Option A: Expense
Option B: Liability
Option C: financial assets
Option D: All of them
Correct Answer: financial assets ✔
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Option A: Purchases
Option B: Prompt payment
Option C: Sales
Option D: Sales return
Correct Answer: Prompt payment ✔
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Option A: profit and loss account
Option B: Manufacturing account
Option C: Income and Expenditure Account
Option D: Cost of good sold
Correct Answer: Income and Expenditure Account ✔
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Option A: Sinking Fund Method
Option B: Annuity Method
Option C: Sum of Year Digits Method
Option D: None of these
Correct Answer: Sinking Fund Method ✔
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Option A: works on cost.
Option B: selling overhead.
Option C: distribution overhead.
Option D: administration overhead
Correct Answer: administration overhead ✔
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Option A: estimation of profit.
Option B: estimation of cost.
Option C: estimation of selling price.
Option D: estimation of units.
Correct Answer: estimation of selling price. ✔
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Option A: prime cost.
Option B: factory cost.
Option C: distribution cost.
Option D: production cost
Correct Answer: distribution cost. ✔
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Option A: all indirect costs.
Option B: all direct costs.
Option C: indirect and direct costs.
Option D: all specific costs
Correct Answer: all indirect costs. ✔
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Option A: Each Department
Option B: Each unit of output
Option C: Each Month
Option D: Each Executive
Correct Answer: Each unit of output ✔
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Option A: Inventory
Option B: Accounts Payable
Option C: Accounts Receivable
Option D: Expenses
Correct Answer: Accounts Receivable ✔
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Option A: Amortization
Option B: Loan Payment
Option C: Liability
Option D: Securitization
Correct Answer: Amortization ✔
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Option A: 1,600
Option B: 1,500
Option C: 1,000
Option D: 1,800
Correct Answer: 1,500 ✔
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Option A: 18,387
Option B: 18,560
Option C: 18,750
Option D: 19,000
Correct Answer: 18,387 ✔
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Option A: Direct cost
Option B: Cost Sheet
Option C: Budget
Option D: Marginal Costing.
Correct Answer: Budget ✔
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Option A: 792
Option B: 820
Option C: 840
Option D: 864
Correct Answer: 864 ✔
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Option A: 8,000 units
Option B: 11,000 units
Option C: 10,000 units
Option D: 9,000 units
Correct Answer: 10,000 units ✔
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Option A: 65,025
Option B: 94,287
Option C: 95,020
Option D: 1,52,624
Correct Answer: Opening stock of raw material 11,570 ✔
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Option A: 37.50
Option B: 38.25
Option C: 24.00
Option D: 35.00
Correct Answer: 24.00 ✔
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Option A: 0.65
Option B: 0.35
Option C: 1.50
Option D: 5.29
Correct Answer: 0.65 ✔
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Option A: 5,80,000
Option B: 5,50,000
Option C: 5,00,000
Option D: 5,75,000
Correct Answer: 5,80,000 ✔
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Option A: Uncontrollable cost
Option B: Sunk cost
Option C: Avoidable cost
Option D: Opportunity cost
Correct Answer: Sunk cost ✔
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Which of the following bases is not appropriate for apportionment of Transport department‘s cost ?
Option A: Crane hours
Option B: Crane value
Option C: Truck Mileage
Option D: Truck value
Correct Answer: Crane value ✔
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Option A: 111%
Option B: 120%
Option C: 95%
Option D: 117%
Correct Answer: 111% ✔
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Option A: Direct cost
Option B: Variable cost
Option C: Commercial cost
Option D: Conversion cost
Correct Answer: Commercial cost ✔
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Option A: Relevant costs
Option B: Differential costs
Option C: Target costs
Option D: Sunk costs
Correct Answer: Differential costs ✔
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Option A: Variable cost
Option B: Unit cost
Option C: Total cost
Option D: Fixed cost
Correct Answer: Unit cost ✔
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Option A: No change occurs to inventories for either use absorption costing or variable costing methods
Option B: The use of absorption costing produces a higher net income than the use of variable costing
Option C: The use of absorption costing produces a lower net income than the use of variable costing
Option D: The use of absorption costing causes inventory value to increase more than they would though the use of variable costing
Correct Answer: No change occurs to inventories for either use absorption costing or variable costing methods ✔
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Option A: Petty cash
Option B: Cash book
Option C: Cash receipt
Option D: Discount
Correct Answer: Petty cash ✔
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Option A: Cash book
Option B: Two columns cash book
Option C: Three columns cash book
Option D: Petty cash book
Correct Answer: Three columns cash book ✔
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Option A: Receipts
Option B: Payments
Option C: Incomes
Option D: Expenditures
Correct Answer: Receipts ✔
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Option A: Lump sum
Option B: Prompt
Option C: Actual
Option D: None of them
Correct Answer: Prompt ✔
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Option A: Receipts
Option B: Payments
Option C: Income
Option D: Expense
Correct Answer: Payments ✔
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Drawings by owner of business are generally recorded on which of the following side of a cash book?
