Practice Test

Q1) Which of the following is not a subfield of accounting Show Answer

Q2) Financial accounting information is characterized by all of the following except Show Answer

Q3) Book keeping is mainly concerned with Show Answer

Q4) All of the following are functions of accounting except Show Answer

Q5) Financial Statement is a part of Show Answer

Q6) Financial position of the business is ascertained on the basis of Show Answer

Q7) Users of accounting information include Show Answer

Q8) Financial statements do not consider Show Answer

Q9) On January 1, Sohan paid rent of Rs.5,000. This can be classified as Show Answer

Q10) On March 31 , 2006 after sale of goods worth Rs. 2,000, he is left with the closing stock of Rs.10,000. This is Show Answer

Q11) MATCH THE FOLLOWING :- Financial statements Show Answer

Q12) Accounting Show Answer

Q13) Book-keeping Show Answer

Q14) Transactions Show Answer

Q15) Events Show Answer

Q16) Government & their agencies Show Answer

Q17) Management of the business Show Answer

Q18) Purchase of goods worth Rs.1,000 Show Answer

Q19) Which definition of accounting is the most appropriate now-a-days Show Answer

Q20) Accounting covers only the following activities Show Answer

Q21) Book-keeping covers only the following activities Show Answer

Q22) the basic objective of the book -keeping is Show Answer

Q23) The basic objective of the accounting is Show Answer

Q24) Internal users of accounting information includes Show Answer

Q25) external users of accounting information includes Show Answer

Q26) limitations of accounting includes Show Answer

Q27) an economic event that involves transfer of money or money's worth is Show Answer

Q28) sale of goods to R for cash Rs.1,000 is a Show Answer

Q29) current asset are those assets Show Answer

Q30) fixed assets are those assets Show Answer

Q31) current liabilities are those liabilities which Show Answer

Q32) long-term liabilities are those liabilities which Show Answer

Q33) capital is the Show Answer

Q34) drawing represents Show Answer

Q35) a person who owes money of the firm is Show Answer

Q36) a person to whom money is owed by the business Show Answer

Q37) income is reflected in the form of Show Answer

Q38) expenses is reflected in the form of Show Answer

Q39) gains represents Show Answer

Q40) losses represents Show Answer

Q41) The excess of income & gains over expenses & losses represents Show Answer

Q42) The excess of expenses & losses over income & gains represents Show Answer

Q43) which of the following is correct Show Answer

Q44) on January 1, Sajan paid rent of Rs.10,000. This can be classified as Show Answer

Q45) financial statements only consider Show Answer

Q46) Accounting is defined as - Show Answer

Q47) Accounting in modern age regarded as Show Answer

Q48) What is the method of summarizing and classifying the record of financial transaction of the monetary terms ? Show Answer

Q49) Accounting means recording of ---------- Show Answer

Q50) Accounting is also defined as an 'Information System' because Show Answer

Q51) Money owed from an Outside is an - Show Answer

Q52) Fixed assets are assets which are - Show Answer

Q53) The obligation of an enterprise other than owner's fund are known as - Show Answer

Q54) Unpaid expenses are - Show Answer

Q55) Which of the following transaction would cause decrease in owner's equity ? Show Answer

Q56) Which of these transaction would cause increase in owner's equity ? Show Answer

Q57) An exchange of goods between two parties Show Answer

Q58) ----------- are business performance of trading activities - Show Answer

Q59) On 31st December, 2010 Ashok Ltd. purchased machine from Mohan Ltd. For Rs. 1,75,000. This is : (Year end : 31st December) Show Answer

Q60) --------- are the end result to transaction Show Answer

Q61) On 31.03..2010 , a trader, after sale of goods, is left with closing stock of Rs. 10,000.This closing stock is Show Answer

Q62) On march 31,2010 Narain Enterprises purchased a vehicle from Hyundai for Rs. 1,75,000. This is - Show Answer

Q63) Exchanges of a financial benefit (goods,services etc.) for cash Show Answer

Q64) Exchanges of a financial benefit (goods, property etc.) for cash receivable or payable transaction Show Answer

Q65) Accounting is concerned with - Show Answer

Q66) Tick the wrong statement - Show Answer

Q67) Which of the following of subject matter of accounting ? Show Answer

Q68) Which is not a subject matter of accounting Show Answer

Q69) Tick the true statement - Show Answer

Q70) Accounting is basically concerned with Show Answer

Q71) What are the important objective of accounting Show Answer

Q72) Objectives of Accounting is /are -
(i) Systematic recording of transaction
(ii) Ascertainment of result of recorded transaction
(iii) Ascertainment of the financial position of the business
(iv) Providing information to end user for rational decision-making
(v) To know the solvency position
Which combination is correct ? Show Answer

