This quiz works best with JavaScript enabled. Home > Finance > Accounting > Accountancy > Accountancy – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 15 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What are the responsibilities of the partners? A) A. Limited. B) B. Unlimited. C) S. limited to capital. D) The. none of these. Show Answer Correct Answer: B) B. Unlimited. 2. Debenture interest is paid A) At variable rate. B) At a rate as determined by the company from time to time. C) At a rate based on net profit of the company. D) At a predetermined rate. Show Answer Correct Answer: D) At a predetermined rate. 3. While balancing three column cash book, the discount column are: A) Totaled but not adjusted. B) Totaled and also adjusted. C) Totaled but not balanced. D) Balanced but not totaled. Show Answer Correct Answer: C) Totaled but not balanced. 4. What is another term for sales returns of goods? A) Return Outwards. B) Purchase Return. C) Carriage Returns. D) Return Inwards. Show Answer Correct Answer: D) Return Inwards. 5. Depreciation expense A) Operating. B) Supplemental. C) Investing. D) Financing. Show Answer Correct Answer: A) Operating. 6. Calls in Arrears appear in a Company's Balance Sheet under ..... A) Short-term Borrowings. B) Reserve & Surplus. C) Shareholder's Funds. D) Contingent Liabilities. Show Answer Correct Answer: C) Shareholder's Funds. 7. THE PARTY WHO IS ENTITLED TO RECEIVE THE CASH OF A BILL RECEIVABLE IS CALLED? A) Drawer. B) Drawee. C) Bank. D) None of above. Show Answer Correct Answer: A) Drawer. 8. Journal records the transactions of the form in a ..... A) Summarised manner. B) Periodical manner. C) Chronological order. D) Systematic order. Show Answer Correct Answer: C) Chronological order. 9. Under fixed capital methods, profit will be credited to: A) Drawings. B) Profit & Loss. C) Current Account. D) Capital Account. Show Answer Correct Answer: C) Current Account. 10. Notes payable, accounts payable and unearned income are types of debt A) Long-term. B) Fluent. C) Modal. D) Mortgage debt. Show Answer Correct Answer: B) Fluent. 11. The shares which are issued above the face value is called ..... A) Issue at a profit. B) Issue at a discount. C) Issue at a loss. D) Issue at a premium. Show Answer Correct Answer: D) Issue at a premium. 12. 16 In double entry system of book keeping, every business transaction affects A) Minimum three accounts . B) Same account on two different dates. C) Minimum of two accounts. D) Two sides of the same account. Show Answer Correct Answer: C) Minimum of two accounts. 13. 2 Cash book is a A) Principle book. B) Subsidiary book. C) Both principle and subsidiary book. D) Journal proper. Show Answer Correct Answer: C) Both principle and subsidiary book. 14. A, B, C are partners sharing profit and losses in the ratio of 4:3:1:B retires and gives his share of profit to A Rs. 3, 600 and C Rs. 4, 500. What is the Gaining sharing ratio of A and C? A) 2:1. B) 4:5. C) (d) 4:1. D) 68:48. Show Answer Correct Answer: B) 4:5. 15. Interest on withdrawal is- A) A. loss of firm. B) B. partners' income. C) S. firm's income. D) The. none of these. Show Answer Correct Answer: C) S. firm's income. 16. Ratan Ltd. forfeited 5, 000 shares of ' 10 each on which application money of ' 3 was received. Out of these 2, 500 shares were reissued as fully paid-up and ' 5, 000 has been transferred to Capital Reserve. Calculate the rate at which these shares were reissued A) ' 11 per Share. B) ' 8 per share. C) ' 9 per share. D) ' 10 per share. Show Answer Correct Answer: C) ' 9 per share. 17. Paid cash for supplies. A) Cash (DR) Supplies (CR). B) Supplies (DR) Cash (CR). C) Supplies (DR) Accounts Payable(CR). D) They are both debits. Show Answer Correct Answer: B) Supplies (DR) Cash (CR). 18. Which branch of accounting deals with the calculate the profit or loss of a business during a period and to provide an accurate picture of the financial position of the business as on a particular date to investors or banks? A) Cost accounting. B) Tax accounting. C) Financial Accounting. D) Auditing. Show Answer Correct Answer: C) Financial Accounting. 19. Accounting furnishes data on A) Income and cost for the managers. B) Financial conditions of the institutions. C) Company's tax liability for a particular year. D) All of the above. Show Answer Correct Answer: D) All of the above. 20. IN A COMPANY'S BALANCE SHEET ..... APPEARS UNDER THE HEAD 'NON-CURRENT ASSETS'. A) GOODWILL. B) PATENTS. C) VEHICLES. D) ALL THE ABOVE. Show Answer Correct Answer: D) ALL THE ABOVE. 21. Which is the last step of accounting as a process of information? A) Recording the transaction. B) Communication of information. C) Preparation of financial statements. D) Analysis and interpretation of information. Show Answer Correct Answer: B) Communication of information. 22. A(n) ..... cheque can be transferred by endorsement and delivery A) Bearer cheque. B) Order cheque. C) Dishonour of a cheque. D) Crossed cheque. E) None of them. Show Answer Correct Answer: A) Bearer cheque. 23. Sole proprietorship business owner has A) Restricted Liability. B) Unlimited Liability. C) Limited Liability. D) No Liability. Show Answer Correct Answer: B) Unlimited Liability. 24. Authorised capital is shown in the notes to accounts on share capital A) False. B) True. Show Answer Correct Answer: B) True. 25. Salary due to Ram will be credited to A) Ram Account. B) Outstanding Salary A/c. Show Answer Correct Answer: B) Outstanding Salary A/c. 26. Which of the following is a liability? A) Motor vehicles. B) Cash at bank. C) Machinery. D) Creditors for goods. Show Answer Correct Answer: D) Creditors for goods. 27. If the date of drawings is not given average period is taken for A) 8 months. B) 6 months. C) 7 Months. D) 9 month. Show Answer Correct Answer: B) 6 months. 28. The amount invested into the business by the owner is called; (2019) A) Cash account. B) Capital account. C) Nominal account. D) Real account. Show Answer Correct Answer: B) Capital account. 29. X sold goods of Rs. 100 at a trade discount of 20% and received 50% cash, giving 10% cash discount, how much cash will he earn? A) 40. B) 36. C) 72. D) 80. Show Answer Correct Answer: B) 36. 30. The process of establishing the relationship between various items or group of items taken from Income Statement or Balance Sheet or both is known as A) Classifying. B) Recording. C) Analyzing. D) Interpreting. Show Answer Correct Answer: C) Analyzing. ← 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