Option A: Receipts
Option B: Payments
Option C: Incomes
Option D: Expenditures
Correct Answer: Payments ✔
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Option A: Simple cash book
Option B: Two column cash book
Option C: Three column cash book
Option D: Petty cash book
Correct Answer: Petty cash book ✔
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Option A: Bank
Option B: Prepaid expenses
Option C: Accounts receivable
Option D: Creditor
Correct Answer: Prepaid expenses ✔
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Option A: Receipts
Option B: Payments
Option C: Incomes
Option D: Expenditures
Correct Answer: Payments ✔
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Option A: Bank
Option B: Payments
Option C: Discount
Option D: Cash
Correct Answer: Cash ✔
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Option A: Simple cash book
Option B: Two column cash book
Option C: Three column cash book
Option D: Petty cash book
Correct Answer: Two column cash book ✔
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Option A: Payee
Option B: Payer
Option C: Bank
Option D: Seller
Correct Answer: Seller ✔
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Option A: Cash
Option B: Bank balance
Option C: Accounts receivable
Option D: Cash reserve
Correct Answer: Accounts receivable ✔
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Option A: Every day
Option B: Every half year
Option C: Every year
Option D: At the end of every accounting period
Correct Answer: At the end of every accounting period ✔
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Option A: Bank balance
Option B: Cash at bank
Option C: Bank overdraft
Option D: Bank underdraft
Correct Answer: Bank overdraft ✔
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Option A: Liability
Option B: Asset
Option C: Expenses
Option D: Income
Correct Answer: Asset ✔
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Option A: Receipts
Option B: Payments
Option C: Incomes
Option D: Expenditures
Correct Answer: Payments ✔
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Option A: Bank
Option B: Accountant of business
Option C: Manager of a company
Option D: Bank’s cashier
Correct Answer: Accountant of business ✔
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Option A: Cash payments
Option B: Cash receipts
Option C: Cash payments and cash receipts
Option D: Neither cash payments nor cash receipts
Correct Answer: Cash payments ✔
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Option A: Cash entry
Option B: Contra entry
Option C: Payment entry
Option D: Compound entry
Correct Answer: Contra entry ✔
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Option A: $5000 will be credited
Option B: $5000 will be debited
Option C: $10,000 will be credited
Option D: $10,000 will be debited
Correct Answer: $5000 will be credited ✔
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Option A: $1000 will be added to cash book balance
Option B: $2000 will be deducted from cash book balance
Option C: $3000 will be added to cash book balance
Option D: $3000 will be subtracted from cash book balance
Correct Answer: $3000 will be subtracted from cash book balance ✔
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Option A: $2000
Option B: Zero
Option C: $3000
Option D: $2500
Correct Answer: $2000 ✔
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Option A: Credit balance
Option B: Debit balance
Option C: Bank overdraft
Option D: Adjusted balance
Correct Answer: Credit balance ✔
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Option A: Unpresented checks
Option B: Uncredited checks
Option C: Outstanding checks
Option D: Bounced checks
Correct Answer: Uncredited checks ✔
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Option A: Outstanding checks
Option B: Unpresented checks
Option C: Deposit in transit
Option D: Omission of Bank charges
Correct Answer: Outstanding checks ✔
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Option A: Adjusted
Option B: Unadjusted
Option C: Understated
Option D: Overstated
Correct Answer: Adjusted ✔
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Option A: $500 will be debited
Option B: $500 will be credited
Option C: Non-adjustable
Option D: $1000 will be subtracted
Correct Answer: $500 will be credited ✔
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Option A: Uncollected checks
Option B: Uncredited checks
Option C: Outstanding checks
Option D: Bounced checks
Correct Answer: Outstanding checks ✔
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Option A: Unpresented checks
Option B: Uncredited checks
Option C: Outstanding checks
Option D: Bounced checks
Correct Answer: Uncredited checks ✔
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Option A: Credited in the cash book
Option B: Debited in the cash book
Option C: Entered in the bank statement
Option D: Entered in the petty cash balance
Correct Answer: Credited in the cash book ✔
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Option A: $2000 will be debited in cash book
Option B: $2000 will be credited in cash book
Option C: $4000 will be debited in cash book
