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Accountancy Quiz 20 (30 MCQs)

Quiz Instructions

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1. Which of the following account with a normal balance is shown at the credit side of a trial balance?
2. Transaction are posted in a book called ledger.
3. Following is not a right of a shareholder .....
4. Realisation account is a-
5. Current ratio is 2:1. On the sale of fixed asset (book value Rs 20, 000) for Rs 18, 000, state whether the current ratio will
6. Land, buildings and machinery are included
7. ..... is the language of business
8. Liability of partner is:
9. Production of factory had to stop for week due to labour strike. The owner estimated the loss of production and likely loss of profit arising out of the situation. He directed the accountant to record the loss in the books of account. Which of the concept accountant violate
10. Sacrificing ratio is used to distribute ..... in case of admission of a partner:
11. The concept which assumes that a business will last indefinitely is
12. When the world 'bearer' is struck off by drawing a line, the cheque becomes an order cheque.
13. RATIO ANALYSIS IS HELPFUL FOR
14. Rent received will be recorded in
15. Industries involve in collection of natural and mineral resources from land, water and air are ..... industries
16. Indian Company act .....
17. A cash book with discount, cash and bank column is called
18. The process of recording transactions in ledger is called:(2016)
19. Brief explanation of an entry is called as
20. John Smith invested 15, 000. How would you record it in the General Journal?
21. Liability of a shareholder is limited to ..... of the shares allotted
22. In a partnership firm, a partner withdrew ₹ 5, 000 per month on the first day of every month during the year for personal expenses. If interest on drawings is charged @6%p.a. the interest charged will be:
23. .... all expenses and losses 2 ..... what goes out3 ..... the giver.
24. Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1, they admit yogesh into partnership.the new profit sharing ratio between balaji kamalesh and yogesh is agreed to 3:1:1.Find the sacrificing ratio between balaji and kamalesh
25. Vikas is a partner in a firm. His drawings during the year ended 31st March 2019 were ₹ 30, 000. If interest on drawings is charged @9% p.a the interest charged will be
26. Cash book records ..... receipts and payments.
27. X & Y are partners in the ratio of 3:2. Their capitals are ₹ 2, 00, 000 & ₹ 1, 00, 000 respectively. Interest on capitals is allowed @8%p.a Firm earned a profit of ₹ 60, 000 for the year ended 31st March 2019. Interest on Capital will be:
28. A chartered Company is established by head of the .....
29. Sole proprietorship business can be started by
30. If goods are distributed as free samples, which account should you debit?
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