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1. Sunset Tours has a Rs. 3500 account receivable from Mohan On January 20, the alter makes a partial payment of Rs 2100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes

A

A credit to the cash received account of Rs 2100

B

A credit to the accounts receivable amount of Rs 2100

C

A debit to the cash account of Rs 1400

D

A debit to the accounts receivable account of Rs 1400

2. Journal entry for Rs 6000 stolen from the sale of the firm will be

A

Dr. P & L a/c and Cr. Cash embezzlement a/c Rs 6000

B

Dr. Cash embezzlement a/c and cr. cash a/c Rs 6000

C

Dr. cash a/c and Cr. P & L a/c rs 6000

D

None of the above

3. Income tax liability of the proprietor Rs 1200 was paid out of petty cash. Journal entry will be

A

Dr drawings and Cr. cash a/c Rs 1200

B

Dr. drawings and Cr. petty cash a/c Rs 1200

C

Dr income tax and Cr cash a/c Rs 1200

D

None of the above

4. Journal entry for wages paid Rs 3000 for installation of plant will be

A

Dr. plant repairs a/c and Cr. cash a/c rs 3000

B

Dr wages a/c and Cr. cash a/c 3000

C

Dr. plant a/c and Cr. cash a/c 3000

D

None of the above

5. Interest earned but not received, adjustment entry will be

A

Accured interest Dr. to customer

B

Accrued interest A/C dr To interest A/C.

C

Cash a/c Dr. to interest

D

None of the these

6. Carriage charges paid for a new plant purchased if debited to carriage account would effect

A

Plant Account

B

Carriage Account

C

Plant and Carriage Accounts

D

None of the above

7. The debts written off as bad, if recovered subsequently are

A

Credited to bad debts recovered account

B

Credited to debtors account

C

Debited to profit and loss account

D

None of the above

8. Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?

A

Total cost of goods sold for the period.

B

The quantity of a particular product sold during the period.

C

The amount owed to a particular creditor.

D

The portion of total current assets that consist of cash

9. Cash book is a form of

A

Trial balance

B

Journal

C

Ledger

D

Both B and C

10. Journal proper records

A

Bills receivables

B

Bills payable

C

Cash payments

D

Opening entry

11. Sales return book records ____

A

Credit sales return

B

Cash sales return

C

Both A and B

D

Purchase return

12. Bad debts entry is passed in

A

Sales Book

B

Cash Book

C

Journal Book

D

None of the above

13. Three column cash book records

A

Only cash transaction

B

All transactions

C

Cash, Bank and Discount transactions

D

Cash purchases and cash sales transactions

14. What explains the financial position of the reporting entity at the end of accounting period?

A

Balance Sheet

B

Income Statement

C

Ledger

D

Notes and Schedules

15. What is written evidence in support of a business transaction?

A

Ledger

B

Voucher

C

Journal

D

None of the above

16. Trademarks, Copyrights and Patents are classified under _____ assets.

A

Intangible

B

Fixed

C

Current

D

Tangible

17. Current assets minus current liabilities is equal to ______

A

Losing Capital

B

Gaining Capital

C

Fixed Capital

D

Working Capital

18. Which of the following comes under nominal account?

A

Bank Account

B

Commission Account

C

Furniture Account

D

Interest Received Account

19. What is the name of the statement sent along with the purchase return?

A

Credit Note

B

Bills Payable Book

C

Debit Note

D

Purchase Return Book

20. Which fo the following is not an inventory?

A

Raw Material

B

Finished Products

C

Both A & B

D

Machines