Option D: $4000 will be credited in the cash book
Correct Answer: $2000 will be credited in cash book ✔
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Option A: Uncollected checks
Option B: Uncredited checks
Option C: Outstanding checks
Option D: Bounced checks
Correct Answer: Outstanding checks ✔
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Option A: Subtracted from bank balance
Option B: Added to bank balance
Option C: Added to Cash book balance
Option D: Subtracted from cash book balance
Correct Answer: Added to bank balance ✔
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Option A: Cash receipt journal
Option B: Cash payment journal
Option C: Cash book
Option D: Financial statements
Correct Answer: Cash book ✔
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Option A: Credit balance of cash book
Option B: Debit balance of cash book
Option C: Bank overdraft
Option D: Adjusted balance of cash book
Correct Answer: Debit balance of cash book ✔
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Option A: Bank charges will be debited in cash book
Option B: Bank charges will be added to cash book balance
Option C: Bank charges will be credited in cash book
Option D: Bank charges need no adjustment in cash book
Correct Answer: Bank charges will be credited in cash book ✔
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Option A: Accountant of the business
Option B: Manager of the business
Option C: Controller of the bank
Option D: Accountant of the bank
Correct Answer: Accountant of the business ✔
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Option A: Bank can’t verify your identity
Option B: There are not sufficient funds in your account
Option C: Check has been forged
Option D: Check can’t be cashed being illegal
Correct Answer: There are not sufficient funds in your account ✔
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Option A: Debit
Option B: Credit
Option C: Expenses
Option D: Liability
Correct Answer: Credit ✔
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Option A: Genuine trade reasons
Option B: For mutual financial accommodation
Option C: To help augment money supply
Option D: All the three
Correct Answer: For mutual financial accommodation ✔
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Option A: 4-4-2013
Option B: 3-4-2013
Option C: 1-4-2013
Option D: 31-3-2013
Correct Answer: 4-4-2013 ✔
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Option A: Acceptance
Option B: Unconditional promise to pay
Option C: Properly stamped
Option D: Payment to be made legal currency
Correct Answer: Acceptance ✔
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Option A: Triplicate
Option B: Duplicate
Option C: Single
Option D: Quadruplicate
Correct Answer: Triplicate ✔
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Option A: Unconditional
Option B: Certainty of amount
Option C: In writing
Option D: Amount to be paid in foreign currency
Correct Answer: Amount to be paid in foreign currency ✔
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Option A: 1981
Option B: 1881
Option C: 1871
Option D: 2001
Correct Answer: 1881 ✔
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Option A: It must be in writing
Option B: It contains an unconditional promise to pay
Option C: It is payable to the bearer
Option D: It must be signed by the maker
Correct Answer: It is payable to the bearer ✔
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Option A: When a discounted bill is honoured by the drawee on the due date
Option B: When a bill is sent to the bank for collection
Option C: When a bill is renewed at the request of the drawee
Option D: When a debtor accepts a bill drawn by the drawer
Correct Answer: When a discounted bill is honoured by the drawee on the due date ✔
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Option A: Discounting of the bill with the bank
Option B: Payment of the bill on due date
Option C: Remitting or receiving the amount
Option D: Sending the bill to bank for collection
Correct Answer: Remitting or receiving the amount ✔
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The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by
Option A: The drawer of the bill
Option B: The person responsible for dishonour
Option C: The holder of the bill
Option D: The endorser of the bill
Correct Answer: The person responsible for dishonour ✔
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Option A: Only (i) above
Option B: Both (ii) and (iv) above
Option C: Both (i) and (iii) above
Option D: Both (i) and (iv) above
Correct Answer: i. Debit Bills Receivable Account ✔
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Option A: Acceptor‘s Account is debited in the books of drawer
Option B: Bills Receivable Account is credited in the books of drawer
Option C: Bank Account is debited in the books of drawer
Option D: Bills Payable Account is debited in the books of drawer
Correct Answer: Acceptor‘s Account is debited in the books of drawer ✔
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A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?
