Question # 1

Assets which have no physical existence are called

Choose an answer

Tangible assets

Fictitious assets

Liquid assets

Intangible assets

Gross profit equals to

Choose an answer

Net profit minus expenses

Sales minus closing stock

Purchases minus closing stock

Sales minus cost of goods sold

Personal account are related to:

Choose an answer

Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

Net sales are equal to sales minus

Choose an answer

Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

A bill of exchange is drawn by

Choose an answer

Debtor

Creditor

Endorser

Endorsee

Assets having some market value

Choose an answer

Fictitious Assets

Real Assets

Unreal Assets

None of these

The money can be deposited into bank by means of

Choose an answer

Cash book

Cheque book

Pay-in-slip book

Pass book

Error due to wrong allocation as expenditure between capital and revenue is regarded as:

Choose an answer

Error of omission

Error of principle

Compensating errors

Error of Commission

Profit or loss appropriation account is not prepared in the case of

Choose an answer

Partnership

Joint stock company

Sole tradership

Partnership at will

Cost incurred to generate revenue is called

Choose an answer

Revenue

Cost

Expense

Liability

Wages paid for the construction of building is an example of

Choose an answer

Revenue expenditure

Capital expenditure

Recurring expenditure

Short-term expenditure

Arithmetical accuracy of the books of accounts cannot be checked under.

Choose an answer

Single Entry system

Double entery system

None entery system

Both a and b

Under the straight line method of charging depreciation, the amount of deperciation .

Choose an answer

Decrease every year

Increase every year

Remain constant every year

None of the above

Abnormal loss arises due to.

Choose an answer

Natural causes

Evaporation drying breaking in bulk

Pilferage , theft fire etc.

Some unavoidable causes

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

Choose an answer

Incomplete and unscientific

Complete and scientific

Incompleted and scientific

Complete and unscientific

A company in which memebr gives a guarantee to contribute a specified sum to the company of its being wound up is called.

Choose an answer

Limited company

Un limited company

Company limited by guarantee

Chartered company

A situation where a company receives more application than actual number of shares offered to the public for subscriptions is termed as.

Choose an answer

Oversubscription

Udner subscription

No subscripition

None of these

The shares of public limited company are.

Choose an answer

Not refundable

Not tanserable

Transferable

No allotable

In case of private company minimum numebr of sharaeholders are.

Choose an answer

Six

Seven

Ten

Two

If any partner takes over any asset at the time of dissolution then it should be debited to.

Choose an answer

Partner's capital accounts

Realization account

Cash account

None of these

Receipts and payments accounts records transaction relating to.

Choose an answer

Current year

Past year

future year

All of the above

The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.

Choose an answer

Memorandum of association

Article of association

Prospectus

None of he above

More Classes

Other Links

Accounting Test Easy Mode MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer