Accounting Mcqs

Page No. 53

Cash book records?


aOnly cash sales


bAll types of cash receipts and payments


cOnly revenue receipts


dOnly capital receipts



Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?


aAdded, Reduced


bAdded, Added


cDeducted, Added


dDeducted, Deducted


View Answer Deducted, Added

Which of the following is an one sided error?


a500 purchase of old equipment not recorded in the books of A/c at all


b500 being expense on travelling expense credited to travelling expenses


cBoth


dNone



Which of the following error is an error of principle


a5,000 received from Sham credited to Ram A/c


b5,000 incurred on installation of new plant debited to travelling expenses A/c


c500 paid for wages debited to salary A/c


d500 being purchase of raw material debited to purchase A/c ` 50



Which of these errors affect two or more accounts


aErrors of complete omission


bErrors of principle


cErrors of posting to wrong account


dAll the three


View Answer All the three

Which of these errors affect only one account?


aErrors of casting


bErrors of carry forward


cErrors of posting


dAll the three


View Answer All the three

Which of the following items should not be capitalized relating to fixed assets?


aInterest payable on loans or deferred credits taken for the acquisition or construction of fixed assets before they are ready for use


bStand by equipment and servicing equipment


cExpenditure incurred on test runs and experimental production


dAdministration and general expenses



Which of the following enhances the earning capacity of an asset?


aIncrease in working capacity of an asset


bReduction in operating costs


cReplacing damaged parts of an asset


dBoth A. and C. above


View Answer Both A. and C. above

Which one of the following is a capital expenditure?


aCompensation paid to Directors on termination of their services


bExpenditure incurred in connection with the renewal of a Trade Mark.


cGratuities paid to Directors on termination of their services.


dRoyalty paid in installments for the purchase of rights to manufacture and sell patient medicines.



Which of the following statements are / is true? – Events after Balance Sheet are?


aAll the significant events after the Balance Sheet date


bThe events after Balance Sheet date but before submitting it to the Registrar of Companies


cThe events after Balance Sheet date but before its approval by the board


dAll changes after Balance Sheet date before its approval



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