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Accountancy Quiz 12 (30 MCQs)

Quiz Instructions

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1. Works manager salary means what?
2. Amit, a partner in a partnership firm withdrew Rs. 7, 000 in the beginning of each quarter. For how many months would interest on drawings be charged?
3. If the total debits and total credits of the trial balance do not agree, the first step in locating the error is to:
4. Debit balance of $ 100. Making an entry of a $ 50 credit. What's the new balance?
5. Opening statement of affairs is usually prepared to find out the
6. A, B & C are partners in the ratio of 5:3:2. Before B's salary of ₹ 17, 000, firm's profit is ₹ 97, 000. How much in total B will receive from the firm?
7. Assets held for continued use in the business and not meant for resale are termed as .....
8. When an asset is acquired on hire purchase system, the asset account is debited with ..... of the assets in the books of the hire purchaser.
9. Which of the following is a limitation of accounting
10. An example of a transposition error is writing the number 45 when you should have written 54.
11. Internal capital is obtained from
12. While passing an opening entry, all the assets are ..... while all the liabilities are .....
13. 4 Purchases book is used to record
14. A firms earn ₹ 1, 20, 000 as its annual profits.The normal rate of profit being 10 %.Assets of the firm are ₹ 14, 40, 000 and liabilities are ₹ 4, 40, 000.Tick the correct option for goodwill by capitalisation method.
15. Share Forfeiture Account appears in a Company's Balance Sheet under the Sub-head .....
16. Patents and Copyrights fall under the category of:
17. A company issued 5, 000 equity shares of ₹ 100 each at par payable as to: ₹ 40 on the application; ₹ 50 on the allotment and ₹ 10 on call. Applications were received for 8, 000 shares. The allotment was made on pro-rata. How much amount will be received in cash onallotment?
18. WHICH ACCOUNTING CONCEPT STATES THAT EVERY TRANSACTION SHOULD BE RECORDED ON THE BASIS OF EVIDENCE.
19. Capital employed in the business is ₹ 2, 00, 000, Normal rate of return(NRR) on capital employed is 15 %.During the year firm earned a profit of ₹ 48, 000.Find the correct option if goodwill is 3 years purchase of super profit.
20. Revenue from operation is not taken as100 in preparing common-size statement of profit and loss.
21. Information needed to prepare an income statement's revenue section is obtained from a work sheet's Account Title column and
22. WHICH ACCOUNTING CONCEPT STATES THAT ASSETS SHOULD BE RECORDED IN BOOKS OF ACCOUNTS AT THEIR COST OF ACQUISITION?
23. According to which concept Business is distinct from its owner.
24. DEBIT EQUALS TO CREDIT-WHICH CONCEPTS?
25. Debit all expenses and losses is associated with
26. What is Accountancy?
27. A and B are partners. B withdraws a fixed amount at the END of every MONTH. IOD is charged at 15%p.a. At the end of the year, interest on B's Drawings amounts to rs 1650. Drawings of B were:
28. Sale of goods to ram for cash is debited to
29. Sold goods on credit effects on
30. Credit balance of $ 100. Credit entry of $ 100. what's the balance
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