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Ответы на тесты Accounting and Analysis.d(2)

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Бесплатные ответы на тесты по предмету «Accounting and Analysis.d(2)» — Синергия и МТИ

Вопрос 1Ответ открыт бесплатно

Business is said to be in a profit when

  1. Expenditure exceeds income
  2. Income exceeds expenditure✓ Правильный ответ
  3. Income exceeds liability
  4. Assets exceed expenditure
✓ Правильный ответ

Income exceeds expenditure

Вопрос 2

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 3

What does the term “credit” mean in business?

  1. agreement between a lender and a borrower
  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
Вопрос 4

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 5

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 6Ответ 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 7

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 8

Which of the options is not an intangible asset?

  1. Land
  2. Patents
  3. Goodwill
  4. Franchise rights
Вопрос 9

Which of the options is an example of business liability?

  1. Creditors
  2. Cash
  3. Building
  4. Land
Вопрос 10Ответ 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 11

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

  1. Two groups
  2. Three groups
  3. Four groups
  4. Five groups
Вопрос 12

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

  1. Trial balance errors
  2. Book keeping errors
  3. Balance sheet errors
  4. Income statement errors
Вопрос 13Ответ 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 14

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

  1. Error of posting
  2. Error of omission
  3. Error of principle
  4. Compensating error
Вопрос 15

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 16Ответ 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 17

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 18

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 19

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 20Ответ 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

Вопрос 21

A bill of exchange can not be ______.

  1. Endorsed
  2. Accepted
  3. Refused
  4. Crossed
Вопрос 22

Encashing the bill before the date of its maturity is called ______.

  1. Dishonour of Bill
  2. Retirement of Bill
  3. Discounting of Bill
  4. Endorsement of Bill
Вопрос 23Ответ открыт бесплатно

On dishonour of a discounted bill, who does the bank look for payment?

  1. Drawer✓ Правильный ответ
  2. Payee
  3. Endorser
  4. Government
✓ Правильный ответ

Drawer

Вопрос 24

Due date of a bill of exchange drawn on 30th January 2011 for one month will be ______.

  1. 5th March 2011
  2. 3rd March 2011
  3. 29th February 2011
  4. 4th March 2011
Вопрос 25

The party which is ordered to pay the amount of bill of exchange is called ______.

  1. Drawee
  2. Payee
  3. Drawer
  4. Government
Вопрос 26Ответ открыт бесплатно

In the case of term bill, extra three days are given to the acceptor are called?

  1. Days of bill payable
  2. Days of bill receivable
  3. Days of grace✓ Правильный ответ
  4. Days of tenor
✓ Правильный ответ

Days of grace

Вопрос 27

When an acceptor refuses to pay the amount of bill to the holder of a bill on its maturity, is called?

  1. Honored bill
  2. Dishonored bill
  3. Retired bill
  4. Endorsed bill
Вопрос 28

Which of the following is not true?

  1. There is no difference in appearance between trade and accommodation bill
  2. A bill of exchange must be accepted
  3. Drawee is the maker of a bill
  4. Accommodation bill is for an imaginary transaction
Вопрос 29

If the drawer is in need of money and cannot wait till the due date and receive the money from the bank, is called?

  1. Endorsement of bill
  2. Discounting of bill
  3. Retirement of bill
  4. Dishonor of bill
Вопрос 30Ответ открыт бесплатно

The purpose of the accommodation bill is _______.

  1. To finance actual purchase
  2. When both parties are in need of funds✓ Правильный ответ
  3. To facilitate trade transmission
  4. to divide the power
✓ Правильный ответ

When both parties are in need of funds

Вопрос 31

In cash book, the favourable balance indicates

  1. Credit Balance
  2. Debit Balance
  3. Bank Overdraft
  4. Adjusted Balance
Вопрос 32

On the bank statement, cash deposited by the company is known as

  1. Credit
  2. Debit
  3. Liability
  4. Expenses
Вопрос 33Ответ открыт бесплатно

Bank reconciliation statement compares a bank statement with _________

  1. Cash payment journal
  2. Cash receipt journal
  3. Financial statements
  4. Cashbook✓ Правильный ответ
✓ Правильный ответ

Cashbook

Вопрос 34

What is “Deposit in transit” in bank reconciliation?