Q73) The direct advantages of accounting do to not include - Show Answer

Q74) Need for Accounting :- Show Answer

Q75) ------------- of American Institute of Certified public Accountants enumerated the function of Accounting - Show Answer

Q76) Function of accounting include : Show Answer

Q77) Basic function of financial accounting is to Show Answer

Q78) Which of the following is not a function financial accounting ? Show Answer

Q79) Which statement is correct ? Show Answer

Q80) Which of these is not available in the financial Statements of a Company ? Show Answer

Q81) An Accountant - Show Answer

Q82) ------------ is a broader concept of than Book-Keeping - Show Answer

Q83) -------------- constitutes as a base for accounting ? Show Answer

Q84) Book keeping include ---------- of the financial transactions and events of business. Show Answer

Q85) Book Keeping records only --------- transaction of business Show Answer

Q86) Objectives of Book Keeping is - Show Answer

Q87) The problems the related to price-rise are handled under Show Answer

Q88) Management Accounting - Show Answer

Q89) Maintaining records of various assets is - Show Answer

Q90) Financial statements are used by Show Answer

Q91) Which one of the following types of information, a long term Creditor would be interested to gather while reading Annual Reports of an Enterprise ? Show Answer

Q92) Accounting principles are the ---------- followed by all accountants while recording and reporting the business transaction - Show Answer

Q93) Generally Accepted Accounting principles can be applied to the financial statements of - Show Answer

Q94) --------- refers to the general usage and practices in day-to -day social or economic life. Show Answer

Q95) GAAP's are - Show Answer

Q96) All the following items the classified as fundamental accounting assumptions except Show Answer

Q97) Fundamental accounting assumptions are Show Answer

Q98) Fundamental accounting assumptions are Show Answer

Q99) Which of the following is not as accounting assumption ? Show Answer

Q100) It is generally assumed that the business will not liquidate in the near foreseeable future because of Show Answer

Q101) Economic life of an enterprise is split into the periodic interval as per---------- Show Answer

Q102) According to Going Concept the time period of business is - Show Answer

Q103) Depreciation is charged on fixed assets due to which concept / Convention Show Answer

Q104) According to Going Concern concept, a business is viewed as having - Show Answer

Q105) As per which is following concepts, Fixed Assets are depreciated over their useful rather than over a shorter period on the expectation of early liquidation ? Show Answer

Q106) Going concern concept is not following - Show Answer

Q107) Going concern concept assumes that Show Answer

Q108) An uncertainty associated with how long a business enterprise survive given rise to Show Answer

Q109) If Going concern concept is no longer valid, which of the following is true ? Show Answer

Q110) Fixed assets and Current asset are categorized as per concept of - Show Answer

Q111) 'Advance received from customers is not taken as sale' is based on Show Answer

Q112) At the end of the accounting period the provision is made for the amount outstanding for the electricity that has been consumed during the said period. the statement is based on - Show Answer

Q113) Revenue from sale of produces, is generally, realized in the period in which Show Answer

Q114) Adjustment entries are necessary in accrual system of accounting because - Show Answer

Q115) ABC Co. whose accounting year beings on 1st April, has invested Rs. 50,000 with a bank on 1-10-2008 for 1 year. The interest @ 12% p.a. will be paid on maturity on 01-10-2009. ABC Co. shows Rs.3,000 as interest receivable on the credit (income) side in the profit and Loss Account for the year 1st April 2008 to 31st march 2009 - Show Answer

Q116) Recording is done on that receipt of income and on then accrual of expenditure is based on the Accounting Concept of : Show Answer

Q117) Out of following, which is not an Accounting Concept? Show Answer

Q118) Accounting policies should not be changed from one period to another is passed on the principles of Show Answer

Q119) Accounting rules, procedures and method should be observed alike and should not be changed from year to year. This is called accounting convention of -

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Q120) Same items should be treated in the same way from year to year, according to the accounting concept of
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Q121) Follow the same rate for depreciating a particular asset year after year -
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Q122) "Business unit is separate and distinct from the person who supply capital to it",is based on
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Q123) The capital contributed by the proprietor is treated as a liability according to-
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Q124) According to which of the following concept, the owner of the business is considered creditor of the business
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Q125) According to which concept owner and business are considered separate and separate records maintained for both.
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Q126) An obligation of the entity to Owners treated as a liability in the balance Sheet according to :
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Q127) Under the business entity concept
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Q128) Which of the following is an example of business entity
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Q129) Select the wrong statement-
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Q130) Which of the following is not Accounting Convention ?
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Q131) If a radio seller-proprietor buys a radio for his personal use from out of business funds, the amount paid the radio will be treated as "drawing" of the proprietor because of the
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Q132) A sole proprietor decided to use the same bank account for his personal affairs as for his business. Which of the following accounting principle is violated?

