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Ответы на тесты Accounting and Analysis.d(1)

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Бесплатные ответы на тесты по предмету «Accounting and Analysis.d(1)» — Синергия и МТИ

Вопрос 1Ответ открыт бесплатно

Accounting do not provides data or information on

  1. Income and cost for the managers
  2. Financial conditions of the institutions
  3. Company’s shareholders data for a particular year
  4. Personal assets of owner✓ Правильный ответ
✓ Правильный ответ

Personal assets of owner

Вопрос 2

Long term assets without any physical existence but, possessing a value are called

  1. Intangible assets
  2. Fixed assets
  3. Current assets
  4. Investments
Вопрос 3

The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as

  1. Current assets
  2. Fixed assets
  3. Intangible assets
  4. Investments
Вопрос 4

Copyrights, Patents and Trademarks are examples of

  1. Current assets
  2. Fixed assets
  3. Intangible assets
  4. Investments
Вопрос 5

The debts which are to be repaid within a short period (a year or less) are referred to as,

  1. Current Liabilities
  2. Fixed liabilities
  3. Contingent liabilities
  4. Tax
Вопрос 6Ответ открыт бесплатно

Gross profit is

  1. Cost of goods sold + Opening stock
  2. Sales – cost of goods sold✓ Правильный ответ
  3. Sales – Purchases
  4. Net profit – expenses
✓ Правильный ответ

Sales – cost of goods sold

Вопрос 7

Net profit is calculated in which of the following accounts?

  1. Profit and loss account
  2. Balance sheet
  3. Trial balance
  4. Trading account
Вопрос 8

In order to find out the value of the closing stock during the end of the financial year we,

  1. do this by stocktaking
  2. deduct the cost of goods sold from sales
  3. deduct opening stock from the cost of goods sold
  4. look in the stock account
Вопрос 9

Which of these best explains fixed assets?

  1. Are bought to be used in the business
  2. Are expensive items bought for the business
  3. Are items which will not wear out quickly
  4. Are of long life and are not purchased specifically for resale
Вопрос 10Ответ открыт бесплатно

The charges of placing commodities into a saleable condition should be charged to

  1. Trading account
  2. P & L a/c✓ Правильный ответ
  3. Balance Sheet
  4. Cash Flow
✓ Правильный ответ

P & L a/c

Вопрос 11

Suppliers personal a/c are seen in the

  1. Sales Ledger
  2. Nominal ledger
  3. Purchases Ledger
  4. General Ledger
Вопрос 12

If you want to ensure that your money will be secured if cheques sent are wasted in the post, you should

  1. Always pay by cash
  2. Cross your Cheques ‘Account Payee only, Not Negotiable.’
  3. Always get the money in person
  4. Not use the postal service in future
Вопрос 13Ответ открыт бесплатно

Discounts received are

  1. Buyer of goods granted discount by seller✓ Правильный ответ
  2. Deducted when we receive cash
  3. Given by us when we sell goods on credit
  4. Withdraws
✓ Правильный ответ

Buyer of goods granted discount by seller

Вопрос 14

Sales invoices are first entered in

  1. The Cash Book
  2. The Purchases Journal
  3. The Sales Journal
  4. The Sales Account
Вопрос 15

Entered in the Purchases Journal are

  1. Discounts received
  2. Purchases invoices
  3. Payments to suppliers
  4. Trade discounts
Вопрос 16Ответ открыт бесплатно

At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is

  1. Simply deducted from the asset in the Balance Sheet✓ Правильный ответ
  2. Transferred to Profit and Loss Account
  3. Transferred to the Asset Account
  4. Transferred to Depreciation Account
✓ Правильный ответ

Simply deducted from the asset in the Balance Sheet

Вопрос 17

If we take goods for own use we should

  1. Debit Drawings Account, Credit Purchases Account
  2. Debit Drawings Account: Credit Stock Account
  3. Debit Sales Account: Credit Stock Account
  4. Debit Purchases Account: Credit Drawings Account
Вопрос 18

When a petty cash book is kept there will be

  1. No entries made at all in the general ledger for items paid by petty cash
  2. The same number of entries in the general ledger
  3. Fewer entries made in the general ledger
  4. More entries made in the general ledger
Вопрос 19

If a trial balance totals do not agree, the difference must be entered in

  1. The Profit and Loss Account
  2. A Nominal Account
  3. The Capital Account
  4. A Suspense Account
Вопрос 20Ответ открыт бесплатно

If it is required to maintain fixed capitals then the partners’ shares of profits must be

  1. Credited to capital accounts
  2. Debited to capital accounts
  3. Debited to partners’ current accounts
  4. Credited to partners’ current accounts✓ Правильный ответ
✓ Правильный ответ

Credited to partners’ current accounts

Вопрос 21

If the debit side of a bank account is greater than the credit side it represents?

  1. Cash at Bank
  2. Bank Loan
  3. Bank Overdraft
  4. More Liabilities
Вопрос 22

The payment to a creditor will?