  1. Added to Bank Balance
  2. Subtracted From Bank Balance
  3. Subtracted From the Cash Book Balance
  4. Added to Cashbook Balance
Вопрос 35

NSF’ marked in cheque sent back by the bank indicates

  1. Cheque has been forged
  2. A bank couldn’t verify the identity
  3. Not sufficient funds
  4. A cheque cannot be cashed because it’s illegal
Вопрос 36Ответ открыт бесплатно

Bank reconciliation description is composed of

  1. Bank Accountant
  2. Business Manager
  3. Business Accountant✓ Правильный ответ
  4. Controller of the bank
✓ Правильный ответ

Business Accountant

Вопрос 37

An unadjusted balance in cash book is because of the result of which error?

  1. Deposit in transit
  2. The omission of Bank charges
  3. Unpresented cheques
  4. Outstanding cheques
Вопрос 38

Unpresented cheques also referred to as

  1. Bounced cheques
  2. Outstanding cheques
  3. Uncredited cheques
  4. Uncollected cheques
Вопрос 39

In cash book, bank charges of ₹5,000 was not recorded. Name the correct cash book adjustment

  1. It will be credited in cash book
  2. It will be debited in cash book
  3. No adjustment needed in the cash book
  4. Charges will be added to the cash book balance
Вопрос 40Ответ открыт бесплатно

What type of cheques is that which is issued by a firm but not yet presented to the bank

  1. Uncredited cheques
  2. Outstanding cheques✓ Правильный ответ
  3. Uncollected cheques
  4. Bounced cheques
✓ Правильный ответ

Outstanding cheques

Вопрос 41

……………system of book keeping is the only scientific method to record farmingtransaction.

  1. Single entry
  2. Double entry
  3. Balance sheet
  4. Adjustment A/c
Вопрос 42

In single entry system it’s difficult to detect

  1. Account
  2. Fraud.
  3. Profit.
  4. Gross profit
Вопрос 43Ответ открыт бесплатно

Single entry constitutes incomplete records rather than single entry

  1. credit.
  2. Profit.
  3. Accounting.✓ Правильный ответ
  4. Net profit
✓ Правильный ответ

Accounting.

Вопрос 44

Under pure single entry system only……………..Account are kept.

  1. Personal
  2. double entry
  3. Assets
  4. Cash
Вопрос 45

Under the………………… entry system personal accounts, cashbook and othersubsidiary books are kept separately.

  1. Pure single
  2. Quasi single
  3. Simple single
  4. Double entry
Вопрос 46Ответ открыт бесплатно

Accounting is mainly concerned with the future management planning.

  1. Personal.
  2. Quasi single entry
  3. Pure single entry
  4. Management✓ Правильный ответ
✓ Правильный ответ

Management

Вопрос 47

In…………………entry system no records are kept for real or nominal Account.

  1. Quasi single
  2. pure single
  3. Simple single
  4. Double entry
Вопрос 48

Most of the farming transactions are transacted on ……………..basis.

  1. Double entry
  2. Creditors
  3. Surplus.
  4. Cash
Вопрос 49

In single entry system it’s difficult to operate …………….system

  1. Pure single
  2. Single entry
  3. Internal control
  4. Quasi single
Вопрос 50Ответ открыт бесплатно

In single entry system it’s difficult to exercise control over.

  1. Asset✓ Правильный ответ
  2. Management
  3. Single entry
  4. Pure single entry
✓ Правильный ответ

Asset

Вопрос 51

What does FIFO mean?

  1. Finished stock In Finished stock out
  2. Fabrications Inward Fabrications Outward
  3. Final Input Final Output
  4. First In First Out
Вопрос 52

Regardless of how long it takes to produce and sell inventory, inventory is always considered to be a?

  1. Current asset
  2. Current liability
  3. Long-term asset
  4. Stockholder's equity
Вопрос 53Ответ открыт бесплатно

The latest cost of inventories is changed to production but the old prices are changed to inventories on hand?

  1. Average
  2. LIFO✓ Правильный ответ
  3. FIFO
  4. Perpetual
✓ Правильный ответ

LIFO

Вопрос 54

An increase in inventories indicates that?

  1. More merchandise was purchased then the amount sold to customer
  2. Less merchandise was purchased then sold to the customer
  3. Not all purchases were cash
  4. Cash payments were more than purchases on account
Вопрос 55

Which type of inventory system is updated inventory system?

  1. Periodic inventory system
  2. Contingency inventory system
  3. LIFO
  4. Perpetual inventory system
Вопрос 56Ответ открыт бесплатно

What is the principal criterion used to distinguish between tangible assets and inventories?

