This quiz works best with JavaScript enabled. Home > Finance > Accounting > Accountancy > Accountancy – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 13 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. AMOUNT WITHDRAWN BY OWNER FOR PERSONAL USE FROM BUSINESS IS KNOWN AS A) DRAWINGS. B) CAPITAL. C) ASSETS. D) LIABILITIES. Show Answer Correct Answer: A) DRAWINGS. 2. Sale of goods to Manju for cash should be debited to ..... A) Manju's A/c. B) Cash A/c. C) Sales A/c. D) None. Show Answer Correct Answer: B) Cash A/c. 3. Not for profit organistions are A) Service providing. B) Profit seeking organisation. C) Both. D) None. Show Answer Correct Answer: A) Service providing. 4. AN ACCOUNTING PERIOD STARTS FROM A) 1ST MARCH. B) 1ST JANUARY. C) 1ST JULY. D) 1ST APRIL. Show Answer Correct Answer: D) 1ST APRIL. 5. ..... is created out of uncalled capital. A) Reserve capital. B) Capital reserve. C) Called up capital. D) Subscribed capital. Show Answer Correct Answer: A) Reserve capital. 6. Payment of rupees 6000 as wages to workers for installation of machine should be debited to A) Wedges account. B) Repairs account. C) Machinery account. D) None of above. Show Answer Correct Answer: C) Machinery account. 7. Cash purchase of goods is recorded in- A) Purchase book. B) Sales book. C) Cash book. D) None of these. Show Answer Correct Answer: C) Cash book. 8. Book-keeping is- A) An art. B) A science. C) An art and science both. D) None of these. Show Answer Correct Answer: C) An art and science both. 9. Return outward is deducted from? A) Purchase. B) Sales. Show Answer Correct Answer: A) Purchase. 10. Out of the following assets which one is not an intangible asset?a) A) Investment. B) Patents. C) Goodwill. D) Trade mark. Show Answer Correct Answer: A) Investment. 11. Which of the following is an example of Income A) Sales. B) Mortgage. C) Equipment. D) None of above. Show Answer Correct Answer: A) Sales. 12. A sole proprietor has a limit in which of the following ability A) Managerial. B) Owner. C) Worker. D) None of these. Show Answer Correct Answer: A) Managerial. 13. A, B and C are partners sharing profits in the ratio of 1/4:3/10:9/20. The New ratio on the retirement of C will be A) 6:5. B) 5:6. C) 4:3. D) 4:10. Show Answer Correct Answer: B) 5:6. 14. Separate legal entity is not a feature of a company A) True. B) False. Show Answer Correct Answer: B) False. 15. The reconstitution of the partnership requires a revision of the existing partners A) Profit sharing ratio. B) Capital ratio. C) Sacrificing ratio. D) None of above. Show Answer Correct Answer: A) Profit sharing ratio. 16. In the absence of an agreement partners are entitled to A) Salary. B) Int. On loan. C) Int. Capital. D) Commission. Show Answer Correct Answer: B) Int. On loan. 17. If there is loss it appears in A) Debit side of current account. B) Credit side of current account. Show Answer Correct Answer: A) Debit side of current account. 18. A person worships in the temple for peace and prosperity is ..... activity A) An economic. B) Non-economic. C) Social. D) None of all. Show Answer Correct Answer: B) Non-economic. 19. Long term assets without any physical existence but, possessing a value are c A) Tangible assets. B) Intangible assets. C) Investment. D) Fixed assets. Show Answer Correct Answer: B) Intangible assets. 20. The amount drawn by businessmen for his personal use is- A) Profit. B) Drawing. C) Loss. D) Capital. Show Answer Correct Answer: B) Drawing. 21. Income and Expenditure Account shows income and expenditure of A) Revenue nature only. B) Capital nature only. C) Both (a) and (b). D) None of the above. Show Answer Correct Answer: A) Revenue nature only. 22. Is trail balance is an accounts? A) Yes. B) No. C) Don't know. D) None of these. Show Answer Correct Answer: B) No. 23. UNDER WHICH CONCEPT OF ACCOUNTING THE LIFE OF A BUSINESS IS ASSUMED TO BE INDEFINITE A) COST CONCEPT. B) PRUDENCE. C) GOING CONCERN. D) BUSINESS ENTITY. Show Answer Correct Answer: C) GOING CONCERN. 24. Which of the following is not a type of debenture A) Secured debenture. B) Convertible debenture. C) Participative debenture. D) Zero coupon debenture. Show Answer Correct Answer: C) Participative debenture. 25. Small payments are recorded in a book called A) Cash Book. B) Small payments book. C) Purchase book. D) Petty cash book. Show Answer Correct Answer: D) Petty cash book. 26. Anil purchased 1000 pens at the rate of 50 each less trade discount of 20% ..... purchase account will be debited by A) 45000. B) 40000. C) 50000. D) 60000. Show Answer Correct Answer: B) 40000. 27. If Operating Cycle cannot be identified, it is assumed to be a period of ..... A) 10 Months. B) 12 Months. C) 9 Months. D) 15 Months. Show Answer Correct Answer: B) 12 Months. 28. The sum of Liabilities and Capital is- A) Income. B) Expense. C) Assets. D) Drawings. Show Answer Correct Answer: C) Assets. 29. ACCOUNTING INFORMATION MUST BE A) RELIABLE. B) RELEVANT. C) COMPARABLE. D) ALL OF THE ABOVE. Show Answer Correct Answer: D) ALL OF THE ABOVE. 30. Which of following is a current assets? A) Cash. B) Building. C) Furniture. D) Machinery. Show Answer Correct Answer: A) Cash. ← 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