The assumption underlying the fixed installment method of depreciation is that of ____ of the asset over its useful life
The assumption underlying the fixed installment method of depreciation is that of ____ of the asset over its useful life
In case of debit balance, the words _____ are written on the debit side
In case of debit balance, the words _____ are written on the debit side
Endorsement, discounting and collection of bills of exchange is made by
Endorsement, discounting and collection of bills of exchange is made by
A minimum quantity of stock always held as precaution against out of stock situation is called
A minimum quantity of stock always held as precaution against out of stock situation is called
A promissory note is drawn by ______ in favor of _____
A promissory note is drawn by ______ in favor of _____
Gross profit is equal to
Gross profit is equal to
Which of the following is a leverage ratio?
Which of the following is a leverage ratio?
Right shares are the shares
Right shares are the shares
"Treating a revenue expenditure as a capital expenditure" is an example of
"Treating a revenue expenditure as a capital expenditure" is an example of
If an effect of an error is cancelled by the effect of some other error, it is commonly known as
If an effect of an error is cancelled by the effect of some other error, it is commonly known as
Del-credere Commission is allowed to cover
Del-credere Commission is allowed to cover
Error which affect only one account can be
Error which affect only one account can be
There must be a gap of at least ___ month between two calls
There must be a gap of at least ___ month between two calls
Accounting is the process of matching
Accounting is the process of matching
Which of the following sets of expense are the direct expense of business?
Which of the following sets of expense are the direct expense of business?
The cost of a small calculator is treated as an expense and not shown as an asset in a financial statement of a business entity due to
The cost of a small calculator is treated as an expense and not shown as an asset in a financial statement of a business entity due to
Dismantling and demolition charges is a
Dismantling and demolition charges is a
Which of the following is/are fixed asset(s)?
Which of the following is/are fixed asset(s)?
_____ is not required in Promissory Note
_____ is not required in Promissory Note
Commission to promote credit sale by consignee is known as
Commission to promote credit sale by consignee is known as
Different accounting policies can be adopted in the following area(s)
Different accounting policies can be adopted in the following area(s)
Which of the following is a real account?
Which of the following is a real account?
Patents accounts are
Patents accounts are
In case of opening Credit Balance, the word ______ are written on the credit side.
In case of opening Credit Balance, the word ______ are written on the credit side.
The concept that "an accountant shouldn't anticipate profit, but must provide for all losses"
The concept that "an accountant shouldn't anticipate profit, but must provide for all losses"
Promissory note is prepared by
Promissory note is prepared by
One of the Fundamental accounting assumption is
One of the Fundamental accounting assumption is
Overriding commission is generally calculated on
Overriding commission is generally calculated on
Which of the following instruments is not a negotiable instrument?
Which of the following instruments is not a negotiable instrument?
Economic life of an enterprise Is split into periodic interval as per ____ concept
Economic life of an enterprise Is split into periodic interval as per ____ concept
Rs.5000 spent on maintenance of computer is
Rs.5000 spent on maintenance of computer is
Interest on debentures is calculated on
Interest on debentures is calculated on
Which of the following is not a transaction?
Which of the following is not a transaction?
When the goods are returned to a supplier
When the goods are returned to a supplier
Profit is a part of
Profit is a part of
Municipal tax Rs.6000 under dispute is a
Municipal tax Rs.6000 under dispute is a
Which error cannot be revealed on the preparation of trial balance?
Which error cannot be revealed on the preparation of trial balance?
In case goods are manufactured and segregated for specified consumers, the best method for valuation of inventory would be
In case goods are manufactured and segregated for specified consumers, the best method for valuation of inventory would be
A proforma invoice is sent by
A proforma invoice is sent by
The basic consideration(s) in distinction between capital and revenue expenditure is/are
The basic consideration(s) in distinction between capital and revenue expenditure is/are
_____ will generally show a debit balance
_____ will generally show a debit balance
Difference of total of debit and credit side of the trial balance is transferred to
Difference of total of debit and credit side of the trial balance is transferred to
Which of the following inventory valuation methods show higher profits during the period of rising prices?
Which of the following inventory valuation methods show higher profits during the period of rising prices?
The three column cash book represents
The three column cash book represents
Which of the following subsidiary books serves the purpose of ledger too, in addition to the recording of accounting transaction?
Which of the following subsidiary books serves the purpose of ledger too, in addition to the recording of accounting transaction?
Drawing is a type of
Drawing is a type of
Memorandum Joint Venture account is a
Memorandum Joint Venture account is a
Reserve capital means
Reserve capital means
Revenue from sale of product ordinarily is reported as part of earning in the period
Revenue from sale of product ordinarily is reported as part of earning in the period
Petty cash is used for payment of
Petty cash is used for payment of
Which of the following appears in the profit and loss appropriation account?
Which of the following appears in the profit and loss appropriation account?
Carriage inwards refers to the cost of transportation for
Carriage inwards refers to the cost of transportation for
A Trial Balance contains the balances of
A Trial Balance contains the balances of
The main objective of providing depreciation is to
The main objective of providing depreciation is to
The document inviting offers from public to subscribe for the debentures or shares of a body corporate is a
The document inviting offers from public to subscribe for the debentures or shares of a body corporate is a
The following error will affect the Trial Balance
The following error will affect the Trial Balance
X draws a bill on Y. X endorsed the bill to Z. ____ will be the payee of the bill.
