Practice Test

Q1) Generally,Which of the following measurement bases are usually accepted in accounting parlance ? Show Answer

Q2) All accounts are classified into______ Show Answer

Q3) Accounts recording transaction with a person or group of persons are known_______ Show Answer

Q4) Personal accounts is/are of the following types. Show Answer

Q5) Accounts relating to properties or assets are known as______ Show Answer

Q6) Real account can be further classified into______ Show Answer

Q7) ________accounts represent assets and properties which can be seen,touched,felt,measured,purchased and sold. Show Answer

Q8) Accounts relating to income,revenue,gain expenses and losses are termed as_______ Show Answer

Q9) ________accounts represent assets and properties which cannot be seen,touched or felt but they can be measured in terms of money. Show Answer

Q10) The rule for nominal accounts is_______ Show Answer

Q11) The rule for personal accounts is_________ Show Answer

Q12) The rule for real accounts is_________ Show Answer

Q13) Prepaid insurance,outstanding salaries are example of___________ Show Answer

Q14) Wages account,rent account,commission account,interest received account are examples of________ Show Answer

Q15) Goodwill accounts,patents account,trademarks account,copyright account are examples of______ Show Answer

Q16) Provision for doubtful debts account,stock reserve account etc are________ Show Answer

Q17) ____________is an intangible real account Show Answer

Q18) Purchase is_________ Show Answer

Q19) Sales is_______ Show Answer

Q20) Discount allowed is____________ Show Answer

Q21) Drawing account is_____ Show Answer

Q22) Prepaid account is________ Show Answer

Q23) Bad debt recovered is______ Show Answer

Q24) Patents account is________ Show Answer

Q25) bill payable account is________ Show Answer

Q26) Proprietor's account is________ Show Answer

Q27) Rent account is__________ Show Answer

Q28) Trading account is a__________ Show Answer

Q29) Outstanding wages is a___________ Show Answer

Q30) Which of the following account is tangible real account ? Show Answer

Q31) Which of the following account is the artificial personal account ? Show Answer

Q32) Which of the following account is the odd one out ? Show Answer

Q33) Which of the following account is the odd one out ? Show Answer

Q34) Which of the following account is the odd one out ? Show Answer

Q35) Salary can be classified as_________ Show Answer

Q36) Which of the following is a fictitious asset ? Show Answer

Q37) Trademark is_________ Show Answer

Q38) There are_________systems of keeping records. Show Answer

Q39) _______system recognizes the fact that every transaction has two aspects and records both aspects of each and every transaction Show Answer

Q40) In double entry system of book-keeping every business transaction affects. Show Answer

Q41) As per provisions of The Companies Act,1956,companies must maintain their accounts under_______ Show Answer

Q42) Which of the following is/are merit of double entry system ? Show Answer

Q43) Measurement discipline deals with. Show Answer

Q44) All of the following are valuation principles except Show Answer

Q45) Book value of machinery on 31st March, 2016 Rs.10,00,000
Market value as on 31st March, 2016 if sold Rs.11,00,000
As on 31st March, 2016, if the company values the machinery at Rs.11,00,000, which of the following valuation principle is being followed? Show Answer

Q46) The current cost of the machinery is Show Answer

Q47) The present value of machinery is Show Answer

Q48) The historical cost of machinery is Show Answer

Q49) The realizable value of machinery is Show Answer