This quiz works best with JavaScript enabled. Home > Accounting > Accountancy > Accountancy – Quiz 33 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 33 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If, at the time of admission, the Revaluation A/c shows a profit, it should be credited to A) All Partners Capital Accounts in the new profit sharing ratio. B) Old Partners Capital Accounts in the old profit sharing ratio. C) Old Partners Capital Account in the sacrificing ratio. D) All Partners Capital Accounts equally. Show Answer Correct Answer: B) Old Partners Capital Accounts in the old profit sharing ratio. 2. Sole Trading concern is ..... liability in nature A) Limited. B) Unlimited. C) More Limited. D) Less Limited. Show Answer Correct Answer: B) Unlimited. 3. Ram and Mohan are in partnership with 48 others. Mohan wants to admit his friend Sohan into the partnership. All the other partners agree. Will sohan be admitted? A) Yes. B) No. Show Answer Correct Answer: B) No. 4. Equipment, land and buildings included on A) Liquid assets. B) Tangible assets. C) Intangible fixed assets. D) Not the answer above. Show Answer Correct Answer: B) Tangible assets. 5. A voucher is prepared for A) Cash and credit purchases. B) Cash and credit sales. C) Cash received and paid. D) All of these. Show Answer Correct Answer: D) All of these. 6. Accounting communicates information to A) Internal Users. B) External Users. C) Both A and B. D) None of the above. Show Answer Correct Answer: C) Both A and B. 7. Cash book is a form of: A) Trial Balance. B) Ledger. C) Journal. D) All of the above. Show Answer Correct Answer: B) Ledger. 8. Which is not a category of cash flow? A) Operating. B) Investing. C) Financing. D) Current Assets. Show Answer Correct Answer: D) Current Assets. 9. On the admission of a new partner, increase in the value of assetsis debited to A) P n l adjustment a/c. B) Assets a/c. C) Old partners capital a/c. D) None of these. Show Answer Correct Answer: A) P n l adjustment a/c. 10. WHICH ACCOUNTING CONCEPT STATES THAT ONLY THOSE TRANSACTIONS SHOULD BE RECORDED IN THE BOOKS OF ACCOUNTS WHICH CAN BE MEASURED IN TERMS OF MONEY? A) GOING CONCERN CONCEPT. B) MONEY MEASUREMENT. C) REVENUE RECOGNITION. D) FULL DISCLOSURE. Show Answer Correct Answer: B) MONEY MEASUREMENT. 11. 5 Sales book is used to record A) All sales of goods. B) All credit sales of assets. C) All credit sales of goods. D) All sales of assets and goods . Show Answer Correct Answer: C) All credit sales of goods. 12. Liquid or Quick assets = A) Current assets-(Stock + Work in progress). B) Current assets + Stock + Work in progress. C) (Current assets + Stock) + Work in progress. D) (Current assets + Work in progress)-Stock. Show Answer Correct Answer: A) Current assets-(Stock + Work in progress). 13. The liability of shareholders of a company is limited up to their ..... investment A) Assets. B) Goods. C) Capital. D) Debentures. Show Answer Correct Answer: C) Capital. 14. Realisation accounts is prepared when A) Dissolution of partnership firm. B) Admission of a partner. C) Retired of a partner. D) No entry of partner. Show Answer Correct Answer: A) Dissolution of partnership firm. 15. Revaluation account is necessary for A) Adjustment in the value of Assets and liabilities. B) To find the Goodwill of. C) To find the Goodwill of from to find profit and loss of. D) To find profit and loss of firm how to prepare balance sheet. Show Answer Correct Answer: A) Adjustment in the value of Assets and liabilities. 16. Rent due for the month of March will appear ..... of the cash book. A) On the receipt side. B) On the payment side. C) As a Contra Entry. D) Nowhere. Show Answer Correct Answer: D) Nowhere. 17. A balance sheet reports financial information over a specific period of time. A) True. B) False. Show Answer Correct Answer: B) False. 18. Amount invested by owner in business is called? A) Drawings. B) Capital. C) Assets. D) Liability. Show Answer Correct Answer: B) Capital. 19. Accounting provides information on A) Cost and income for managers. B) Company's tax liability for a particular year. C) Financial conditions of an institutions. D) All of the above. Show Answer Correct Answer: D) All of the above. 20. The example of Financial Record is ..... A) Notice. B) Circular. C) Government Rule. D) Trading A/c. Show Answer Correct Answer: D) Trading A/c. ← 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