Option A: 30th June,2018
Option B: 1st July,2018
Option C: 4th July,2018
Option D: 4th August,2018
Correct Answer: 4th July,2018 ✔
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Option A: 50,000
Option B: 55,000
Option C: 60,000
Option D: 65,000
Correct Answer: 60,000 ✔
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Option A: Dressing Balance Sheet
Option B: Marshalling Balance Sheet
Option C: Formatting Balance Sheet
Option D: Make up of Balance Sheet
Correct Answer: Marshalling Balance Sheet ✔
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Option A: 6441
Option B: 5431
Option C: 7150
Option D: 5876
Correct Answer: 7150 ✔
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Option A: 6441
Option B: 5431
Option C: 7654
Option D: 9876
Correct Answer: 6441 ✔
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Option A: 2,40,000
Option B: 2,10,000
Option C: 2,00,000
Option D: 1,80,000
Correct Answer: 2,40,000 ✔
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Option A: Income from sale of trading goods
Option B: Bad debts recovered
Option C: Interest on FDs
Option D: None
Correct Answer: Interest on FDs ✔
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Option A: Profit and Loss A/c
Option B: Capitalized with work in progress
Option C: Trading A/c
Option D: Shown in Balance Sheet
Correct Answer: Trading A/c ✔
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Option A: In Trading A/c
Option B: In Profit and Loss Appropriation A/c
Option C: Profit and Loss A/c
Option D: Being a non operating item ignored
Correct Answer: Profit and Loss A/c ✔
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Option A: Profit and Loss A/c
Option B: Trading A/c
Option C: Deducted from the concerned assets A/c
Option D: Shown on the liability side
Correct Answer: Profit and Loss A/c ✔
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Option A: Trading A/c and Balance Sheet
Option B: Profit and Loss A/c
Option C: Balance Sheet only
Option D: Trading A/c only
Correct Answer: Balance Sheet only ✔
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Option A: At the time of opening new books of account
Option B: At the time of closing the accounts
Option C: During the course of accounting period any time
Option D: After certification of accounts
Correct Answer: At the time of closing the accounts ✔
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Option A: Both (i) and (iv) above
Option B: Both (ii) and (iii) above
Option C: (i),(ii) and (iii) above
Option D: (ii),(iii),(iv) and (v) above
Correct Answer: (ii),(iii),(iv) and (v) above ✔
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Option A: Debts included in Sundry Debtors which are doubtful in nature
Option B: Uncalled liability on partly paid shares
Option C: Claims against the company not acknowledged as debts
Option D: Arrears of fixed cumulative dividend
Correct Answer: Debts included in Sundry Debtors which are doubtful in nature ✔
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Option A: Business entity concept
Option B: Money measurement concept
Option C: Going concern concept
Option D: Matching concept
Correct Answer: Business entity concept ✔
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Option A: Prepaid expenses
Option B: Trademark
Option C: Discount on issue of shares
Option D: Outstanding Salaries
Correct Answer: Outstanding Salaries ✔
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Option A: Trade mark
Option B: Franchise
Option C: Accounts Receivable
Option D: Secret Profit
Correct Answer: Accounts Receivable ✔
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Option A: Current assets
Option B: Intangible assets
Option C: Deferred revenue expenditure
Option D: Not an asset
Correct Answer: Not an asset ✔
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Option A: Only (i) above
Option B: Only (iii) above
Option C: Both (i)and (iii) above
Option D: (i), (iii), (iv) and (v) above
Correct Answer: i. Stock at the end of the financial year ✔
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