X draws a bill on Y. X endorsed the bill to Z. ____ will be the payee of the bill.
Dividends are usually paid as a percentage of
Dividends are usually paid as a percentage of
Liability for bill discounted is a
Liability for bill discounted is a
___ days of grace are allowed in case of time bills, for calculating date of maturity
___ days of grace are allowed in case of time bills, for calculating date of maturity
Which of the following is a long term liability?
Which of the following is a long term liability?
Purchase book is maintained to record
Purchase book is maintained to record
A bill of exchange when drawn requires
A bill of exchange when drawn requires
Accommodation bill is drawn
Accommodation bill is drawn
Opening and closing inventories are recorded in
Opening and closing inventories are recorded in
____ principle requires that the same accounting method should be used from one accounting period to the next
____ principle requires that the same accounting method should be used from one accounting period to the next
Joint venture account is a
Joint venture account is a
The left side of an account is known as ___ and the right side as ____
The left side of an account is known as ___ and the right side as ____
Those transactions for which there is no separate book, are recorded in the
Those transactions for which there is no separate book, are recorded in the
The expenses that have fallen due for payment but not paid are
The expenses that have fallen due for payment but not paid are
Which account is the odd one out?
Which account is the odd one out?
Profit & Loss account is prepared for a period of one year by following
Profit & Loss account is prepared for a period of one year by following
Bills receivable endorsed are debited to
Bills receivable endorsed are debited to
The portion of the acquisition cost of an asset yet to be allocated is known as
The portion of the acquisition cost of an asset yet to be allocated is known as
Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as
Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as
Which of the following event is subject matter of Accounting?
Which of the following event is subject matter of Accounting?
Income includes
Income includes
A document sent to customer when he returns the goods is called
A document sent to customer when he returns the goods is called
Interest on drawings is ___ for the business
Interest on drawings is ___ for the business
Noting charges are paid at the time of
Noting charges are paid at the time of
Loss leads to reduction in
Loss leads to reduction in
Which one of the following accounting equations is correct?
Which one of the following accounting equations is correct?
Recovery of bad debt is a
Recovery of bad debt is a
Contra-entries are passed only when
Contra-entries are passed only when
Parties to a bill of exchange are
Parties to a bill of exchange are
The installation expenses for a new machinery will be debited to
The installation expenses for a new machinery will be debited to
Petty cash balance is
Petty cash balance is
Preliminary expenses are treated as
Preliminary expenses are treated as
When obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability, it is called
When obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability, it is called
Cash Account is
Cash Account is
Heavy amount spent for the advertisement of new company product is
Heavy amount spent for the advertisement of new company product is
The accounting equation is based on
The accounting equation is based on
Which of the following is not an item of revenue expenditure?
Which of the following is not an item of revenue expenditure?
Bank pass book is also known as
Bank pass book is also known as
Bills receivable is a
Bills receivable is a
No journal entry is required to be passed when there is
No journal entry is required to be passed when there is
Revenue expenditures are recorded in the
Revenue expenditures are recorded in the
The owner of consignment stock is
The owner of consignment stock is
A bill of exchange is called a ____ by one who is liable to pay it on the due date
A bill of exchange is called a ____ by one who is liable to pay it on the due date
Suspense account given in the trial balance will be entered in the
Suspense account given in the trial balance will be entered in the
Normally the following accounts are balanced
Normally the following accounts are balanced
Transaction between business and owner are recorded following ____ concept
Transaction between business and owner are recorded following ____ concept
Narrations are given at the end of
Narrations are given at the end of
Interest on Capital is _____ for the business
Interest on Capital is _____ for the business
Capital expenditures are recorded in the
Capital expenditures are recorded in the
The party who sends the goods for sales on fixed commission basis is known as
The party who sends the goods for sales on fixed commission basis is known as
Which liability is not included in the total of Balance Sheet?
Which liability is not included in the total of Balance Sheet?
A company cannot issue redeemable preference shares for a period exceeding
A company cannot issue redeemable preference shares for a period exceeding
Which reserve is not shown in the Balance sheet?
Which reserve is not shown in the Balance sheet?
Legal expenses incurred on a suit for breach of contract to supply goods is a
Legal expenses incurred on a suit for breach of contract to supply goods is a
When will the bill mature if the date of maturity of a bill is a holiday
When will the bill mature if the date of maturity of a bill is a holiday
Discounting of bill by the drawer is done with
Discounting of bill by the drawer is done with
Under diminishing balance method, depreciation
Under diminishing balance method, depreciation
The parties to joint venture are called
The parties to joint venture are called
Accounts payable has ____ balance
Accounts payable has ____ balance
The person from whom the goods are purchased on credit are called
The person from whom the goods are purchased on credit are called
Which of the following enhances the earning capacity of an asset?
Which of the following enhances the earning capacity of an asset?
Errors are _____ mistakes
Errors are _____ mistakes
