Fundamentals of Accounting 6
Quiz-summary
0 of 60 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
- 38
- 39
- 40
- 41
- 42
- 43
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- 51
- 52
- 53
- 54
- 55
- 56
- 57
- 58
- 59
- 60
Information
Click on Start quiz button
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 60 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Average score |
|
Your score |
|
Categories
- FUNDAMENTAL OF ACCOUNTING 0%
-
Thanks for participating in online mock test
Regards
Mock test Team
http://mock-test.caknowledgecl
ub.com/ http://www.caknowledgeclub.
com/index Give feedback for more requirement for Mock test
At
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
- 38
- 39
- 40
- 41
- 42
- 43
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- 51
- 52
- 53
- 54
- 55
- 56
- 57
- 58
- 59
- 60
- Answered
- Review
-
Question 1 of 60
1. Question
1 pointsRs. 1,500 spent on repairs before using a second hand car purchased recently is a
Correct
Incorrect
-
Question 2 of 60
2. Question
1 pointsCommission received in advance is a
Correct
Incorrect
-
Question 3 of 60
3. Question
1 points100 articles at the sale price of Rs. 200 each sent to a customer on approval basis
were recorded as actual sales on that price. The sale price was made cost plus 25%. The
amount of inventory on approval will beCorrect
Incorrect
-
Question 4 of 60
4. Question
1 pointsA and B are partners, sharing profits in the ratio of 5:3. They admit C with 1/5 share in
profits, which he acquires equally from both 1/10 from A and 1/10 from B. New profit sharing
ratio between A and B will beCorrect
Incorrect
-
Question 5 of 60
5. Question
1 pointsOn 1st Sept. 2016 goods costing Rs. 33,000 were consigned by X to his agent Y at a
proforma price which was cost plus one – sixth profit on invoice price. Invoice price of
goods will beCorrect
Incorrect
-
Question 6 of 60
6. Question
1 pointsA second hand car is purchased for Rs. 15000, the amount of Rs. 1000 is spent on its
repairs, Rs. 500 is incurred to get the car registered in owners name and Rs. 1200 is paid
as dealers commission. The amount debited to car account will beCorrect
Incorrect
-
Question 7 of 60
7. Question
1 pointsRas started business on 01.01.2016 with a capital of Rs. 20,000 and he borrowed
Rs. 3,000 from a friend. He earned a profit of Rs. 10,000 during the year and withdrew
cash Rs. 5,000 for private use. What is his capital at the end of the year?Correct
Incorrect
-
Question 8 of 60
8. Question
1 pointsMohan paid Rs. 500 towards a debit of Rs. 2,500, which was written off as bad debt in the previous year. Mohan’s account will be credited with
Correct
Incorrect
-
Question 9 of 60
9. Question
1 pointsTotal sales during the year amounted to Rs. 70,000; Cash sales Rs. 10,000; Balance of
trade receivables at the end of the year Rs. 25,000. Cash received from customers
during the year will beCorrect
Incorrect
-
Question 10 of 60
10. Question
1 pointsA trader purchased furniture on Jan 1, 2015 for Rs. 5,200. Its scrap value is 200 and life
10 years. Depreciate furniture according to fixed instalment method. Balance of furniture
a/c at the end of third year will beCorrect
Incorrect
-
Question 11 of 60
11. Question
1 pointsThe total of debit and credit side of Mr. Raja Ram’s Trial balance as on 31st March, 2016
were Rs. 20,000 and Rs. 10,000 respectively. The difference was transferred to
suspense A/c. On 4th April 2016, it was found that the total of sales book was carried
forward as 5,000 instead of 4,000. The balance of suspense A/c after rectification of this
error will beCorrect
Incorrect
-
Question 12 of 60
12. Question
1 pointsGoodwill is to be calculated at one year’s purchase of the average of the last 3 years
profit. The profit of the first year was Rs. 6,000, second year twice the profit of the first
year and the third year one and half times of the profit of the second year goodwill
amount will beCorrect
Incorrect
-
Question 13 of 60
13. Question
1 pointsHuge Ltd. issued 25,000 equity shares of Rs.100 each at a premium of Rs. 15 each
payable as Rs. 25 on application, Rs. 40 on allotment and balance in the first call. The
applications were received for 75,000 equity shares but the company issued to them only
25,000 shares. Excess money was refunded to them after adjustment for further calls.
