This quiz works best with JavaScript enabled. Home > Accounting > Accountancy > Accountancy – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Real accounts consist of: A) Property. B) Profit and loss. C) Income. D) Burden. Show Answer Correct Answer: A) Property. 2. Who is entitled to Participate in management? A) Equity shareholder. B) Preference shareholders. C) Debenture shareholder. D) Manager. Show Answer Correct Answer: A) Equity shareholder. 3. The art of recording all business transactions in a systematic manner in a set of books is called- A) Accounting. B) Book-keeping. C) Ledger. D) None. Show Answer Correct Answer: A) Accounting. 4. Which accounting standard is applicable while preparing a cash flow statement? A) AS-4. B) AS-3. C) AS-3(Revised). D) Schedule III. Show Answer Correct Answer: C) AS-3(Revised). 5. UNDER WHICH ASPECT OF ACCOUNTING BOTH GIVING AND TAKING ASPECT SHOULD BE RECORDED A) BUSINESS ENTITY. B) GOING CONCERN. C) DUAL ASPECT. D) REVENUE RECOGNITION. Show Answer Correct Answer: C) DUAL ASPECT. 6. No partnership agreement, what will be the percentage of profit sharing ratio between them? A) Unequal. B) Equal. C) It will depend on the experience of a partner. D) It will depend on a partner's capital. Show Answer Correct Answer: B) Equal. 7. Accounting is the language of the business A) False. B) True. Show Answer Correct Answer: B) True. 8. Shares may be issued: A) At par value. B) At Premium. C) At Discount. D) Both (a) & (b). Show Answer Correct Answer: D) Both (a) & (b). 9. In the absence of partnership deed partner share profit and loss in A) Capital ratio. B) Gaining ratio. C) Equally. D) Old ratio. Show Answer Correct Answer: C) Equally. 10. Excess of credit over debit is called:(2017) A) Credit balance. B) Debit balance. C) Closing balance. D) Opening balance. Show Answer Correct Answer: A) Credit balance. 11. Share can be issued to employees at a discount A) True. B) False. C) Don't know. D) None of these. Show Answer Correct Answer: A) True. 12. Closing entry for interest on loan allowed to partners A) Interest on partner's loan Dr.To Profit and Loss A/c. B) Interest on loan Dr.To Profit and Loss Appropriation A/c. C) Profit and Loss A/c Dr.To interest on partner's loan A/c. D) Profit and Loss Appropriation A/c Dr.To interest on loan A/c. Show Answer Correct Answer: C) Profit and Loss A/c Dr.To interest on partner's loan A/c. 13. Accounting is called science because it follows certain guiding: A) Accounting Principles. B) Accounting standards. C) Both a and b. D) NOne of the above. Show Answer Correct Answer: C) Both a and b. 14. A and B are partners in partnership firm without any agreement. A has given a loan of ₹ 50000 to the firm. At the end of the year, loss was incurrred in the business. following interest may be paid to A by the firm. A) @5% p.a. B) @6%p.a. C) @6%p.m. D) As there is loss in the business interest cannot be paid. Show Answer Correct Answer: B) @6%p.a. 15. QWERTT A) A. B) S. C) D. D) F. Show Answer Correct Answer: D) F. 16. Which of the following is an acoounting concept? A) Going Concern. B) Debtors. C) Infinite Period. D) None of the above. Show Answer Correct Answer: A) Going Concern. 17. Weighted average profit method of calculating goodwill is useful when A) Profits are not similar over the years. B) Profits shows a trend either rising or falling. C) Profits are similar in all the years. D) None of above. Show Answer Correct Answer: B) Profits shows a trend either rising or falling. 18. The rule of stock valuation 'cost price or realisable value' whichever is lower is based on the accounting principle of: A) Materiality. B) Money measurement. C) Conservatism. D) Accrual. Show Answer Correct Answer: C) Conservatism. 19. On the basis of nature, records can be classified into ..... types A) Two. B) Three. C) Four. D) Five. Show Answer Correct Answer: D) Five. 20. The party which is ordered to pay the amount is known as A) Drawer. B) Payee. C) Drawee. D) None of these. Show Answer Correct Answer: C) Drawee. ← PreviousNext →Related QuizzesAccounting QuizzesAccountancy Quiz 1Accountancy Quiz 2Accountancy Quiz 3Accountancy Quiz 4Accountancy Quiz 5Accountancy Quiz 7Accountancy Quiz 8Accountancy Quiz 9Accountancy Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books