  1. Increase one asset and decrease another
  2. Decrease an asset and decrease owner’s equity
  3. Decrease an asset and decrease a liability
  4. Increase an asset and increase a liability
Вопрос 23Ответ открыт бесплатно

The T-account is not used to summarize which of the following?

  1. Increase and decrease to a single account in the accounting system
  2. Debit and credit to a single account in the accounting system
  3. Changes in specific account balances over a time period
  4. Personal assets of owner✓ Правильный ответ
✓ Правильный ответ

Personal assets of owner

Вопрос 24

Credit means?

  1. Entries on the right hand side
  2. A decrease in liabilities
  3. An increase in expenses
  4. An increase in assets
Вопрос 25

Ledger is a principal book in which one the below is not included?

  1. Only real account are kept
  2. Only personal accounts are kept
  3. Only Family accounts are kept
  4. Only nominal accounts are kept
Вопрос 26Ответ открыт бесплатно

The left hand side of the account is referred to as?

  1. The Balance
  2. A Debit✓ Правильный ответ
  3. A Credit
  4. A footing
✓ Правильный ответ

A Debit

Вопрос 27

Excess of Debit side over Credit side called?

  1. Debit Balance
  2. Credit Balance
  3. Liability Accounts
  4. Assets
Вопрос 28

Which item will appear on the credit side of the ledger account?

  1. Cash received
  2. Purchases
  3. Discount received
  4. Rent Expenses
Вопрос 29

The process of transferring the debit and credit items from a journal to their respective account in the ledger is termed as?

  1. Balancing
  2. Posting
  3. Arithmetic
  4. Entry
Вопрос 30Ответ открыт бесплатно

Ledger is a book of?

  1. Original entry
  2. Final entry
  3. Secondary entry✓ Правильный ответ
  4. Cash transactions
✓ Правильный ответ

Secondary entry

Вопрос 31

When any entry is made on the both sides of cash book is called as?

  1. General entry
  2. Double entry
  3. Compound entry
  4. Contra entry
Вопрос 32

Which one of the following affects cash book during a period?

  1. Recording depreciation expense
  2. Declaration of a cash dividend
  3. Write-off of an uncollectible account receivable
  4. Payment of an accounts payable
Вопрос 33Ответ открыт бесплатно

How many kind of Cash books are there?

  1. 2
  2. 3
  3. 4✓ Правильный ответ
  4. 5
✓ Правильный ответ

4

Вопрос 34

A company issues a check to pay account payable. The effect of the transaction is to?

  1. Increase assets and liabilities
  2. Increase assets and decrease liabilities
  3. Decrease assets and liabilities
  4. Increase assets and stockholder's equity
Вопрос 35

A check received and paid into the bank on the same date is recorded in the?

  1. Cash column of the cash book
  2. Income statement
  3. Balance sheet
  4. Bank column of the cash book
Вопрос 36Ответ открыт бесплатно

The transaction will be treated as a contra entry when?

  1. Cash withdrew from bank for personal use
  2. Check received from customer and deposited
  3. Cash drew from bank for office use✓ Правильный ответ
  4. When cash is not drawn
✓ Правильный ответ

Cash drew from bank for office use

Вопрос 37

Which one of the following is not correct for a cash book?

  1. It is a dual book
  2. It is journalized ledger
  3. It records liabilities
  4. Double Purpose Book
Вопрос 38

Overdrawn balance of cash book is recorded?

  1. If Dr or Cr balance not mentioned will be overdrawn balance
  2. If mentioned O/D balance then will be debited on debit side of cash book
  3. If the balance is mentioned as an overdrawn balance
  4. Income statement
Вопрос 39

A check received on 12th of December dated 25th December is considered as?

  1. Bank
  2. Cash
  3. Liability
  4. Revenue
Вопрос 40Ответ открыт бесплатно

Which of the following items is not included in the Cash Book?

  1. Purchases of Rs. 10,000
  2. Sales of Rs.5,000
  3. Received cash for Salman Rs. 2,000
  4. Credit sales of Rs. 22,000✓ Правильный ответ
✓ Правильный ответ

Credit sales of Rs. 22,000

Вопрос 41

A purchase book is used to record all ... made by the business from its suppliers.

  1. purchases
  2. credit purchases
  3. cash purchases
  4. cash
Вопрос 42

… is an allowance or deduction made from the invoice price of goods sold.

  1. trade discount
  2. cash discount
  3. commission
  4. sale
Вопрос 43Ответ открыт бесплатно

... represents a note sent to the supplier for the value of goods returned by the business.

  1. debit note✓ Правильный ответ
  2. credit note
  3. goods returned note
  4. withdraw
✓ Правильный ответ

debit note

Вопрос 44

Recording of transactions in the books of original entry is ... under subsidiary books

  1. simplified
  2. complicated
  3. modified
  4. summarized
Вопрос 45

A statement showing particulars of the goods bought by a trader on credit is known as ...

  1. bill
  2. invoice
  3. voucher
  4. document
Вопрос 46Ответ открыт бесплатно

A ... is used for recording all residual transactions which cannot find place in any of the subsidiary books.

