Time Left : 00:00

Question Numbers



  • CURRENT QUESTION
  • NOT VISITED
  • ATTEMPTED
  • NOT ATTEMPTED
Back To Main Page
1. No partnership agreement, what will be the percentage of profit-sharing ratio between them?

A

Unequal

B

Equal

C

It will depend on the experience of a partner

D

It will depend on a partner`s capital

2. Which of the following would not be found in a profit & loss appropriation account?

A

Interest on capital

B

Salaries

C

Interest on loan by partner to partnership

D

Interest on drawings

3. Current accounts of the partners should be opened when the capitals are:

A

Fixed

B

Fluctuating

C

Floating

D

Normal

4. What is interest on drawings?

A

Credited to partner`s current a/c

B

Not shown in current account

C

Debited to partner`s current a/c

D

None of the above

5. The main account for dealing with partnership dissolution would be:

A

Revaluation

B

Realisation

C

Appropriation

D

Dissolution

6. Which is not a feature of a partnership business?

A

Ease of formation

B

Limited liability

C

Limited life

D

Mutual agency

7. Which one of the following items cannot be recorded in the profit and loss appropriation account?

A

Interest on capital

B

Interest on drawings

C

Rent paid to partner

D

Partner`s salary

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

A

Balance sheet

B

Cash flow statement

C

Statement of affairs

D

Statement of financial operations

9. Statements of assets & liabilities prepared under single entry system is called

A

Balance sheet

B

Profit & loss statement

C

Statement of affairs

D

Income Statement

10. The main source(s) of Generally accepted Accounting Principles(GAAP) is/are:

A

Company Law

B

Accounting Standards

C

Both A and B

D

None of these

11. What standards are used to prepare financial statements by most of the Countries and Companies:

A

International Financial Reporting Standards

B

International Financial Accounting Standards

C

International Accounting and Auditing Standards

D

International Risk Reporting Standards

12. The correct of Accounting Equation is :

A

Assets + liabilities = Equity

B

Assets -Liabilities =Equity

C

Assets -Receivable =Equity

D

Assets + Receivable =Equity

13. A company sold goods worth Rs 5,000 on 5 June and Rs 10,000 on 28 June. The company received the first payment on 25 June and second on 7 July. The company prepared the financial statement on 30 June. What would be the total sale on the financial statement?

A

Rs 0

B

Rs 5000

C

Rs 10000

D

Rs 15000

14. Advance payments are recognized as:

A

receivable

B

payable

C

bad debt

D

none of these

15. What from the following is NOT a current asset?

A

Patent rights

B

Inventory

C

Cash

D

Trade receivables

16. What from the following is NOT a non-current asset?

A

investments

B

Property

C

Patent rights

D

Inventory

17. What from the following is/are NOT tangible asset(s)? I)Patent rights II)Good Will III)Land

A

I only

B

II only

C

I & II Only

D

I , II and III

18. A machine price was Rs 1,000 and was carried through a truck. The truck’s fares were Rs 500. The engineers charged Rs 500 for the installation. The cost of the machine is?

A

Rs 1,000

B

Rs 1,500

C

Rs 2,000

D

Rs 2,500

19. Depreciable amount =

A

Cost of an asset + Residual value

B

Cost of an asset – Residual value

C

Residual value – Cost of an asset

D

None of these

20. The accounting process of allocation cost of intangible assets is called:

A

Amortization

B

Depletion

C

Going Concern

D

Residual Value