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Q133) The personal traveling expenses of Mr.ABC of Rs. 1,000 paid by M/s ABC and Co.are debited to his paronal account (as drawing) in the books of M/s ABC & Co.
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Q134) The owner of the company included is personal medical expenses in the company's income statement. Indicate the principle that is violated -
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Q135) According to money measurement, currency transaction & events are recorded in books of accounts
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Q136) Human Assets have no place in accounting records is based on-------
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Q137) Transaction and events not capable of expressed on terms of money are not to be recorded in accounting due to -
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Q138) According to Money Measurement Concept of accounting theory, the value of Money will
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Q139) Money Measurement Concept lacks on the ground that -
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Q140) Which of the following is an Accounting Concept?
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Q141) The qualitative aspect of business is not recorded in the books of accounts as per the basic concept of -
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Q142) During the life time of an entity, accountants prepare financial statements at arbitrary points of time as per-
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Q143) Accounts are regularly made after a fixed period usually a year, this concept is based on:
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Q144) Income is measured on the basic of -

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Q145) Income is measured and financial position is assessed on the basic of
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Q146) According to which of the following concepts, all expenses are matched with the revenue of that period-
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Q147) The Accounting Concept of matching Means:
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Q148) The underlying accounting principle(s) necessitating amortization of intangible asset(s) is/are-
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Q149) According to which of the following principle all costs which are applicable to revenue of the period should be charged against that revenue.
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Q150) M purchased goods for Rs. 15,00,000 and sold 4/5th of the goods for Rs. 18,000,000 and expenses Rs.2,50,000 in the year 2009. He counted net profit as Rs.3,50,000. Which of the accounting concept was following by him ?
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Q151) Accounting is the process of matching Show Answer

Q152) "Assets should be valued at the price paid to acquire them" is based on Show Answer

Q153) Objectivity is involved concept Show Answer

Q154) Cost Concept assumes Show Answer

Q155) Assets in the balance sheet are shown at cost rather than at their market value due to - Show Answer

Q156) Ignore the market value of Long Term Assets - Show Answer

Q157) ABC purchased a building in 2011 for Rs. 75 lakhs; however, today fair market value of the building is Rs. 1 crore. But the building will continue to be recorded in the book it at the actual cost Rs. 75 lakhs because of - Show Answer

Q158) Mr. A purchased machinery Rs. 1,00,000 on 1.10.2008.Installation charges Rs. 14,000 Dismantling charges of old machine in place of which new machine was purchase Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31.03.09. A value the machinery at Rs. 1,20,000 in his books.
Which of the following concept was violated by A? Show Answer

Q159) If machinery a purchase for Rs.1,00,000 the asset would be recorded in book at Rs. 1,00,000 even if its market value at the time happens to be Rs.1,40,000 In case a year after, the market value of the asset comes down to Rs.90,000 it will ordinarily continue to be shown at Rs. 1,00,000 and not Rs.90,000 due to - Show Answer

Q160) Assets acquired are recorded in the books Show Answer

Q161) According to the realization concept, accounting is done Show Answer

Q162) Revenue is generally recognized when earning process is virtually and significant risks and reward are exchanged. What principle is described herein - Show Answer

Q163) A machine was purchase for Rs. 1,00,000 on 01.01.10 and on 31.12.10, its net realization value was Rs. 1,50,000. Do you prefer to count this profit? If you count, which of the concept will be violated - Show Answer

Q164) The realization concept envisages Show Answer

Q165) "Holding gains in relation to stocks should not be used for payment of dividend," Which one of the following accounting principle is involved in this? Show Answer

Q166) Capital brought in the proprietor is an example of ? Show Answer

Q167) Decrease in the amount to creditors result in Show Answer

Q168) The Accounting Equation that "Assets = Capital + Liabilities' is based on which of the following concept : Show Answer