Last call on 500 shares were not received and were forfeited after due notice. The above
is the case ofCorrect
Incorrect
-
Question 14 of 60
14. Question
1 pointsWhen balance as per cash book is the starting point, and cheques issued for payment
Rs. 400 was wrongly credited by Bank as Rs.900 then in the bank reconciliation
statement cash balance will beCorrect
Incorrect
-
Question 15 of 60
15. Question
1 pointsThere was difference in the bank column of cash book and passbook by Rs. 2,500. On
scrutiny it was found that interest of Rs. 500 charged directly by the bank was not
entered in the cash book. The same was adjusted in the cashbook before reconciliation
statement. Now, in the bank reconciliation statement, this interest of Rs. 500 is to beCorrect
Incorrect
-
Question 16 of 60
16. Question
1 points1,000 kg of oranges are consigned to a wholesaler, the cost being Rs. 8 per kg, plus
Rs. 925 of freight. It is concluded that a loss of 15% is unavoidable. The cost per kg of
orange will beCorrect
Incorrect
-
Question 17 of 60
17. Question
1 pointsIf cost of goods sold is Rs. 80,700, Opening stock Rs. 5,800 and Closing stock Rs. 6,000. Then the amount of purchase will be
Correct
Incorrect
-
Question 18 of 60
18. Question
1 pointsWriting of transaction in the ledger is called———-
Correct
Incorrect
-
Question 19 of 60
19. Question
1 pointsPrakash Ltd. issued 15,000, 15% debentures of Rs.100 each at a premium of 10%, which
are redeemable after 10 years at a premium of 20%. The amount of loss on redemption
of debentures to be written off every year isCorrect
Incorrect
-
Question 20 of 60
20. Question
1 pointsTista Ltd. has issued 14% Debentures of Rs. 10,00,000 on April 01, 2014 and the
company pays interest half-yearly on June 30, and December 31, every year. On
March 31, 2016, the amount shown as “interest accrued but not due” in the Balance
Sheet will be:Correct
Incorrect
-
Question 21 of 60
21. Question
1 pointsDebentures which are not secured by any charge upon any assets of the company are called——
Correct
Incorrect
-
Question 22 of 60
22. Question
1 pointsChange in accounting estimate means—
Correct
Incorrect
-
Question 23 of 60
23. Question
1 pointsRam Ltd. re-issued 200 equity shares of Rs.9 each @ Rs. 7 per share. These shares
were issued originally at par. Amount debited to discount on re-issue of shares will beCorrect
Incorrect
-
Question 24 of 60
24. Question
1 pointsThe plant and machinery account of a firm had a debit balance of Rs. 1,47,390 (before
charging depreciation for the year) as on 31st December, 2016. On 1st Jan., 2013 Co. started
business and has been following the practice of charging full year’s depreciation every year
on Diminishing balance method @ 15%. Cost of machinery on 01.01.2013 will beCorrect
Incorrect
-
Question 25 of 60
25. Question
1 pointsFluctuating capital account is credited with—-
Correct
Incorrect
-
Question 26 of 60
26. Question
1 pointsAll of the following have debit balance except—-
Correct
Incorrect
-
Question 27 of 60
27. Question
1 pointsDouble column cash book records—-
Correct
Incorrect
-
Question 28 of 60
28. Question
1 pointsA bill has been drawn on August 10, 2016 payable after 3 months. The maturity date of
the bill will be—Correct
Incorrect
-
Question 29 of 60
29. Question
1 pointsSalary and wages is debited to
Correct
Incorrect
-
Question 30 of 60
30. Question
1 pointsIf sales revenue is Rs. 5,00,000, cost of goods sold is Rs.3,10,000. The gross profit is—–
Correct
Incorrect
-
Question 31 of 60
31. Question
1 pointsGoods of Rs. 600 (sales price) sent on sale on approval basis were included in sales
book. The profit included in the sales was at 20% on cost. Closing stock will increase byCorrect
Incorrect
-
Question 32 of 60
32. Question
1 pointsA manager gets 5% commission on net profit after charging such commission. Gross
profit Rs. 48,000 and expenses of indirect nature other than manager’s commission are
Rs. 6,000. Commission amount will beCorrect
Incorrect
-
Question 33 of 60
33. Question
1 pointsRamesh drew a 45 days bill on Komal on 25th Jan., 2015. The bill will mature on—-
Correct
Incorrect
-
Question 34 of 60
34. Question
1 pointsBirbal drew a three month bill on Satyapal for Rs. 5,000. On due date Satyapal
approached Birbal to renew the bill for another month @ 12% p.a. Amount of the new bill
will beCorrect
