Fundamentals of Accounting 9
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Question 1 of 60
1. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGWhich financial statement represents the accounting equation, Assets = Liabilities + Owner’s equity?
Correct
Incorrect
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Question 2 of 60
2. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGA purchased a car for Rs.5,00,000, making a down payment of Rs. 1,00,000 and signing a
Rs. 4,00,000 bill payable due in 60 days. As a result of this transaction.Correct
Incorrect
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Question 3 of 60
3. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGThe debts written off as bad, if recovered subsequently are———-
Correct
Incorrect
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Question 4 of 60
4. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGA withdrawal of cash from business by the proprietor should be credited to:
Correct
Incorrect
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Question 5 of 60
5. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGContra entries are passed only when————
Correct
Incorrect
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Question 6 of 60
6. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGConsignment account is———-
Correct
Incorrect
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Question 7 of 60
7. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGAll of the following are functions of Accounting except————
Correct
Incorrect
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Question 8 of 60
8. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGManufacturing account is prepared to———-
Correct
Incorrect
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Question 9 of 60
9. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGOn March 31, 2010 after sale of goods worth Rs. 2,000, he is left with the closing inventory of Rs. 10,000. This is——-
Correct
Incorrect
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Question 10 of 60
10. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGFinancial statements only consider———
Correct
Incorrect
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Question 11 of 60
11. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGEconomic life of an enterprise is split into the periodic interval as per ________ concept.
Correct
Incorrect
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Question 12 of 60
12. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGAccounting policies refer to specific accounting ________.
Correct
Incorrect
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Question 13 of 60
13. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGDividends are usually paid as a percentage of ______
Correct
Incorrect
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Question 14 of 60
14. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGOutgoing partner is compensated for parting with firm’s future profits in favour of remaining
partners. The remaining partners contribute to such compensation amount in ______Correct
Incorrect
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Question 15 of 60
15. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGThe balance of the petty cash is ______.
Correct
Incorrect
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Question 16 of 60
16. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGInterest on capital will be paid to the partners if provided for in the agreement but only from________
Correct
Incorrect
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Question 17 of 60
17. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGA proforma invoice is sent by ________
Correct
Incorrect
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Question 18 of 60
18. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGIf a venturer draws a bill on his co-venturer and if the drawer discounts the bill with same
sets of books maintained, the discounting charges will be borne by________.Correct
Incorrect
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Question 19 of 60
19. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGX draws a bill on Y. X endorsed the bill to Z. ________will be the payee of the bill.
Correct
Incorrect
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Question 20 of 60
20. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGA Company wishes to earn a 20% profit margin on selling price. ________is the profit mark
up on cost, which will achieve the required profit margin?Correct
Incorrect
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Question 21 of 60
21. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGA businessman purchased goods for Rs. 25,00,000 and sold 80% of such goods during the
accounting year ended 31st March, 2010. The market value of the remaining goods was
Rs. 4,00,000. He valued the closing inventory at cost. He violated the concept of——-Correct
Incorrect
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Question 22 of 60
22. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGM/s ABC Brothers, which was registered in the year 2008, has been following Straight
Line Method (SLM) of depreciation. In the current year it changed its method from
Straight Line to Written Down Value (WDV) Method, since such change would result in
the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to
be declared as a sick industrial unit. The auditor raised objection to this change in the
method of depreciation.
The objection of the auditor is justified becauseCorrect
Incorrect
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Question 23 of 60
23. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGIt is easy to detect——— than to ————–
Correct
Incorrect
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Question 24 of 60
24. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGOriginal cost = Rs. 1,26,000; Salvage value = Nil; Useful life = 6 years. Depreciation for the
first year under sum of years digits method will beCorrect
Incorrect
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Question 25 of 60
25. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGIf sales revenues are Rs. 4,00,000; cost of goods sold is Rs. 3,10,000 and operating expenses
are Rs.60,000, the gross profit is———-Correct
Incorrect
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Question 26 of 60
26. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGConsider the following for Alpha Co. for the year 2009-10:
Cost of goods available for sale Rs.1,00,000
Total sales Rs. 80,000
Opening inventory of goods Rs. 20,000
Gross profit margin 25%
Closing inventory of goods for the year 2009-10 wasCorrect
Incorrect
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Question 27 of 60
27. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGA and B entered into a joint venture and purchased a piece of land for Rs 20,000 and sold
it for Rs 60,000 in 2010. Originally A had contributed Rs 12,000 and B Rs 8,000. The
profit on venture will beCorrect
Incorrect
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Question 28 of 60
28. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGOn 1.1.2010 X draws a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y
became insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:Correct
Incorrect
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Question 29 of 60
29. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGAverage inventory = Rs 12,000. Closing inventory is Rs. 3,000 more than opening inventory.