Q169) A purchased a Car for Rs. 5,00,000 Making a down payment of Rs. 1,00,000 and signing a Rs. 4,00,000 Bill payment blue in 60 days. As a result of this transaction - Show Answer

Q170) Dinesh purchased furniture wroth Rs. 50,000 in credit. By this transaction assets would : Show Answer

Q171) When Fixed assets are sold - Show Answer

Q172) Double Entry Principle means - Show Answer

Q173) Ram starts business with Rs.90,000 and then buys goods from Shyam on credit for Rs. 23,000. The Accounting Equation based on Assets = Credit + Liabilities will be - Show Answer

Q174) Ram purchased a car Rs. 10,000 paid Rs. 3,000 as cash and balance amount will be paid in three equal installments. Due to this Show Answer

Q175) An assets was purchased for Rs.6,60,000. Cash was paid Rs. 1,20,000 and for the balance a bill was drawn for 60 days. What will be the effect on Fixed Assets? Show Answer

Q176) What is the effect on the Net Assets if cash is received from debtors of Rs.50,000 ? Show Answer

Q177) Market value of investment is shown outside the Balance Sheet as a footnote according to Show Answer

Q178) The practice of appending note regarding contingent liabilities in the accounting statements is in pursuant to - Show Answer

Q179) Disclosing essential information in accounting observes the principle of - Show Answer

Q180) A businessman purchased goods Rs.25,00,000 and sold 70% of such goods during the accounting year ended 31st march, 2011,the market value of the remaining goods was Rs. 5,00,000. He valued the closing stock at Rs.5,00,000 and not Rs.7,50,000 due to - Show Answer

Q181) An accounting convention which provides that when doubt, choose the solution least likely to overstate assets and income is - Show Answer

Q182) Prudence principle is an exception to - Show Answer

Q183) Stock is valued at cost or market value, whichever is less, is based on---------- Show Answer

Q184) Policy of making provision for all possible losses and not for profits is followed Show Answer

Q185) According to the Convention of Conservatism assessment of the stock of the business is done - Show Answer

Q186) According to which of the following Conventions, Secret Reserves are not permitted ? Show Answer

Q187) Provision for bad and doubtful debts is created in anticipation of actual bad debts on the basic of ? Show Answer

Q188) Under which of the following Conventions, the practice of Window Dressing is prohibited ? Show Answer

Q189) Window dressing of Accounts means - Show Answer

Q190) If the principle of conservatism is stretched without reservation, it may result in : Show Answer

Q191) The application of principle for Inventory Valuation at Cost Price or market price, whichever is lower,will result in the valuation of Inventory something at lost price and at other times at the market price. This is an application of Principle of Show Answer

Q192) Which of the following statement is correct ? Show Answer

Q193) Which of the following is/are an example of application of conservatism concept ? Show Answer

Q194) In which the following situations the principle of conservatism is applied - Show Answer

Q195) During the life-time of an entity accounting produce financial statements in accordance with which basic accounting concept - Show Answer

Q196) When applied to the balance-sheet, the convention of conservatism result in - Show Answer

Q197) Making the provision for doubtful debts in anticipation of actual bed debts is no the basic of - Show Answer

Q198) The use of an accelerated method of depreciation is based of - Show Answer

Q199) The Convention of ---------- is the common rule of acting prudently, carefully or cautiously Show Answer

Q200) If a company fails to make mention of a major law suit filed against it, which it might well lose, the accounting principle violated is that of. Show Answer

Q201) Accounting policy for Inventories of Xeta Enterprise states that inventories are valued at the lower of the cost determined on weighted average basic or Net realizable value. Which accounting principle is following in adopting the above policy ? Show Answer

Q202) The cost of a stationery is accounted as an expense and not shown as an asset in a financial statement of a business entity due to---------- Show Answer

Q203) Insignificant events are not recorded in the books of accounts with due regard to Show Answer

Q204) The convention of -------- is the common rule following by all accounting of separately recording the material detail of business transaction Show Answer

Q205) The important item, should be recorded and reported separately, according to the Accounting concept of- Show Answer

Q206) The verifiable objective evidence concept envisages the recording of all accounting transactions. Show Answer

Q207) Accounting has certain norms to be observed by the accounting in recording in transaction on preparation of financial statements These norms reduce the vegueness and chances of misunderstanding by harmonizing the varied accounting parctices. these norms are Show Answer

