Accountancy Quiz 9 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. Amount invested by proprietor in business

Correct Answer: B) Capital.

2. Arrangement of assets and liabilities in the balancesheet is known as

Correct Answer: C) Marshalling of balancesheet.

3. The information provided in the annual financial statements of an enterprise pertain to-

Correct Answer: A) Individual business enterprise.

4. Revaluation A/C is a

Correct Answer: D) Nominal A/c.

5. Withdraw goods for personal use affects on

Correct Answer: C) Cash and capital.

6. Closing stock overvalued

Correct Answer: A) Deducted from current year.

7. Interest on capital

Correct Answer: B) 13 c.

8. Cash received from Kajal Rs. 36, 000 after allowing her discount @10%. Amount debited to discount account will be:

Correct Answer: B) Rs. 4, 000.

9. The old partners share all the accumulated profit & reserves in their

Correct Answer: B) Old profit sharing ratio.

10. When realisation expenses are paid by the firm on behalf of partner, expenses are debited to

Correct Answer: B) Partner's capital account.

11. Amount of Securities Premium Reserve may be used only for

Correct Answer: E) All of the above.

12. Authorised Capital is also known as (a). (b) (c). (d)

Correct Answer: B) Registered Capital.

13. If the trial balance does not balance, what could be the potential error?

Correct Answer: C) Only revenue accounts were included.

14. Share Capital means

Correct Answer: A) Raised by issue of shares.

15. Name the item out of the following which is shown as short-term provision

Correct Answer: A) Provision for tax.

16. Partnership agreement may

Correct Answer: D) All the above.

17. Is Reserved Capital a part of

Correct Answer: B) Uncalled capital.

18. GROSS PROFIT=.....-.....

Correct Answer: B) NET SALES-COST OF GOODS SOLD.

19. In which year did the Partnership Act passed?

Correct Answer: A) 1932.

20. Zero Coupon Bonds are Issued

Correct Answer: C) Without Specified Rate of Interest.