Time Left : 00:00

Question Numbers



  • CURRENT QUESTION
  • NOT VISITED
  • ATTEMPTED
  • NOT ATTEMPTED
Back To Main Page
1. What is the first step of a financial audit?

A

planning the audit

B

interviewing the company`s managers to find out what they want the auditors to say in the final report

C

determining the scope, or boundaries of the audit

D

Conducting surprise cash counts on nay point of sale registers

2. Depriciation is

A

cash operating expenditure

B

non cash operating expenditure

C

cash non operating expenditure

D

non cash non operating expenditure

3. The Public Financial Management System (PFMS) was earlier known as

A

Central Plan Schemes Monitoring System (CPSMS)

B

Controller General of Accounts (CGA)

C

Central Sector Scheme of Planning Commission

D

Core Banking System (CBS)

4. Drawing must be deducted from

A

Liability

B

Gross Profit

C

Capital

D

Net Profit

5. Wages paid for installation of a new machinery should be

A

Credited to the Machinery Account

B

Debited to the Machinery Account

C

Credited to the wages Account

D

Debited to the wages Account

6. Receipt Voucher is

A

Record of purchase of raw material

B

Record of purchase of stationery

C

Record of sale of Machinery

D

Record of receipt of cash and bank

7. Drawings account is classified under

A

Real Account

B

Personal Account

C

Impersonal Account

D

Nominal Account

8. What does a Nominal Account having debit balance represent?

A

Income / Gain

B

Cash

C

Asset

D

Expenses / Losses

9. A bank pass book is a copy of

A

The cash column of a customer`s cash book

B

The bank column of a customer`s cash book

C

The customer`s account in the bank`s ledger

D

The debtor`s account in the bank`s ledger

10. Nominal account is classified under

A

Impersonal Account

B

Real Account

C

Personal Account

D

Representative Personal Account

11. Goods given as charity should be

A

Credited to purchases account

B

Debited to purchases account

C

Not recorded in purchases account

D

Credited to sales account

12. Root cause for financial accounting is

A

Social accounting

B

Management accounting

C

Human resource accounting

D

Stewardship accounting

13. The biggest strength of PFMS is its integration with the

A

Core defense system in the country

B

Core insurance sector in the country

C

Core social security sector in the country

D

Core banking system in the country

14. Which account is generally used in single entry and incomplete records to obtain the amount of credit sales made during an accounting period?

A

Accounts payable account

B

Total revenue account

C

Debtors account

D

Stock account

15. Income tax paid on business income by a sole proprietor is

A

Debited to trading account

B

Debited to profit and loss account

C

Deducted from capital account in the balance sheet

D

Added to capital account in the balance sheet

16. The balance remaining after deducting gross profit from sales is called

A

Cost of goods sold

B

Net sales

C

Gross sales

D

Liabilities

17. A cheque is received from customer and the same is deposited in bank for collection. If it is finally returned dishonored then it will result into

A

Customer`s account being credited

B

Customer`s account being debited

C

No change in customer`s account

D

No change in bank account

18. Which concept suggest the exclusion of human resource in Balance Sheet?

A

Accural Concept

B

Money Measurement Concept

C

Going Concern Concept

D

Cost Concept

19. The liability of at least one partner is unlimited whereas the liability of other partners is limited. What type of partnership is represented here?

A

Partnership at will

B

Limited Partnership

C

General Partnership

D

Particular Partnership

20. Statement of financial position produced from incomplete accounting record is commonly known as

A

Balance Sheet

B

Statement of affairs

C

Statement of financial operations

D

Cash flow statement