33. Bills payable honored during the year will be debited to ______
Correct : B. bills payable
34. Cash paid to creditors can be calculated from
Correct : B. creditors account
35. Bills payable dishonored during g the year will be credited to
Correct : A. bills payable
36. Rent and rates are apportioned to different departments on the basis of
Correct : A. floor area occupied
37. The turn over ratio is used for the allocation of
Correct : B. bad debts
38. Provision for unrealized profit with respect to stock when transfers are affected at transfer price is
to be charged to
Correct : D. general profit and loss account
39. Branch account under debtors system is a _______ account
Correct : B. nominal
40. Branch account under stock and debtors system is a ________ account
Correct : A. real
41. When branch A sent goods to branch B in the books of branch A debit is given to
Correct : A. head office account
42. Goods sent by the head office to the branch but not received by the branch before the close of
financial year are credited by head office to
Correct : A. branch account
43. When a branch purchases fixed assets and the assets account is to be kept in the books of the
head office, the branch makes the following entry
Correct : A. debits head office credits bank
44. Depreciation on branch assets under debtors system is
Correct : A. not shown separately in branch account
45. Stock reserve in relation to closing stock appears
Correct : A. on the debit side of branch account
46. Branch adjustment account is in the nature of ______
Correct : A. nominal
47. Cash remitted by branch but not received by the head office is debited by the head office to
_____
Correct : B. cash in transit
48. Goods sent by branch X to branch Y will be debited to ______
Correct : A. branch Y
49. Under hire purchase system depreciation is charged:
Correct : A. on cash price
50. Hirer charges depreciation on
Correct : B. cash price
51. What is transferred to hirer under hire purchase system
Correct : B. possession of assets
52. Hire purchase act is
Correct : C. 1972
53. The sale of goods act is applicable in
Correct : B. Cash purchases
54. What is transferred to hirer under installment payment system
Correct : C. ownership and possession of asset
55. Which account is prepared to find out the amount of closing stock
Correct : C. memorandum stock account
56. In foreign branch fixed asset shall be converted at
Correct : A. opening rate
57. By what rate the balance of head office account is converted in foreign branch
Correct : D. none of these
58. Excess of asset over liability is called
Correct : C. capital
59. Following records are made in single entry system , give correct answer
Correct : C. records in cashbook and posting of only personal accounts in ledger
60. Meaning of single entry system of book keeping is
Correct : B. incomplete double entry system
61. Single entry system of book keeping system
Correct : C. is incomplete system
62. The liabilities and assets respectively are rs 87000 and rs 92000.amount of difference will be
Correct : D. none of these
63. To find out the opening and closing capitals statement of affairs are prepared
Correct : B. two
64. In which book the transactions are recorded originally
Correct : C. journal
65. Floating asset is known as
Correct : B. current assets
66. As per the cost of concept an asset is recorded at its
Correct : B. actual cost
67. The business will continue to operate for an indefinitely long period in the future, unless there is
a good evidence to the contrary this assumption is related to
Correct : D. none of these
68. Which book the work classification is done
Correct : B. ledger
69. A person who owes money to the firm is called
Correct : A. Debtors
70. Debit the losses and expenses and credit the gain and income is applicable to ______
Correct : C. Nominal account
71. Trade mark account is
Correct : A. Real account
72. Goodwill is a
Correct : C. Real account
73. Purchase goods from ram this is a
Correct : B. Credit purchase
74. Sold machinery worth Rs 10000 to Ramesh.it is entered in the
Correct : D. Machinery account
75. Return outwards book is known as
Correct : A. Purchase return journal
76. Debt notice prepared by the purchase of goods when ____
Correct : A. He return the goods
77. _____ from the source document for sales returns
Correct : A. Credit note
78. A cashbook which contain only one column is
Correct : C. Simple cashbook
79. Entries come both on the debit side and credit side of cashbook called
Correct : B. Contra entries
80. In cashbooks “C” means
Correct : D. Contra
81. Three column cashbook contains
Correct : B. Cash, discount, bank
82. Small payments are entered in
Correct : B. Petty cash book]
83. Imprest system is used in
Correct : A. Petty cashbook
84. An error which violates the fundamentals of book keeping is called
Correct : D. Error of principle
85. Which error does not affect the trial balance
Correct : A. Errors of omission
86. The account to which the difference in the trial balance is temporarily placed , so that the trial
balance is made totally, such an account is called
Correct : B. Suspense account
87. Journal entries passed to correct the errors are called
Correct : D. Rectifying entry
88. Errors cancelled by themselves are called
Correct : A. Compensating errors
89. Rs 280 received from Roy is credited to his account as Rs 208,this error is called
Correct : A. Compensating errors
90. A suspense account is created when the _______ of the trial balance does not agree
Correct : D. balance
91. The balance of trading account is called
Correct : C. Gross profit
92. Advertisement is a
Correct : D. Deferred revenue expense
93. Direct expenses are debited in the
Correct : B. Trial balance
94. The stock is valued at
Correct : D. Cost price or market price whichever is lower
95. Adjusted purchase means
Correct : D. Closing stock + opening stock
96. The main purpose of accounting is to provide financial info to
Correct : D. All of these
97. Which of the following is an operating expenses
Correct : B. Salary to manager
98. Branch stock is always prepared at _______ price
Correct : B. Invoice
99. Under______ system branch profit or loss is ascertained by preparing branch accounts
Correct : A. Debtors
100. Goods sent to branch account is closed by transferring the balance to_____ account