Q208) According Standards refer to specific Accounting - Show Answer

Q209) Objective of Accounting Standards is- Show Answer

Q210) Accounting Standards are to be used -
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Q211) Accounting Standards --------- the statue -
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Q212) It is essential to standardize the accounting principle and policies in order to ensure
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Q213) Which of the following is one of the advantages of accounting Standards?
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Q214) Which are limitations of Accounting Standards - Show Answer

Q215) Accounting Standards give the disadvantages by - Show Answer

Q216) The number of accounting standards issued by the Institute of Chartered Accountants of India till 31.03.2010 Show Answer

Q217) Revenue is generally considered as realized Show Answer

Q218) Which of the following statement shows the details of Cash generating and utilization activities of a Company during a given of time ? Show Answer

Q219) NACAS stands for - Show Answer

Q220) Which of the following Statements is true? Show Answer

Q221) Which of the following bodies are not represented in ASB?
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Q222) Which of the following bodies is represented in ASB ?
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Q223) IASB stands for -
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Q224) The Accounting Standards are mandatory for -
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Q225) Select the correct statement-
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Q226) Accounting standards issued by the Institute of Chartered Accountants of India are mandatory to which of the following-
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Q227) A change in the accounting policy should be made if the adoption of a different accounting policy is required - Show Answer

Q228) Which of the following is one of the major considerations governing the selection and application of accounting policies ? Show Answer

Q229) Accounting policies followed by the companies are - Show Answer

Q230) If the change in the accounting policy has a material effect in the current put which is reasonably expected to have material effect in the letter periods - Show Answer

Q231) In which of the following areas different accounting policies may be adopted by different enterprises - Show Answer

Q232) Which of the following statements is correct ? Show Answer

Q233) Selection of inappropriate accounting policy decision may - Show Answer

Q234) Accounting policies - Show Answer

Q235) Following is an example of accounting policy - Show Answer

Q236) If Fundamental Assumptions are not followed, the fact should be disclosed as per - Show Answer

Q237) As per AS-1, the fact must be disclosed with person in the financial statements if the following concept is not followed Show Answer

Q238) Accounting Standard (AS)-1 is - Show Answer

Q239) Purpose of AS-1 is to establish a standard as to - Show Answer

Q240) AS-1 require the significant accounting policies - Show Answer

Q241) As per AS-1, Fundamental Accounting Assumptions should Show Answer

Q242) Accounting to AS-1, Disclosed should be made for - Show Answer

Q243) Accounting to AS-1, disclosed should form part of - Show Answer

Q244) Accounting to AS-1, Disclosed should be made - Show Answer

Q245) Which of the following is not valuation principles - Show Answer

Q246) In Accounting Money is the - Show Answer

Q247) Money is a measurement scale and has a universal denomination - Show Answer

Q248) Estimated selling price less estimated cost of sales is - Show Answer

Q249) The accounting measurement that is not consistent with the going concern concept is Show Answer

Q250) Gross Book Value of a Fixed Asset is its - Show Answer

Q251) ABC Ltd. Purchased a building by paying Rs. 50,00,000 as on 1st April, 2000. On 1st April, 2008 it found that it would cost Rs. 1,50,00,000 to purchase that similar building. This value of Rs. 1,50,00,000 is known as - Show Answer

Q252) There are--------- generally accepted measurement bases or valuation principles - Show Answer

Q253) The primary qualities that make accounting information useful for decision making are : Show Answer

Q254) What is the amount of profit added to the Capital?
Capital as on 1.4.10 Rs. 90,000
Capital introduced Rs. 25,000
Drawings made Rs. 35,000
Capital as on 31.3.11 Rs. 1,25,000 Show Answer

Q255) Calculate the closing capital from following details -
(a) Suresh commenced business with cash Rs.36,000
(b) Paid rent in advance Rs. 300
(c) Purchased for cash Rs. 18,000 and credit Rs.12,000
(d) Sold goods for cash Rs. 18,000 costing Rs.12,000
(e) paid salary Rs. 300 and salary outstanding Rs. 60
(f) Bought motorcycle foe personal use Rs. 3,000 Show Answer

Q256) Calculate the total assets from the following details -
(a) X invested Rs. 9,000 in cash
(b) Purchased securities for Rs. 4,500 in cash
(c) Purchased a home for staff Members Rs.9,000 giving Rs. 3,000 in cash and balance through a loan
(d) Sold securities costing Rs. 600 for 900
(e) Purchased an old car for Rs.1,600 in cash
(f) Received cash as salary Rs. 2,160
(g) Paid Rs. 300 for loan and Rs. 180 for interest
(h) Paid cash for household expenses Rs. 180
(i) Received cash for dividend on securities Rs.120 Show Answer

