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Accountancy Quiz 4 (30 MCQs)

Quiz Instructions

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1. Selling an asset would be an example of
2. Nature of goodwill
3. Partnership act passed in the year
4. Suppose You and your friend start a business in partnership. But you don't know anything about the share of profits or how will the profits be divided actually. You ask your accountant friend for an advice. He tells you to prepare a document. what's the document?
5. A joint stock company is:
6. Which account should be debited to purchase furniture for the domestic use of the owner? (2019)
7. Which of the following is not a revenue receipt
8. Very important records are kept up the ..... of the organization
9. Real accounts consist of:
10. Who is entitled to Participate in management?
11. The art of recording all business transactions in a systematic manner in a set of books is called-
12. Which accounting standard is applicable while preparing a cash flow statement?
13. UNDER WHICH ASPECT OF ACCOUNTING BOTH GIVING AND TAKING ASPECT SHOULD BE RECORDED
14. No partnership agreement, what will be the percentage of profit sharing ratio between them?
15. Accounting is the language of the business
16. Shares may be issued:
17. In the absence of partnership deed partner share profit and loss in
18. Excess of credit over debit is called:(2017)
19. Share can be issued to employees at a discount
20. Closing entry for interest on loan allowed to partners
21. Accounting is called science because it follows certain guiding:
22. A and B are partners in partnership firm without any agreement. A has given a loan of ₹ 50000 to the firm. At the end of the year, loss was incurrred in the business. following interest may be paid to A by the firm.
23. Which of the following is an acoounting concept?
24. Weighted average profit method of calculating goodwill is useful when
25. The rule of stock valuation 'cost price or realisable value' whichever is lower is based on the accounting principle of:
26. On the basis of nature, records can be classified into ..... types
27. The party which is ordered to pay the amount is known as
28. Which of the following account with normal balance is shown at the debit side of a trial balance?
29. Bank reconciliation statement is prepared?
30. Anil Purchased 1000 gel pens @50 each less trade discount of 20%. Purchases account will be debited by:
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