This quiz works best with JavaScript enabled. Home > Finance > Accounting > Accountancy > Accountancy – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 11 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Stock ' 80, 000, X took 50% of the stock at cost less 20%. Remaining stock was sold at a profit of 30% on cost. Realisation Account will be credited by (a) ' 32, 000. (b) ' 52, 000. (c) ' 84, 000. (d) None of these. A) 32, 000. B) 52, 000. C) 84, 000. D) None of these. Show Answer Correct Answer: C) 84, 000. 2. Double entry in Cash Book is completed when: A) Salaries are paid by cheque. B) Withdrawal of money from bank for personal use. C) Deposited cash into bank. D) None of these. Show Answer Correct Answer: C) Deposited cash into bank. 3. The Need of revaluation of assets and liabilities on admission A) Assets and Liabilities should appears at revised values. B) Any profit and loss an account of change in values belong to old partners. C) All unrecorded assets and liabilities get recorded. D) None of Above. Show Answer Correct Answer: B) Any profit and loss an account of change in values belong to old partners. 4. The relationship of partner with the firm is that of A) An owner. B) An agent. C) Manager. D) Owner and agent both. Show Answer Correct Answer: D) Owner and agent both. 5. According to Profit & Loss Account, the net profit for the year is ₹ 1, 50, 000. The total interest on partner's capital is ₹ 18, 000 and interest on partner's drawings is ₹ 2, 000. The net profit as per Profit & Loss Appropriation Account will be: A) ₹ 1, 34, 000. B) ₹ 1, 70, 000. C) ₹ 1, 30, 000. D) ₹ 1, 66, 000. Show Answer Correct Answer: A) ₹ 1, 34, 000. 6. WHO IS THE MAKER THE BILL OF EXCHANGE? A) The creditor. B) The beneficiary. C) The debtor. D) None of above. Show Answer Correct Answer: A) The creditor. 7. The difference between assets and liabilities and is the RIGHTS of the company owner is referred to as A) Property. B) Debt. C) Modal. D) Burden. Show Answer Correct Answer: C) Modal. 8. In the revaluation account an increase in the value of land and building appears on the A) Debit side. B) Credit side. C) Does not appear at all. D) None of these. Show Answer Correct Answer: B) Credit side. 9. Sole Proprietor is also known by ..... business A) Two Men. B) One Man. C) Three Men. D) Four Men. Show Answer Correct Answer: B) One Man. 10. A partner cannot transfer his shares to other ..... consent of existing partners. A) Nothing. B) With. C) Without. D) Having. Show Answer Correct Answer: C) Without. 11. If the debit and credit aspects of a transaction are recorded in the cash Book it is a: A) Double entry. B) Contra entry. C) Single entry. D) Simple entry. Show Answer Correct Answer: B) Contra entry. 12. While preparing common-size balance sheet each item of balance sheet is expressed as percentage of A) Total assets. B) Non-current assets. C) Non-current liabilities. D) Current assets. Show Answer Correct Answer: A) Total assets. 13. Personal accounts are related to A) Assets and liabilitie. B) Debtors and creditors. C) Expenses, losses. D) Income and gain. Show Answer Correct Answer: B) Debtors and creditors. 14. Simple petty cash book is like a A) Cash book. B) Statement. C) Journal. D) None of these. Show Answer Correct Answer: B) Statement. 15. A promissory note is made by ..... A) Seller. B) Purchaser. C) Endorsee. D) None of these. Show Answer Correct Answer: B) Purchaser. 16. Which of these best explains fixed assets? A) Are bought to be used in the business. B) Are expensive items bought for the business. C) Are items which will not wear out quickly. D) Are of long life and are not purchased specifically for resale. Show Answer Correct Answer: D) Are of long life and are not purchased specifically for resale. 17. Where do we show closing stock in trading account A) Trading account credit side. B) Trading account debit side. Show Answer Correct Answer: A) Trading account credit side. 18. What is a Sole Proprietorship? A) Business owned by one person. B) Business owned by president. C) Business owned by several companies. D) Business owned by a company. Show Answer Correct Answer: A) Business owned by one person. 19. Which one of the following is NOT an essential feature of a partnership? A) There must be an agreement. B) There must be a business. C) The business must be carried on for profits. D) The business must be carried on by all the partners. Show Answer Correct Answer: D) The business must be carried on by all the partners. 20. Who developed double entry book keeping system? A) Thomas. B) Luca pacioli. C) Evelyn. D) Carter. Show Answer Correct Answer: B) Luca pacioli. 21. Securities premium reserve can be used for issuing partly paid bonus shares A) False. B) True. Show Answer Correct Answer: A) False. 22. After transferring liabilities like creditors and bills payable in realisation account, in absence of any information regarding the payment such liabilities are treated as- A) Never paid. B) Fully paid. C) Partly paid. D) None of the above. Show Answer Correct Answer: B) Fully paid. 23. Current Liability includes ..... A) Bill Payable. B) Creditors. C) Outstanding Expenses. D) All of these. Show Answer Correct Answer: D) All of these. 24. To which account salary and commission to partners and interest on capital be debited? A) Current Account. B) Capital Account. C) Profit and Loss Account. D) Profit and Loss Appropriation Account. Show Answer Correct Answer: D) Profit and Loss Appropriation Account. 25. Transposition errors are evenly divisible by the number: A) 4. B) 2. C) 3. D) 9. Show Answer Correct Answer: D) 9. 26. Bill of exchange has ..... parties A) Two. B) Four. C) Three. D) Seven. Show Answer Correct Answer: C) Three. 27. What is the meaning of Gross profit? A) Profit from providing loans to customers. B) Profit from providing goods to customers. C) Profit from providing services to customers. D) Profit from providing money to customers. Show Answer Correct Answer: B) Profit from providing goods to customers. 28. If the new partner brings any additional amount of cash other than his capital contributions then it is termed as A) Profit. B) Capital. C) Premium for Goodwill. D) Reserve. Show Answer Correct Answer: C) Premium for Goodwill. 29. Money received against share warrants is shown as A) Other current liabilities. B) Other long-term liabilities. C) Shareholders' funds. D) Long-term provisions. Show Answer Correct Answer: C) Shareholders' funds. 30. If the capital of a business is ₹ 5, 00, 000 and outside liabilities are ₹ 200, 000. Calculate total assets of the business. A) 2, 50, 000. B) 3, 00, 000. C) 7, 00, 000. D) 10, 00, 000. Show Answer Correct Answer: C) 7, 00, 000. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesAccountancy Quiz 1Accountancy Quiz 2Accountancy Quiz 3Accountancy Quiz 4Accountancy Quiz 5Accountancy Quiz 6Accountancy Quiz 7Accountancy Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books