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MCQs 1: Goodwill A/c is a/an__________?

Nominal A/c Tangible Asset Intangible Asset Fictitious Asset
Answer Explanation

MCQs 2: Posting is the process of____________?

Posting the letters in drop box Posting suitable person to a suitable job Entering in the ledger the information contained in the ledger All the three
Answer Explanation

MCQs 3: A book wherein various accounts are opened is called____________?

Subsidiary books Journal Ledger Trial Balance
Answer Explanation

MCQs 4: Which of these is not a special purpose journal?

Cash journal Purchase journal Debtors journal Sales journal
Answer Explanation

MCQs 5: The periodic total of sales day book is posted to___________?

Sales A/c Cash sales A/c Sales return A/c Credit sales A/c
Answer Explanation

MCQs 6: The periodic total of purchase day book is posted to____________?

Purchase register Purchase A/c Cash purchase A/c Credit purchase A/c
Answer Explanation

MCQs 7: Capital expenses are shown in___________?

Balance Sheet Profit and Loss A/c Trading A/c None of these
Answer Explanation

MCQs 8: Revenue receipts are shown in___________?

Balance Sheet Profit and Loss appropriation A/c Manufacturing A/c Trading and Profit and Loss A/c
Answer Explanation

MCQs 9: Revenue is generally recognized as being earned at that point of time when?

sale is effected cash is received production is completed debts are collected
Answer Explanation

MCQs 10: Which of the following is a revenue expenses?

Raw material consumed Plant purchased Long term loan raised from bank Share Capital
Answer Explanation

MCQs 11: Which of the following is a capital expenditure?

Repair of plant and machinery Salary paid to workers Cost of stand by equipment Annual whitewash of the office building
Answer Explanation

MCQs 12: Which of these types of expenditure would not be treated as a Capital Expenditure?

Acquisition of an Asset Extension of an Asset Improvement of the existing Asset Maintenance of the Asset
Answer Explanation

MCQs 13: Expenses of the following nature are treated as a Revenue expenses except__________?

Expenses for day to day running of the business Putting the new asset in working condition Depreciation Purchase of raw material
Answer Explanation

MCQs 14: Cash received from debtors would be deemed as___________of funds.

No flow Sources Uses Gain
Answer Explanation

MCQs 15: Generally the term fund is used to mean the difference between?

Current assets and current liabilities Profit and loss A/C and Balance sheet Current assets and non-current liabilities Current liabilities and non-current liabilities
Answer Explanation

MCQs 16: Which of these documents is not required for Bank Reconciliation?

Bank column of Cash Book Bank Pass Book Bank Statement Trial Balance
Answer Explanation

MCQs 17: Which of these items are taken into consideration for preparation of adjusted Cash Book

Mistake in Cash Book Mistake in Pass Book Cheque issued but not presented for payment Cheques deposited but not cleared
Answer Explanation

MCQs 18: Credit balance as per Cash Book mean____________?

Surplus cash Bank overdraft Terms deposits with bank None of these
Answer Explanation

MCQs 19: Debit side of Bank Pass book corresponds to___________?

Credit side of Cash Book Debit side of Cash Book Debit side of Trial Balance Credit side of Balance Sheet
Answer Explanation

MCQs 20: Difference in Bank Balance as per Pass Book and Cash Book may arise on account of_____________?

Cheque issued but not presented Cheque issued but dishonoured Cheque deposited and credited by bank Both A. and B.
Answer Explanation

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