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1. A profit on sale of furniture of a club will be taken to:

A

Cash Account:

B

Receipts and Payment Account

C

Income and Expenditure Account

D

Profit and Loss Account

2. At the end of the year 2017-18, Prepaid Insurance Premium Rs. 7,500 appeared in the Trial Balance, it will be shown:

A

only in Profit & Loss Account

B

only in Balance Sheet.

C

both in Profit & Loss Account and in Balance Sheet.

D

not in Both in Profit & Loss Account and in Balance Sheet.

3. Closing stock is recorded in the:

A

Profit and Loss Account

B

Trading Account and Balance Sheet

C

Balance Sheet Only

D

None of the above

4. What is the amount of purchase when opening stock is ₹10000, closing stock is ₹8000, sales are ₹110000 and cost of goods sold is ₹80000?

A

₹78000

B

₹ 82000

C

₹ 30000

D

₹ 92000

5. The excess of the credit side of profit and loss account would indicate:

A

profit

B

net loss

C

loss

D

None of these

6. In the absence of partnership deed, partners are not entitled to receive:

A

Salaries

B

Commission

C

Interest on Capital

D

All of the above

7. Cash payments are recorded on the _________of the cash book:

A

Debit side

B

Credit side

C

Both sides

D

None of the Above

8. Which of the following account will be credited, if business bought goods on credit from Mr. X:

A

Purchases account

B

Mr. X Account

C

Cash account

D

Sales account

9. The Public Financial Management System (PFMS) is a web-based online software application developed and implemented by:

A

Niti Aayog

B

CGA

C

CAG

D

PFMA

10. Which of the following item will be shown on debit side of debtors account:

A

Discount received

B

Discount given

C

Discount allowed

D

Credit sales

11. The________ accounting system provides a system of checks and balances:

A

Single Entry

B

Financial Entry

C

Double Entry

D

Triple Entry

12. Interest on capital in a business can be defined as:

A

Expense

B

Income

C

Liability

D

Asset

13. All of the following are functions of Accounting except?

A

Decision making

B

Measurement

C

Forecasting

D

Ledger Posting

14. Financial position of the business is ascertained on the basis of

A

Records prepared uder book keeping process

B

Trial Balance

C

Balance Sheet

D

None of the above

15. Financial statements do not consider

A

Assets expressd in monetary terms

B

Liabilities expressed in monetary terms

C

Only assetts expressed in non monetary terms

D

Assets and liabilities expressed in non mometary terms

16. Accounting standards in india are issued by

A

Central Govt

B

State Govt

C

Institute of chartere accountants of india

D

Rerved bank of india

17. How many accounting standards have been issued by ICAI?

A

25

B

20

C

32

D

2

18. It is essential to standardize the accounting principles and policies in order to ensure

A

Transparency

B

Consistency

C

Comparability

D

All of the above

19. In case of debit becoming bad, the amount should be credited to

A

Debtor account

B

Bad debts account

C

Cast account

D

Sales account

20. Which financial statement represents the accounting equation Asset = Liabilities + Owner`s equity

A

Income statement

B

Statement of cash flows

C

Balance sheet

D

None of the above