Q257) Calculate closing capital from the following details -
(a) Shri Ram commenced business with Rs. 30,000
(b) Paid rent in advance Rs. 1,200
(c) Purchase a typewriter for Rs. 4,200
(d) Bought furniture from M/s Mohan Furnitures on credit for Rs. 1,800
(e) Purchased goods from Sohan for Cash Rs.21,000
(f) Sold to Shyam for cash Rs. 24,000 ( costing Rs. 18,000)
(g) Bought goods from Ramesh for Rs. 18,000
(h) Sold to Shyam costing Rs. 18,000 for Rs. 30,000
(i) Purchased household goods for Rs. 9,000 giving Rs. 3,000 in cash and the balance through a loan
(j) Goods lost by fire (cost Rs. 300, Sale Price Rs 360)
(k) paid half the amount owed to Mohan Furniture
(l) Paid cash Rs. 300 for loan and Rs. 180 for interest
(m) withdrew goods for self use (Sale Rs. 366, Rs. 360)
(n) received Rs. 29,700 from Shyam in full settlement
(o) Paid Rs. 17,820 to Ramesh in full settlement
(p) Paid salary Rs. 300 and Salary outstanding Rs. 60
(q) Charged depreciation of Rs.180 on furniture and Rs. 60 on typewriter Show Answer

Q258) Capital of business is Rs. 75,000 and Liability is Rs. 25,000, then total assets of business would be - Show Answer

Q259) The total assets of business is Rs. 1,30,000 and creditors is Rs. 60,000. Other liabilities of the business will amount to : Show Answer

Q260) If Assets - Rs.36,000, Liabilities - Rs. 15,000, Capital is Show Answer

Q261) If Capital is Rs. 15,000 and liabilities are Rs. 18,000 then the total Assets are Show Answer

Q262) If total assets are Rs. 42,000 and capital is Rs. 27,000 then liabilities are Show Answer

Q263) Opening Capital - Rs. 6,000; Profit - Rs. 3,000; Drawings - Rs. 1,200; Fresh Capital - Rs. 600; Closing Capital - ? Show Answer

Q264) If the capital on the last day of the year is Rs.12,000; loss during the year is Rs.(600); drawings during the year are Rs. 1,800 and fresh capital introduced during the year is Rs. 2,400 then what is the amount of capital on the first day of the year - Show Answer

Q265) Capital on the first of year the day = Rs.6,000
Capital on the last day of year = Rs. 12,600
Drawing on the last day of year = Rs. 1,200
Fresh capital introduction = Rs. 6,000
Profit /(Loss) for the year =? Show Answer

Q266) If Capital on 1-1-09 = Rs.12,000
Capital on 31-12-09 = Rs. 6,000
Profit / (Loss) during the year = Rs. 3,000
Fresh Capital introduced = Rs. 600
Then the amount of drawings Show Answer

Q267) What is the correct amount of profit to be reported in the books? Show Answer

Q268) Which measurement base should be followed in the statement (iv) ? Show Answer

Q269) Which concept should be followed in statement (ii)? Show Answer

Q270) Which concept should be followed in statement (iii)? Show Answer

Q271) If capital of M/s XYZ and Co. on the first and last day of the accounting year is Rs. 18,000 and Rs. 9,000 respectively. Profit/(Loss) for the year is Rs. (4,800) and Goods or cash withdrawn by partners from business were Rs. 4,200 then the amount of fresh introduced by partners is - Show Answer

Q272) Mrs. X commenced chocolates business on 31st Jan. 2009 with a capital of Rs. 18,000. On 31st Dec. 2009 her assets were worth Rs. 30,000 and liabilities of Rs.6,000. Find out her closing capital and profit earned during the year - Show Answer

Q273) If the capital of a business is Rs. 42,000 and liabilities are Rs. 24,000. Calculate Total assets Show Answer

Q274) T. Harikrishna stared a business on 1.1.2009 with a capital of Rs. 10,00,000 and a loan of Rs. 5,00,000 borrowed from Balakrishna. On 31st Dec. his assets were Rs.30,00,000. Apart from loan, Harikrishna owner Rs. 2,50,000 to Kalkrishna (supplier of goods). Find out his capital on 31.12.2009 and profit - Show Answer

