This quiz works best with JavaScript enabled. Home > Accounting > Accountancy > Accountancy – Quiz 43 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 43 (14 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of following is not an intangible assets? A) Goodwill. B) Patents. C) Trade marks. D) Furniture. Show Answer Correct Answer: D) Furniture. 2. Which of the following is correct with respect to debentures A) They can be issued on credit. B) They can be issued for consideration other than cash. C) They cannot be issued as collateral security. D) They can be issued partly on credit and partly in cash. Show Answer Correct Answer: B) They can be issued for consideration other than cash. 3. Equity shares of Rs 10 each were issued at 8 % premium to the promoter of a company for their services. Which account will be debited? A) Share capital a/c. B) Goodwill a/c. C) SPR a/c. D) Cash a/c. Show Answer Correct Answer: B) Goodwill a/c. 4. New partner can be admitted into partnership A) With the consent of any one partner. B) With the consent of majority of partners. C) With the consent of all the partners. D) With the consent of two third of old partners. Show Answer Correct Answer: C) With the consent of all the partners. 5. If a shareholder does not pay his dues on allotment, for the amount due, there will be A) Credit balance in the share allotment account. B) Debit balance in the share forfeiture account. C) Credit balance in the shares forfeiture account. D) Debit balance in the shares allotment account. Show Answer Correct Answer: D) Debit balance in the shares allotment account. 6. Preliminary expenses include A) Exp. incurred on preparation & printing of various documents. B) Duty payable on authorised capital. C) Cost of preliminary expenses. D) Stamp duty & registration fee. E) All of the above. Show Answer Correct Answer: E) All of the above. 7. Contingent liablities will be recorded in A) Balancesheet asset. B) Trading account. C) Balancesheet liablities. D) Profit and loss account. Show Answer Correct Answer: C) Balancesheet liablities. 8. Ram and Shyam are partners in the ratio of 3:2. Before profit distribution, ' Ram is entitled to 5% commission of the net profit (after charging such commission). Before charging commission, firm's profit was ₹ 42, 000. Shyam's share in profit will be: A) 24000. B) 16000. C) 26000. D) 16400. Show Answer Correct Answer: B) 16000. 9. A& B are partners in a firm. A's Caoital is ₹ 70, 000 & B's Capital is ₹ 50, 000. Firm's profit is ₹ 60, 000. A's share in profit will be: A) ₹ 25, 000. B) ₹ 30, 000. C) ₹ 35, 000. D) ₹ 20, 000. Show Answer Correct Answer: B) ₹ 30, 000. 10. Commercial organization is involved in ..... goods and services A) Service. B) Distribution and exchange. C) Production. D) Consumption. Show Answer Correct Answer: B) Distribution and exchange. 11. ..... in the value of ....., ..... in the amount of ..... is debited to ..... account- A) Increase, liabilities, increase, assets, revaluation. B) Decrease, assets, increase, liabilities, revaluation. C) Increase, assets, decrease, liabilities, partners' capital. D) Reduction, liabilities, decrease, assets, revaluation. Show Answer Correct Answer: B) Decrease, assets, increase, liabilities, revaluation. 12. Which of the Following is False A) Debenture is a form of public borrowings. B) It is customary to prefix debentures with the agreed rate of interest. C) Debenture interest is a charge against profits. D) The issue price and redemption value of debentures cannot differ. Show Answer Correct Answer: D) The issue price and redemption value of debentures cannot differ. 13. Which of the following is the most relevant accounting information for taxation authorities? A) Cash balance of the firm. B) Book value of the fixed assets. C) Credit sales of the year. D) Profit generated during the year. Show Answer Correct Answer: D) Profit generated during the year. 14. The analysis of actual movement of money inflow and outflow in an organisation is called ..... analysis A) Ratio Analysis. B) Cash flow analysis. C) Comparative statement analysis. D) Common size statement analysis. Show Answer Correct Answer: B) Cash flow analysis. ← PreviousRelated 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