This quiz works best with JavaScript enabled. Home > Accounting > Accountancy > Accountancy – Quiz 37 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 37 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Transferring the entries from the journal to ledger is called A) Posting. B) Trial balance. C) Journal. D) Trading account. Show Answer Correct Answer: A) Posting. 2. Generally the duration of an Accounting period is of- A) 3 months. B) 6 months. C) 9 months. D) 12 months. Show Answer Correct Answer: D) 12 months. 3. The concept of multinational company is developed due to mutual co-operative among ..... nations A) Close. B) Developing. C) Friendly. D) Developed. Show Answer Correct Answer: C) Friendly. 4. If a fabric company has space that is not being used, it is rented to another company. So the income obtained from renting the space is referred to as A) Business income. B) Non-business income. C) Direct income. D) Debt. Show Answer Correct Answer: B) Non-business income. 5. Premium on issue of shares can be used for A) Issue of partly paid bonus shares. B) Writing of losses incurred during the year. C) Writing off discount/loss on issue of debentures. D) Writing off past losses. Show Answer Correct Answer: C) Writing off discount/loss on issue of debentures. 6. Claims from other parties, whether individuals or business entities, are referred to as..... A) Receivables. B) Equipment. C) Money order receivable. D) The burden is paid in advance. Show Answer Correct Answer: A) Receivables. 7. In double column cash book, how many columns of amount are there in cash book? A) One column each side. B) One column. C) Two columns. D) Two columns each side. E) Any of them. Show Answer Correct Answer: A) One column each side. 8. Total capital employed in the firm is 8, 00, 000. normal rate of return is 15% and the profit for the year is 1, 20, 000. value of goodwill as per capitalisation method would be A) 8, 20, 000. B) 1, 20, 000. C) 4, 20, 000. D) Nil. Show Answer Correct Answer: D) Nil. 9. The root of financial accounting system is A) Social accounting. B) Stewardship accounting. C) Management accounting. D) Responsibility accounting. Show Answer Correct Answer: B) Stewardship accounting. 10. Accounting can be viewed as an information system which has its inputs, processing methods and output. A) True. B) False. Show Answer Correct Answer: A) True. 11. IFRS ARE A) RULE BASED. B) PRINCIPLE BASED. C) BOTH RULE AND PRINCIPLE BASED. D) NEITHER RULE BASED NOR PRINCIPLE BASED. Show Answer Correct Answer: B) PRINCIPLE BASED. 12. Surplus that is balance in statement of profit and loss is shown as A) Share capital. B) Reserve and surplus. C) Other long term Liabilities. D) Current liabilities. Show Answer Correct Answer: B) Reserve and surplus. 13. Comparative statements show the changes in A) Percentages. B) Absolute amounts. C) Both a and b. D) Ratios. Show Answer Correct Answer: C) Both a and b. 14. Left hand side of an account is called:(2015) A) Debit side. B) Credit side. C) Both A and B. D) None of these. Show Answer Correct Answer: A) Debit side. 15. Kaveri Ltd. a financing company, took loan of ' 20, 00, 000 during the year to be repaid in 5 yearly instalments starting after two years @ 10% p.a. It will be included in which of the following activities while preparing Cash Flow Statements? A) Investing Activities. B) Financing Activities. C) Both Investing and Financing Activities. D) Operating Activities. Show Answer Correct Answer: B) Financing Activities. 16. 14 The process of transferring the debit and credit items from journal to ledger accounts is called A) Casting. B) Posting. C) Journalising. D) Balancing. Show Answer Correct Answer: B) Posting. 17. Credit the increase in:(2015) A) Assets, Expenses. B) Assets, Capital and Liabilities. C) Revenue, Capital and Liabilities. D) Expenses, Capital and Liabilities. Show Answer Correct Answer: C) Revenue, Capital and Liabilities. 18. From the given items which is not shown under current liabilities A) Trade payables. B) Short-term provisions. C) Short-term borrowings. D) Inventories. Show Answer Correct Answer: D) Inventories. 19. The retiring partner may claim a share in the profits of the firm even after his retirement if his account is not settled A) False. B) True. Show Answer Correct Answer: B) True. 20. Analysis simply means simplification of data. A) True. B) False. Show Answer Correct Answer: A) True. ← 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