Incorrect
-
Question 35 of 60
35. Question
1 pointsPreet accepted a 90 days bill of Rs. 10,000 drawn by Jeet on 05.02.2016. On
13.03.2016, Preet wished to retire the bill. Jeet offered rebate @ 12% p.a. Considering
the year of 360 days, rebate amount will be—–Correct
Incorrect
-
Question 36 of 60
36. Question
1 pointsA company issued Rs. 2,00,000 15% debentures at a discount of 5% redeemable after
10 years at a premium of 10%. Loss on issue of debentures will beCorrect
Incorrect
-
Question 37 of 60
37. Question
1 pointsA limited company forfeited 100 equity shares of the face value of Rs. 10 each, for non-payment of first call of Rs. 2 per share. The forfeited shares were subsequently reissued as fully paid @ 7 each. Amount transferred to capital reserve will be
Correct
Incorrect
-
Question 38 of 60
38. Question
1 pointsInterest on capital at 6% p.a. is to be allowed. Capital in the beginning was Rs. 3,00,000. Interest amount will be—-
Correct
Incorrect
-
Question 39 of 60
39. Question
1 pointsNet salary paid to employees Rs. 45,000 in cash after deducting income tax Rs. 1,000,
professional tax Rs. 200, employees provident fund Rs. 2,000, staff welfare fund Rs. 100
and recovery of loan Rs. 1,700. Salary A/c will be debited with –Correct
Incorrect
-
Question 40 of 60
40. Question
1 pointsDepreciation on motor car, whose cost is Rs. 58,000 with an accumulated depreciation
reserve of Rs. 11,600, at 20% p.a. on diminishing balance will beCorrect
Incorrect
-
Question 41 of 60
41. Question
1 pointsX sells goods at cost plus 60%. Total sales were of Rs. 16,000. Cost price of goods will be—-
Correct
Incorrect
-
Question 42 of 60
42. Question
1 pointsA trader sells goods at a profit of 25% on sale. In a particular month, he sold goods
costing Rs. 34,200. Rate of profit on cost will be –Correct
Incorrect
-
Question 43 of 60
43. Question
1 pointsA manager gets 5% commission on sales. Cost price of goods sold is Rs. 40,000 which
he sells at a margin of 20% on sale. Commission will be—–Correct
Incorrect
-
Question 44 of 60
44. Question
1 pointsSelection of accounting policies is based on:
Correct
Incorrect
-
Question 45 of 60
45. Question
1 pointsWhich of the followings is a valuation principal?
Correct
Incorrect
-
Question 46 of 60
46. Question
1 pointsProfit or loss on revaluation is shared among the partners in——
Correct
Incorrect
-
Question 47 of 60
47. Question
1 pointsIn case of admission of a partner, the first account prepared is——
Correct
Incorrect
-
Question 48 of 60
48. Question
1 pointsAfter the death of a partner, amount payable is received by—-
Correct
Incorrect
-
Question 49 of 60
49. Question
1 pointsRings and pistons of an engine were changed at a cost of Rs. 5,000 to increase fuel efficiency is:
Correct
Incorrect
-
Question 50 of 60
50. Question
1 pointsWhich of the following is nominal account———-
Correct
Incorrect
-
Question 51 of 60
51. Question
1 pointsUnexpired portion of Capital expenditure is shown in——
Correct
Incorrect
-
Question 52 of 60
52. Question
1 pointsOn 01.09.2016, A draws a bill on B “for 30 days after sight”. The date of acceptance is 08.09.2016. The maturity date of the bill will be—-
Correct
Incorrect
-
Question 53 of 60
53. Question
1 pointsIf the firm pays Income Tax on behalf of partners, such payment of personal income tax should be treated as——
Correct
Incorrect
-
Question 54 of 60
54. Question
1 pointsIssued 2,000, 12% Debentures of Rs. 100 each at a discount of 2% redeemable at a premium of 5%. Loss on issue of debentures will be—-
Correct
Incorrect
-
Question 55 of 60
55. Question
1 points(i) 1,00,000 Equity shares of 10 each fully called up. (ii) Calls in arrears Rs. 10,000
(iii) Calls in advance Rs. 5,000. (iv) Proposed dividend 15%Dividend payable will be—–
Correct
Incorrect
-
Question 56 of 60
56. Question
1 pointsCompensation paid to retrenched employee is:
Correct
Incorrect
-
Question 57 of 60
57. Question
1 pointsPetty expenses paid in cash are recorded in:
Correct
Incorrect
-
Question 58 of 60
58. Question
1 pointsOn April 1, 2016, a bill was drawn for two months. The maturity date of payment will fall on:
Correct
Incorrect
-
Question 59 of 60
59. Question
1 pointsCurrent assets does not include:
Correct
Incorrect
-
Question 60 of 60
60. Question
1 pointsRs. 5,000 spent on maintenance of plant and machinery is:
Correct
Incorrect