Q275) Chang started a business on 1.1.2009 with a capital of Rs.6,000 and a loan of Rs.13,000 borrowed from yang. During the year he made a profit of Rs. 3,000. His capital and Assets on 31-12-09 - Show Answer

Q276) Shyam started a business on 1.1.2009 with a capital of Rs. 60,000 and a loan of Rs. 13,000 borrowed from Mohan. He introduced additional capital of Rs. 30,000. Drawings made by him were Rs. 18,000. He made a profit of Rs. 30,000 Total Capital and Assets will be - Show Answer

Q277) On 31-12-2009 the total Assets and external liabilities were Rs. 30,000 and 900 respectively. During 2004 the Proprietor earned Rs.3,000. Capital on 1-1-2009 was - Show Answer

Q278) If in the preceding case the proprietor had introduced additional Capital Rs. 3,000 and had withdrawn Rs.1,800 for personal purposes, capital on 1-1-2009 was - Show Answer

Q279) On 31-12-2009, Total Assets and Capital were Rs. 50,000 and Rs.35,000 respectively. Find out the amount of liabilities as on 31-12-2009 Show Answer

Q280) On 1-1-2009 Tulsi stated a business with a capital of Rs.10,000 and loan of Rs.5,000 borrowed from her husband Mihir. During 2009, she earned a profit of Rs.5,000. On 31-12-2009 the total assets were Rs. 50,000. Find out liabilities on 31-12-2009 - Show Answer

Q281) On 1-1-09, Manoj stared a business with Rs. 10,000 and a loan of Rs.5,000 borrowed from Kannoj.During the year, he earned a profit of Rs.5,000; introduced further capital of Rs. 6,000 and withdrawn Rs. 3,000 for personal use. On 31-12-09 the total assets were Rs.50,000.Find out liabilities on 31-12-2009 - Show Answer

Q282) Account payable of Taal Show Answer

Q283) Office equipment of Maal Show Answer

Q284) Capital of Bant Show Answer

Q285) _______is used by business entities for keeping records of their monetary or financial transactions. Show Answer

Q286) Accounting is an art of recording,classifying and summarizing in a signification manner and in terms of money,transactions and events which are in part at least of a financial character and interpreting the result there of this definition is given by ____________ Show Answer

Q287) Which of the following is attribute/s of accounting ? Show Answer

Q288) _________is the language of business and used to communicate financial and other information to different interested like creditors,investors,researchers,governments etc. Show Answer

Q289) Accounting is __________ Show Answer

Q290) Accounting involves___________ Show Answer

Q291) _________means systematically writing down the transaction and events in account books soon after their occurrence. Show Answer

Q292) _______is the process of grouping transaction or entries of the same type at one place. Show Answer

Q293) __________involves the preparation of reports and statements from the classified data under-standable and useful to management and other interested parties. Show Answer

Q294) The statements prepared by the summarizing pro-cess is known as_____which will show the profit or loss made by the business over a period of time and the total capital employed in the business. Show Answer

Q295) Accounting records only those transactions and events which are of________ Show Answer

Q296) Which of the following is/are the branch of accounting ? Show Answer

Q297) which of the following is/are not the branch of accounting ? Show Answer

Q298) Which of the following is the branch of accounting ? Show Answer

Q299) Which of the following is/are the main function of accounting ? Show Answer

Q300) Which of the following is/are the main function of accounting ? Show Answer

Q301) Which of the following is/are the advantage of accounting ? Show Answer

Q302) Which of the following is/are the advantage of accounting ? Show Answer

Q303) Which of the following is/are NOT the advantages of accounting ? Show Answer

Q304) Which of the following is/are NOT the advantages of accounting ? Show Answer

Q305) Which of the following is/are the limitations of accounting ? Show Answer

Q306) Which of the following is/are not limitation of the accounting? Show Answer

Q307) Which of the following is/are the limitations of accounting ? Show Answer

Q308) ________is mainly concerned with recording of financial data relating to the business operation in a significant and orderly manner. Show Answer

Q309) ________Covers procedural aspects of accounting work and includes record keeping function. Show Answer

Q310) Book-keeping is concerned with the_______of transaction while accounting is concerned with the_______of the recorded transactions. Show Answer

Q311) _______constitutes the base for accounting. Show Answer

Q312) Financial statement do not form part of book keeping. Show Answer

Q313) Financial position of the business is ascertained on the basis of____ Show Answer

Q314) _________it is a system in which accounting entries are made only when cash is received or paid. Show Answer