The value of closing inventory will be———–Correct
Incorrect
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Question 30 of 60
30. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGFind the goodwill of the firm using capitalization method from the following information:
Total Capital Employed in the firm Rs. 8,00,000
Reasonable Rate of Return 15%
Profits for the year Rs. 12,00,000Correct
Incorrect
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Question 31 of 60
31. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGA & B are partners sharing profits and losses in the ratio 5:3. After admission of C, new
profit sharing ratio between A, B and C are 7:5:4. The sacrificing ratio among A:B will be—-Correct
Incorrect
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Question 32 of 60
32. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGThe cash book showed an overdraft of Rs. 1,500, but the pass book made up to the same
date showed that cheques of Rs. 100, Rs. 50 and Rs. 125 respectively had not been presented
for payments; and the cheque of Rs.400 paid into account had not been cleared. The overdraft
balance as per the pass book will be————–Correct
Incorrect
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Question 33 of 60
33. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGA second hand machinery is purchased for Rs. 10,000, the amount of Rs. 1,500 is spent on its
transportation and Rs. 1,200 is paid for installation. The amount debited to machinery
account will be———–Correct
Incorrect
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Question 34 of 60
34. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGConsider the following data pertaining to a company for the month of March 2010:
Particulars Rs.
Opening inventory 22,000
Closing inventory 25,000
Purchases less returns 1,10,000
Gross profit margin (on sales) 20%
The sales of the company during the month areCorrect
Incorrect
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Question 35 of 60
35. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGCapital reserve is carried out of ———
Correct
Incorrect
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Question 36 of 60
36. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGThe profits of last five years are Rs. 85,000; Rs. 90,000; Rs. 70,000; Rs. 1,00,000 and
Rs. 80,000. Find the value of goodwill, if it is calculated on average profits of last five years
on the basis of 3 years of purchase.Correct
Incorrect
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Question 37 of 60
37. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGSecurities premium account is shown in the balance sheet under———
Correct
Incorrect
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Question 38 of 60
38. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGAccording to companies Act,1956 balance sheet of a company is prepared as per ———
Correct
Incorrect
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Question 39 of 60
39. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGOmega Ltd., a listed company, acquired assets worth Rs. 7,50,000 from Alpha Ltd. and
issued shares of Rs. 100 each at premium of 25%. The number of shares to be issued by
Omega Ltd. to settle the purchase consideration will be———-Correct
Incorrect
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Question 40 of 60
40. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGX sent out certain goods to Y of Delhi. 1/10 of the goods were lost in transit. Invoice value of
goods lost Rs. 12,500. Invoice value of goods sent out on consignment will be:Correct
Incorrect
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Question 41 of 60
41. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGF Ltd. purchased Machinery from G Company for a book value of Rs.4,00,000. The
consideration was paid by issue of 10% debentures of Rs.100 each at a discount of 20%. The
debenture account was credited with———–Correct
Incorrect
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Question 42 of 60
42. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGP Ltd. issued 5,000, 12% 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 is——Correct
Incorrect
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Question 43 of 60
43. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGX and Y share profits and losses in the ratio of 2 : 1. They take Z as a partner and the new
profit sharing ratio becomes 3 : 2 : 1. Z brings Rs. 4,500 as premium for goodwill. The full
value of goodwill will be———–Correct
Incorrect
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Question 44 of 60
44. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGThe profits of last three years are Rs. 42,000; Rs. 39,000 and Rs. 45,000. Find out the
goodwill of two years purchase.Correct
Incorrect
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Question 45 of 60
45. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGT Ltd. has issued 14% Debentures of Rs.20,00,000 at a discount of 10% on April 01, 2008 and
the company pays interest half-yearly on June 30, and December 31 every year. On March 31,
2010, the amount shown as “interest accrued but not due” in the Balance Sheet will be——Correct
Incorrect
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Question 46 of 60
46. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGA and B enter into a joint venture sharing profit and losses in the ratio 2:1. A purchased
goods costing Rs. 2,00,000. B sold the goods for Rs. 2,50,000. A is entitled to get 1% commission
on purchase and B is entitled to get 5% commission on sales. The profit on venture will be:Correct
Incorrect
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Question 47 of 60
47. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGAshok purchased a machine on 01.01.2010 for Rs 1,20,000. Installation expenses were Rs.
