000, state whether the current ratio will A) Improve. B) Decline. C) Not change. D) Can not say. Show Answer Correct Answer: A) Improve. 6. Land, buildings and machinery are included A) Liquid assets. B) Fixed assets. C) Intangible assets. D) Other property. Show Answer Correct Answer: B) Fixed assets. 7. ..... is the language of business A) Accounting. B) Commerce. C) Economics. D) Stock. Show Answer Correct Answer: A) Accounting. 8. Liability of partner is: A) Limited. B) Unlimited. C) Determined by Court. D) None of above. Show Answer Correct Answer: B) Unlimited. 9. Production of factory had to stop for week due to labour strike. The owner estimated the loss of production and likely loss of profit arising out of the situation. He directed the accountant to record the loss in the books of account. Which of the concept accountant violate A) Verifiable objective concept. B) Revenue recognition concept. C) Cost concept. D) Prudence concept. Show Answer Correct Answer: A) Verifiable objective concept. 10. Gross profit is A) Cost of goods sold + Opening stock. B) Excess of sales over cost of goods sold. C) Sales fewer Purchases. D) Net profit fewer expenses of the period. Show Answer Correct Answer: B) Excess of sales over cost of goods sold. 11. Sacrificing ratio is used to distribute ..... in case of admission of a partner: A) Reserve. B) Goodwill. C) Revaluation profit. D) Balance in profit and loss account. Show Answer Correct Answer: B) Goodwill. 12. The concept which assumes that a business will last indefinitely is A) Business Entity. B) Going concern. C) Periodicity. D) Conservatism. Show Answer Correct Answer: B) Going concern. 13. When the world 'bearer' is struck off by drawing a line, the cheque becomes an order cheque. A) Bearer cheque. B) Order cheque. C) Dishonour of a cheque. D) Crossed cheque. E) None of them. Show Answer Correct Answer: A) Bearer cheque. 14. RATIO ANALYSIS IS HELPFUL FOR A) FINANCIAL ANALYSIS. B) FINANCIAL PLANNING. C) FORECASTING. D) ALL OF THE ABOVE. Show Answer Correct Answer: D) ALL OF THE ABOVE. 15. Rent received will be recorded in A) Profit and loss account debit side. B) Profit and loss account credit side. C) Trading account credit side. D) Trading account debit side. Show Answer Correct Answer: B) Profit and loss account credit side. 16. Industries involve in collection of natural and mineral resources from land, water and air are ..... industries A) Manufacturing. B) Extraction. C) Construction. D) Genetic. Show Answer Correct Answer: B) Extraction. 17. Indian Company act ..... A) 1956. B) 1932. C) 1988. D) 1999. Show Answer Correct Answer: A) 1956. 18. A cash book with discount, cash and bank column is called A) Simple cash book. B) Three column cash book. C) Double column cash book. D) Petty cash book . Show Answer Correct Answer: B) Three column cash book. 19. The process of recording transactions in ledger is called:(2016) A) Recording. B) Journalizing. C) Transferring. D) Posting. Show Answer Correct Answer: D) Posting. 20. Brief explanation of an entry is called as A) Folio. B) Narration. C) Posting. D) Journalising. Show Answer Correct Answer: B) Narration. ← 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