Q315) __________is a system in which transaction are recorded on the basis of amounts having become due for payment or receipt. Show Answer

Q316) which of the following has no relevance whether the receipts pertain to previous period or future period ? Show Answer

Q317) _________is incompatible with the matching principle income determination. Show Answer

Q318) _________attempt to record the financial effects of the transaction,events,and circumstances of an enterprise in the period in which they occur rather than recording them in period in which cash is received or paid by the enterprise. Show Answer

Q319) Cash system of accounting is suitable in which of the following cases ? Show Answer

Q320) Doctor,lawyers,firms of chartered accountants/company secretaries generally follows______of accounting. Show Answer

Q321) which of the following is/are the essential features of accrual basis of accounting ? Show Answer

Q322) Accounting is of primary importance to the______ Show Answer

Q323) Financial statements can be used by_______ Show Answer

Q324) which of the following are internal users of accounting information's ? Show Answer

Q325) which of the following is/are external users of accounting information's ? Show Answer

Q326) which of the following would be considered as external users of accounting information's ? Show Answer

Q327) Select the odd one in relation to users of accounting information's ? Show Answer

Q328) Regulatory agencies interested as users of accounting information's includes______ Show Answer

Q329) Which of the following is/are characteristics of accounting information ? Show Answer

Q330) Which of the following is/are characteristics of accounting information ? Show Answer

Q331) Which of the following is/are not characteristics of accounting information ? Show Answer

Q332) Which of the following is/are characteristics of accounting information ? Show Answer

Q333) Which of the following is/are can be treated as role of accountant ? Show Answer

Q334) Which of the following is/are cannot be treated as role of accountant ? Show Answer

Q335) Which of the following is/are can be treated as role of accountant ? Show Answer

Q336) Which of the following accounting equation is correct ? Show Answer

Q337) Which of the following equation is correct ? Show Answer

Q338) Which of the financial statement represents the accounting equation ? Show Answer

Q339) Mr.Ashok buys clothing of Rs.50,000 paying cash Rs.20,000.What is the amount of expense as per the accrual concept ? Show Answer

Q340) Capital -Rs.1,00,000 outsiders liability-Rs.2,50,000,Total assets= ? Show Answer

Q341) Fixed assets-Rs.5,50,000,current assets - Rs.2,25,000, current liabilities - Rs.1,50,000, bank loan - Rs.1,75,000. Capital = ? Show Answer

Q342) Current Assets - Current Liabilities = ? Show Answer

Q343) According to_______dictionary for accountants,an account has been defined as a formal record of a particular type of transaction expressed in money. Show Answer

Q344) An account recording transaction with an individual human being is termed as a_____ Show Answer

Q345) An account recording financial transaction with an artificial person created by law or otherwise by law or otherwise are termed as______ Show Answer

Q346) Account which represent a certain person or group of persons are termed as______ Show Answer

Q347) Kamal's account, Mala's account,Sharma's accounts are example of__________ Show Answer

Q348) Firm's accounts,limited companies accounts,educational institutions accounts,co-operative society account are example of______ Show Answer

Q349) _____ is root cause for financial accounting? Show Answer

Q350) Purchases during the year were 200,000.Expenses amounted to 20,000. Sales were 250,000,The calculated profits for year Rs. 30,000.The followed the concept of: Show Answer

Q351) Which of the following is correct? Show Answer

Q352) The process of recording financial data upto trial balance is _____ Show Answer

Q353) Government raised funds through taxes and spent them for the public expenditure. The deficit or surplus at the end of the year is Show Answer

Q354) A trader has made a sale of Rs. 75,500 out of which cash sales amounted to Rs. 25,500. He showed trade receivables on 31-3-2014 at Rs. 25,500. Which concept is followed by him? Show Answer

Q355) Which of the following is an event? Show Answer

Q356) Interest on drawing is charged from owner as per: Show Answer

Q357) The concept of conservatism when applied to the Balance Sheet results in Show Answer

Q358) In which of the following cases, accounting estimates are needed? Show Answer

Q359) The purposes of an accounting system include all of the following except - Show Answer

Q360) Interpretation means Show Answer

Q361) Which accounting concept satisfy the valuation criteria _____ Show Answer

Q362) Financial position of the business is ascertained on the basis of Show Answer

Q363) Purposes of an accounting system include all the following except Show Answer

Q364) Which of the following is not a business transaction? Show Answer

Q365) Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented? Show Answer