10,000. Residual value after 5 years Rs. 5,000. On 01.07.2010, expenses for repairs were
incurred to the extent of Rs 2,000. Depreciation is provided under straight line method.
Annual Depreciation is—————-Correct
Incorrect
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Question 48 of 60
48. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGX draws a bill on Y for Rs. 30,000. X wants to endorse it to W in settlement of
Rs 35,000 at 2% discount with the help of Y’s acceptance and balance in cash. How much
cash X will pay to Y?Correct
Incorrect
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Question 49 of 60
49. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGA and B entered into joint venture for equal profits. A purchased 1,000 kg of rice costing Rs.
200 each. Carriage Rs. 2,000, insurance Rs. 3,000. 4/5th of the boxes were sold by B at Rs.
250 per boxes. Remaining inventory were taken over by B at cost. The amount of inventory
taken over will be:Correct
Incorrect
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Question 50 of 60
50. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGA company sends its cars to dealers on ‘sale or return’ basis. All such transactions are
however treated like actual sales and are passed through the sales day book. Just before the
end of the financial year, two cars which had cost Rs.55,000 each have been sent on ‘sale or
return’ and have been debited to customers at Rs.75,000 each, cost of goods lying with the
customers will be————Correct
Incorrect
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Question 51 of 60
51. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGElectricity charges paid on 1 October, 2008 for the year to 30 September, 2009 was
Rs. 2,400 and electricity charges paid on 1 October, 2009 for the year to 30 September, 2010
was Rs. 3,200. Electricity charges paid, as shown in the profit and loss account for the year
ended 31 December 2009, would be:Correct
Incorrect
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Question 52 of 60
52. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGGoods costing Rs 2,00,000 sent out to consignee at Cost + 20%. Invoice value of the goods will be——
Correct
Incorrect
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Question 53 of 60
53. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGR, J and D are the partners sharing profits in the ratio 7:5:4. D died on 30th June 2010 and
profits for the accounting year 2009-2010 were Rs. 24,000. How much share in profits for
the period 1st April 2010 to 30th June 2010 will be credited to D’s Account.Correct
Incorrect
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Question 54 of 60
54. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGX of Kolkata sends out certain goods at cost + 25%. Invoice value of goods sends out
Rs. 2,00,000. 4/5th of the goods were sold by consignee at Rs.1,76,000. Commission is 2%
upto invoice value and 10% of any surplus above invoice value.
The amount of commission will be:Correct
Incorrect
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Question 55 of 60
55. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGDebit balance as per Cash Book of ABC Enterprises as on 31.3.2010 is
Rs. 1,500. Cheques deposited but not cleared amounts to Rs. 100 and Cheques issued but
not presented is Rs. 150. The bank allowed interest amounting Rs. 50 and collected dividend
Rs. 50 on behalf of ABC Enterprises. Balance as per pass book should be———Correct
Incorrect
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Question 56 of 60
56. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGIf a purchase return of Rs.1,000 has been wrongly posted to the debit of the sales returns
account, but has been correctly entered in the suppliers’ account, the total of the——-Correct
Incorrect
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Question 57 of 60
57. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGX and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5th share of
profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill. Find
the capital balances for each partner taking Z’s capital as base capital.Correct
Incorrect
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Question 58 of 60
58. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGThe reserve which is created for particular purpose and which is a charge against revenue is called——
Correct
Incorrect
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Question 59 of 60
59. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGA company forfeited 2,000 shares of Rs. 10 each (which were issued at par) held by Mr. John
for non-payment of allotment money of Rs. 4 per share. The called-up value per share was
Rs.9. On forfeiture, the amount debited to share capital will be __________Correct
Incorrect
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Question 60 of 60
60. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGX, Y and Z are partners sharing profits in the ratio 2:2:1. On retirement of Y, goodwill was
valued as Rs. 30,000. The contribution of X and Z to compensate Y will be __________Correct
Incorrect