  1. journal proper✓ Правильный ответ
  2. ledger
  3. general journal
  4. cash book
✓ Правильный ответ

journal proper

Вопрос 47

When goods are taken back from or an allowance is granted to a customer, the note is known as ...

  1. debit note
  2. credit note
  3. goods returned note
  4. document
Вопрос 48

The statement containing various ledger balances on a particular date is known as …

  1. trial balance
  2. balance sheet
  3. cash flow statement
  4. equity statement
Вопрос 49

If the two sides of the trial balance tally, it is an indication of the fact that the books of account are … accurate

  1. logically
  2. recordically
  3. arithmetically
  4. practically
Вопрос 50Ответ открыт бесплатно

Sales Journal records all … sale of goods

  1. debit
  2. credit✓ Правильный ответ
  3. cost
  4. cash
✓ Правильный ответ

credit

Вопрос 51

Business is said to be in a profit when

  1. Expenditure exceeds income
  2. Income exceeds expenditure
  3. Income exceeds liability
  4. Assets exceed expenditure
Вопрос 52

As per the accounting double-entry system, when expense increases, it is …

  1. No need to show as an accounting record
  2. Credited
  3. Debited
  4. Increases drawings
Вопрос 53Ответ открыт бесплатно

What does the term “credit” mean in business?

  1. agreement between a lender and a borrower✓ Правильный ответ
  2. revenue a business earns from selling its goods
  3. cost of operations that a company incurs to generate revenue
  4. own with the expectation to provide a future benefit
✓ Правильный ответ

agreement between a lender and a borrower

Вопрос 54

When a Liability is decreased or reduced, it is registered on the

  1. Debit side or left side of the account
  2. Credit side or right side of the account
  3. Debit side or right side of the account
  4. Credit side or left side of the account
Вопрос 55

When there is an increase in capital by an amount, it is registered on the

  1. Credit or right side of the account
  2. Debit or left side of the account
  3. Credit or left side of the account
  4. Debit or right side of the account
Вопрос 56Ответ открыт бесплатно

What kind of expenses are not paid from Gross Profit?

  1. Selling Expenses
  2. Financial Expenses
  3. General Expenses
  4. Managers personal expense✓ Правильный ответ
✓ Правильный ответ

Managers personal expense

Вопрос 57

Which option gives a review report on the firm’s financial status at a specified date?

  1. Income & Expenditure Account
  2. Balance Sheet
  3. Cash Flow Statement
  4. Profit & Loss Account
Вопрос 58

Which of the options is not an intangible asset?

  1. Land
  2. Patents
  3. Goodwill
  4. Franchise rights
Вопрос 59

Which of the options is an example of business liability?

  1. Creditors
  2. Cash
  3. Building
  4. Land
Вопрос 60Ответ открыт бесплатно

The unfavourable balance of Profit and Loss account should be

  1. Subtracted from liabilities
  2. Subtracted from capital✓ Правильный ответ
  3. Subtracted from current assets
  4. Added in liabilities
✓ Правильный ответ

Subtracted from capital

Вопрос 61

The errors in the books of account are broadly divided into:

  1. Two groups
  2. Three groups
  3. Four groups
  4. Five groups
Вопрос 62

Errors which are made while recording transactions in the journal and posting them in the ledger are called:

  1. Trial balance errors
  2. Bookkeeping errors
  3. Balance sheet errors
  4. Income statement errors
Вопрос 63Ответ открыт бесплатно

Errors are classified into the following number of groups:

  1. Three
  2. Two✓ Правильный ответ
  3. Four
  4. Six
✓ Правильный ответ

Two

Вопрос 64

Goods were purchased from John for $2,000 with no entry made in the purchased book. This is an example of:

  1. Error of posting
  2. Error of omission
  3. Error of principle
  4. Compensating error
Вопрос 65

When a transaction is wholly or partially recorded incorrectly, it is called:

  1. Error of commission
  2. Error of principle
  3. Error of omission
  4. Error of posting
Вопрос 66Ответ открыт бесплатно

Salaries of $5,100 were wrongly posted to the salaries account as $1,500. This is an example of:

  1. Error of principle
  2. Error of posting
  3. Error of commission✓ Правильный ответ
  4. Compensating error
✓ Правильный ответ

Error of commission

Вопрос 67

When a transaction is recorded without due regard to the fundamental principles of accounting, it is an example of:

  1. Error of omission
  2. Error of posting
  3. Error of casting
  4. Error of principle
Вопрос 68

If no distinction between capital and revenue expenditures is made while a recording transaction, it is:

  1. Compensating error
  2. Error of principle
  3. Error of omission
  4. Error of posting
Вопрос 69

Inadequate provision for bad and doubtful debts is an example of:

  1. Error of commission
  2. Error of principle
  3. Error of costing
  4. Error of posting
Вопрос 70Ответ открыт бесплатно

Insufficient depreciation is an example of:

  1. Error of commission
  2. Error of omission
  3. Error of principle✓ Правильный ответ
  4. Compensating error
✓ Правильный ответ

Error of principle

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