This quiz works best with JavaScript enabled. Home > Accounting > Accountancy > Accountancy – Quiz 35 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 35 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Incomplete records are generally maintained by A) A company. B) Government. C) Small sized sole trader business. D) Multinational enterprises. Show Answer Correct Answer: C) Small sized sole trader business. 2. Amount which the proprietor has invested in a business is known as ..... A) Capital. B) Liability. C) Asset. D) Expenses. Show Answer Correct Answer: A) Capital. 3. Purchase refers to the buying of A) Goods or products for resale. B) Assets for the factory. C) Stationery for office use. D) Daily expenses. Show Answer Correct Answer: A) Goods or products for resale. 4. The term SALES is used only for the sale of ..... and is never used for the sale of any asset. A) Furniture. B) Land. C) Purchases. D) Goods. Show Answer Correct Answer: D) Goods. 5. What is the post reference column on the account form used for? A) To record the date. B) To record the page number. C) To record the account number. D) We don't use it. Show Answer Correct Answer: B) To record the page number. 6. In what ratio is the profit on revaluation shared? A) A. In the new profit-loss ratio. B) B. sacrifice ratio. C) S. old profit loss ratio. D) The. in yield ratio. Show Answer Correct Answer: C) S. old profit loss ratio. 7. If total assets of a business are rs 10, 00, 000 and capital is rs 4, 00, 000. Calculate Creditors ..... A) 7, 00, 000. B) 6, 00, 000. C) 14, 00, 000. D) 8, 00, 000. Show Answer Correct Answer: B) 6, 00, 000. 8. X Ltd. purchased a building for ₹ 60, 00, 000 payable as 20% in Cash and balanceby allotment of 8% debentures of ₹ 500 each at a premium of 20%. Numberof debentures issued will be: A) 9600. B) 5000. C) 8000. D) 10000. Show Answer Correct Answer: C) 8000. 9. ..... are those assets which have a physical existence and which can be seen or felt. A) Current Asset. B) Wasteful Asset. C) Intangible Asset. D) Tangible Asset. Show Answer Correct Answer: D) Tangible Asset. 10. On dissolution of a firm where is cash in hand transferred A) Only debit side of cash. B) On the debit side of cash account on the credit side of cash account. C) Only credit side of cash account. D) No entry in cash account. Show Answer Correct Answer: A) Only debit side of cash. 11. Identify the type of debenture classified on the basis of tenure A) Zero coupon debenture. B) Registered debenture. C) Secured debenture. D) Irredeemable debenture. Show Answer Correct Answer: D) Irredeemable debenture. 12. The periodic total of purchases return journal is posted to: A) Purchase account. B) Profit and loss account. C) Purchase returns account. D) Furniture account. Show Answer Correct Answer: C) Purchase returns account. 13. For GST paid on inter-state of goods, which of the following account is credited: A) Output CGST A/c. B) Output IGST A/c. C) Input IGST A/c. D) Output SGST A/c. Show Answer Correct Answer: B) Output IGST A/c. 14. In a company's Balance Sheet, Debit (Negative) balance of Statement of profit and loss is shown as A) Non-current liabilities. B) Current liabilities. C) Non-current assets. D) Reserves and surplus. Show Answer Correct Answer: D) Reserves and surplus. 15. Rent due for the month of March will appear ..... in the Cash Book. A) On the receipt side. B) On the payment side. C) As a contra entry. D) No where. Show Answer Correct Answer: D) No where. 16. Current assets example A) Debtors. B) Capital. C) Drawing. D) Furniture. Show Answer Correct Answer: A) Debtors. 17. Assets, which have physical existence, are called:(2017) A) Intangible assets. B) Tangible assets. C) Quick assets. D) Current assets. Show Answer Correct Answer: B) Tangible assets. 18. The person from whom the amount are due for goods sold or service rendered on credit basis is term as- A) Trade creditors. B) Trade debtors. C) Opening Stock. D) Closing Stock. Show Answer Correct Answer: B) Trade debtors. 19. Ascertain the accounting equation when, sold goods costing Rs. 10, 000 for cash Rs. 12, 000 A) -10, 000 = 0 + 12, 000. B) -10, 000 + 12, 000 = 0 + 0. C) -10, 000 + 12, 000 = 0 + 2, 000. D) 12, 000 = 10, 000 + 2, 000. Show Answer Correct Answer: C) -10, 000 + 12, 000 = 0 + 2, 000. 20. Who wrote Arthasasthra? A) Chandragupta Maurya. B) Kautilya. C) Kannadasan. D) Kalki. Show Answer Correct Answer: B) Kautilya. ← 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