Accounting Mcqs

Page No. 42

Which of the following is not a contingent liability?


aDebts included in Sundry Debtors which are doubtful in nature

✓


bUncalled liability on partly paid shares

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cClaims against the company not acknowledged as debts

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dArrears of fixed cumulative dividend

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Based on which of the following concepts, is Share Capital Account shown on the liabilities side of a Balance Sheet?


aBusiness entity concept

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bMoney measurement concept

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cGoing concern concept

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dMatching concept

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Which of the following is a current liability?


aPrepaid expenses

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bTrademark

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cDiscount on issue of shares

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dOutstanding Salaries

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View Answer Outstanding Salaries

Which of the following is not an intangible asset?


aTrade mark

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bFranchise

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cAccounts Receivable

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dSecret Profit

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View Answer Accounts Receivable

Computers taken on hire by a business for a period of twelve months should be classified as:___________?


aCurrent assets

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bIntangible assets

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cDeferred revenue expenditure

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dNot an asset

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View Answer Not an asset

Which of the following accounts appear(s) in the Balance Sheet of a business? 0 i. Stock at the end of the financial year ii. Stock at the beginning of the financial year iii. Drawings iv. Prepaid Rent v. Interest received but not yet earned


aOnly (i) above

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bOnly (iii) above

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cBoth (i)and (iii) above

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d(i), (iii), (iv) and (v) above

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The Balance Sheet gives information regarding the____________?


aResults of operations for a particular period

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bFinancial position during a particular period

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cProfit earning capacity for a particular period

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dFinancial position as on a particular date

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Which of the following statements is false ? select the false from below options


aBalance Sheet discloses financial position of the business

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bA person who owes to the business is called Debtor

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cDecrease in the value of the asset could decrease the value of a liability

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dAssets are to be shown in the Balance Sheet at the realizable value

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Tax deducted at source appears in the Balance Sheet


aOn the assets side under current assets

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bOn the assets side under loans and advances

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cOn the liabilities side under current liabilities

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dOn the liabilities side under provisions

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Which of the following are/is a current asset?


aSundry Debtors

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bStock

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cPrepaid insurance

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dAll of A. B. and C. above

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