Online exam in Final Accounts in Fundamentals of Accounting for preparation of professional exams of ca cpt, ca foundation, cs foundation, cma foundation,and also for B.com, M.com, MBA
Final Accounts-Test 10
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Subject :Fundamentals of Accounting Questions: 30
Chapter:Final Accounts -Test 10
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Interest on loan appearing in the trial balance should be ———–
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Question 2 of 30
2. Question
1 points
Bank over draft is shown as a ————–
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Question 3 of 30
3. Question
1 points
Unearned income is shown as ————-
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Incorrect
Question 4 of 30
4. Question
1 points
Which of the following should be treated as capital expenditure ?
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Incorrect
Question 5 of 30
5. Question
1 points
Which of the following shall not be deducted from net profit while calculating managerial remuneration?
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Incorrect
Question 6 of 30
6. Question
1 points
Which of the following is true?
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Question 7 of 30
7. Question
1 points
Which of the following entries is correct in respect of reserve for discounts on accounts payable?
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Incorrect
Question 8 of 30
8. Question
1 points
The beginning inventory of the current year is overstated by Rs.5,000 and closing inventory is overstated by Rs.12.00. The net effect on the profit is ——–
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Incorrect
Question 9 of 30
9. Question
1 points
The balance of which of the following accounts never becomes zero,once they are debited/credited to Trading Account:
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Incorrect
Question 10 of 30
10. Question
1 points
Which of the following will not appear in Profit and loss account of a business?
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Question 11 of 30
11. Question
1 points
Machines taken on hire by a business for a period of twelve months should be classified as ————
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Question 12 of 30
12. Question
1 points
Which of the following is a contingent liability?
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Question 13 of 30
13. Question
1 points
Which of the following is not a intangible asset?
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Question 14 of 30
14. Question
1 points
Ascertain purchases from the following figures:
Cost of goods sold = Rs.60,000, Opening stock= Rs.10,000, Closing stock = Rs.12,000.
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Incorrect
Question 15 of 30
15. Question
1 points
Assets bought for non-monetary consideration can be recorded at ————-
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Question 16 of 30
16. Question
1 points
Excess of gross profit over operating expenses is referred as ——————
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Incorrect
Question 17 of 30
17. Question
1 points
Which of the following is a factory overhead :
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Incorrect
Question 18 of 30
18. Question
1 points
In case the actual bad debts exceeds the provision for bad debts, then there will be a ————
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Incorrect
Question 19 of 30
19. Question
1 points
Assets appearing in the books having no real value are known as ————
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Question 20 of 30
20. Question
1 points
Calculate gross profit if rate of gross profit is 20% on sales and the cost of goods sold is Rs.1,20,000.
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Incorrect
Question 21 of 30
21. Question
1 points
If, capital at the end is Rs.70,000, Fresh capital introduced Rs.50,000, Drawings Rs.80,000, Loss Rs.1.00,000, then capital in the beginning is equal to ———–
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Incorrect
Question 22 of 30
22. Question
1 points
The entries passed for adjustment of outstanding or prepaid incomes and expenses are ———–
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Incorrect
Question 23 of 30
23. Question
1 points
Calculate the cost of goods purchased during the year for the following details:
Opening stock=Rs.8,000, Closing stock= Rs.10,000, Cost of goods sold= Rs.20,000, Direct expenses = Rs.2,000, Indirect expenses= Rs.5,000
Correct
Incorrect
Question 24 of 30
24. Question
1 points
Calculate the amount of sales from following details :
Opening stock = Rs.8,000, Closing stock= Rs.4,000, Cost of goods sold=Rs.30,000, Direct expense=Rs.10,000, Gross profit = Rs.5,000
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Incorrect
Question 25 of 30
25. Question
1 points
Presentation made to make the company appear financially strong is known as ————-
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Incorrect
Question 26 of 30
26. Question
1 points
Carriage on purchase or carriage inward is shown in ————
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Incorrect
Question 27 of 30
27. Question
1 points
Current Assets includes following except :
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Question 28 of 30
28. Question
1 points
Bonus given to employees is recorded in —————–
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Question 29 of 30
29. Question
1 points
Out of the following which is Deferred revenue expense :
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Question 30 of 30
30. Question
1 points
Sundry debtors of Mr. Harsha amounts to Rs.25,000 and bad debts Rs.3,000. They provide for doubtful debts @ 2% and for discount @ 1% the amount of net debtors to be shown in the balance sheet will be ————