This quiz works best with JavaScript enabled. Home > Finance > Accounting > Accountancy > Accountancy – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 17 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. TRADE MARK Is(1) A) Tangible assets. B) Fixed assets. C) Current assets. D) Liability. Show Answer Correct Answer: A) Tangible assets. 2. Remuneration to partner A) Section 14 a. B) Section 13 a. Show Answer Correct Answer: B) Section 13 a. 3. 12 The process of finding the net amount from the totals of debit and credit columns in a ledger is known as A) Journalising. B) Casting. C) Posting. D) Balancing. Show Answer Correct Answer: D) Balancing. 4. Who prepares a debit note- A) Seller. B) Purchaser. C) Cashier. D) None of these. Show Answer Correct Answer: B) Purchaser. 5. Patents and copyrights include groups A) Fixed assets. B) Other property. C) Liquid assets. D) Intangible assets. Show Answer Correct Answer: D) Intangible assets. 6. Current account shows Rs:1, 000 as overdrawn. When bank statement is received, it was identified that one of the debtors has deposited Rs:400 into the account and bank charges Rs:20 had been debited to the account. Bank statement balance is A) Rs:620(Dr.). B) Rs:1420(Dr.). C) Rs:4300(Cr.). D) Rs:1700(Dr.). Show Answer Correct Answer: A) Rs:620(Dr.). 7. In single entry system:2015 A) Personal accounts are maintained. B) Real accounts are maintained. C) Nominal accounts are maintained. D) None of these. Show Answer Correct Answer: A) Personal accounts are maintained. 8. An account is having debit balance is established when A) The last entry of the accounting period was posted on the debit side. B) The amount of debit exceeds the amount on credit. C) There are more entries on the debit side than on the credit side. D) None of the Above. Show Answer Correct Answer: B) The amount of debit exceeds the amount on credit. 9. Balancesheet is an account A) Not acceptable. B) False. C) Its a statement. D) True. Show Answer Correct Answer: C) Its a statement. 10. Ascertain the accounting equation when, withdraw cash Rs. 2, 000 for personal use. A) 2, 000 = 0 + (-) 2, 000. B) -2, 000 = 0 + (-)2, 000. C) 0 = 2, 000 + 0. D) -2000 = (-)2, 000 + 0. Show Answer Correct Answer: B) -2, 000 = 0 + (-)2, 000. 11. Share are alloted on pro rata basis in case of ..... A) Undersubsciption. B) Oversubscription. C) Forfeited share. D) Minimum subscription. Show Answer Correct Answer: B) Oversubscription. 12. Which branch of accounting is concerned with analyzing costs of products or services rendered in a business? A) Tax Accounting. B) Financial Accounting. C) Cost accounting. D) Management Accounting. E) Auditing. Show Answer Correct Answer: C) Cost accounting. 13. Purchased goods on credit and on cash will affect:(2019) A) Cash of goods. B) Cash of creditors. C) Cash, creditors and owner's equity. D) Cash, goods and creditors. Show Answer Correct Answer: D) Cash, goods and creditors. 14. Expenses which are yet to be paid is known as A) Prepaid expenses. B) Accrued expenses. C) Outstanding expenses. D) Unearned expenses. Show Answer Correct Answer: C) Outstanding expenses. 15. . The financial statements of a business enterprise include A) Balance sheet. B) Profit and loss account. C) Cash flow statement. D) All the above. Show Answer Correct Answer: D) All the above. 16. Reserve share capital means: A) Part of authorized capital to be called at the beginning. B) Portion of uncalled capital to be called only at liquidation. C) Over subscribed capital. D) Under subscribed capital. Show Answer Correct Answer: B) Portion of uncalled capital to be called only at liquidation. 17. A partnership firm has 50 members. All the partners have agreed to admit Riya and Priya as new partners. Can Riya and Priya be admitted? A) No. B) Yes. Show Answer Correct Answer: A) No. 18. On liquidation of a company, Principal amount of debentures is returned A) First of All. B) Last of All. C) Before Equity Capital. D) After Equity Capital. Show Answer Correct Answer: C) Before Equity Capital. 19. Public enterprise is a business unit established and operated by the ..... A) People. B) Government. C) Shareholders. D) Employees. Show Answer Correct Answer: B) Government. 20. From financial statement analysis the creditors are interested to know A) Share capital. B) Liquidity. C) Efficiencies. D) Profit. Show Answer Correct Answer: B) Liquidity. 21. Three days are added for ascertaining the date of maturity. These are known as days of ..... A) Maturity. B) Grace. C) Payment. D) None of these. Show Answer Correct Answer: B) Grace. 22. Goods taken by Proprietor for personal use are credited to: A) Purchases. B) Drawings. C) Sales. D) None of the above. Show Answer Correct Answer: A) Purchases. 23. Retiring partner's share of goodwill is adjusted through the remaining partners' capital account in ..... A) Old Ratio. B) New Ratio. C) Sacrificing Ratio. D) Gaining Ratio. Show Answer Correct Answer: D) Gaining Ratio. 24. Sakshi Ltd. purchased for immediate cancellation its own 3, 000, 9% debentures of Rs. 100 each redeemable at 5% premium for Rs. 107. amount of loss will be A) 36, 000. B) 6, 000. C) 15, 000. D) 21000. Show Answer Correct Answer: B) 6, 000. 25. Discount or loss on issue of debentures is written off from A) Securities premium reserve. B) Securities premium reserve (if it exists) and thereafter from statement of profit and loss. C) Statement of profit and loss. D) General reserve. Show Answer Correct Answer: B) Securities premium reserve (if it exists) and thereafter from statement of profit and loss. 26. Long term assets having no physical existence but, possessing a value are called A) Current assets. B) Intangible assets. C) Fixed assets. D) Investments. Show Answer Correct Answer: B) Intangible assets. 27. Gross profit is calculated in A) Balancesheet. B) Profit and loss account. C) Trading account. D) Ledger. Show Answer Correct Answer: C) Trading account. 28. State the need for treatment of goodwill on the admission of a partner A) To compensate the new partner. B) To compensate the old partner for their sacrifice. C) No entry. D) To compensate all partners. Show Answer Correct Answer: B) To compensate the old partner for their sacrifice. 29. In the absence of an agreement, Interest on capital is A) Not allowed. B) Allowed at bank rate. C) Allowed @ 5%. D) 6%. Show Answer Correct Answer: A) Not allowed. 30. Would you prefer a Savings Account with? A) A higher interest rate. B) A lower interest rate. Show Answer Correct Answer: A) A higher interest rate. ← 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