  1. The physical substance of the asset✓ Правильный ответ
  2. The acquisition cost of the asset
  3. The nature of the company’s activity, which determines the purpose for which the asset is held
  4. The moment in the accounting period when the asset is acquired
✓ Правильный ответ

The physical substance of the asset

Вопрос 57

Which of the following method is suitable for calculating the cost of inventory when actual costs of individual units of merchandise can be determined from the accounting records?

  1. FIFO Method
  2. LIFO Method
  3. Specific Identification Method
  4. Average Method
Вопрос 58

The inventories are recorded at the latest price but the production cost is changed old cost price?

  1. FIFO
  2. Average
  3. LIFO
  4. WAM
Вопрос 59

Which one of the following methods for inventory valuation may be misleading when the units are identical?

  1. FIFO Method
  2. LIFO Method
  3. Specific Identification Method
  4. Average Method
Вопрос 60Ответ открыт бесплатно

During September, Khan had sales of 148,000, which made a gross profit of 40,000. Purchases amounted to 100,000 and opening inventory was 34,000. The value of closing inventory was?

  1. Rs. 24,000
  2. Rs. 26,000✓ Правильный ответ
  3. Rs. 42,000
  4. Rs. 54,000
✓ Правильный ответ

Rs. 26,000

Вопрос 61

How do we describe the process of adjusting the value of an asset by recognizing that it is consumed in a way that does not completely eliminate the resource?

  1. Adjustment
  2. Valuation
  3. Depreciation
  4. Waning
Вопрос 62

If the estimated amount of depreciation on equipment for a period is Rs. 2,000, the adjusting entry to record depreciation would be?

  1. Debit depreciation expense, Rs. 2,000; credit accumulated depreciation, Rs. 2,000
  2. Debit depreciation expense, Rs. Rs. 2,000; credit cash, Rs. 2,000
  3. Debit equipment, Rs. 2,000; credit depreciation expense, Rs. 2,000
  4. Debit accumulated depreciation, Rs. 2,000; credit depreciation expense, Rs. 2,000
Вопрос 63Ответ открыт бесплатно

Which one of the following most closely defines 'Amortization'?

  1. The depreciation of tangible fixed assets
  2. The depreciation of intangible fixed assets✓ Правильный ответ
  3. The depreciation of current assets
  4. The revaluation of land and buildings
✓ Правильный ответ

The depreciation of intangible fixed assets

Вопрос 64

Book value = cost minus _____________?

  1. Current liabilities
  2. Salvage value
  3. Accumulated depreciation
  4. Residual value
Вопрос 65

What is process called, where costs of the natural resources are allocated over its useful life?

  1. Capitalization
  2. Depletion
  3. Amortization
  4. Depreciation
Вопрос 66Ответ открыт бесплатно

Depreciation arises due to?

  1. Physical wear and tear of the Asset✓ Правильный ответ
  2. Fall in the market value of an Asset
  3. Fall in the value of money
  4. Government
✓ Правильный ответ

Physical wear and tear of the Asset

Вопрос 67

А machine that cost Rs. 120,000 has accumulated depreciation of Rs. 50,000. The book value of machine is?

  1. Rs. 50,000
  2. Rs. 70,000
  3. Rs. 120,000
  4. Rs. 170,000
Вопрос 68

What is the process of allocating the cost of intangible assets over its estimated life?

  1. Depreciation
  2. Amortization
  3. Depletion
  4. Trial balance
Вопрос 69

Which of the following items is not a non-cash item?

  1. Depreciation expense
  2. Amortization expense
  3. Depletion expense
  4. Income tax expense
Вопрос 70Ответ открыт бесплатно

Depreciable value of an asset is equal to?

  1. Cost + scrap value
  2. Cost + market price
  3. Cost – scrap value✓ Правильный ответ
  4. Cost x Market Value
✓ Правильный ответ

Cost – scrap value

Вопрос 71

Accounting does not provides data or information on

  1. Income and cost for the managers
  2. Financial conditions of the institutions
  3. Company’s tax liability for a particular year
  4. Government
Вопрос 72

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 73Ответ открыт бесплатно

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✓ Правильный ответ
  2. Fixed assets
  3. Intangible assets
  4. Investments
✓ Правильный ответ

Current assets

Вопрос 74

Copyrights, Patents and Trademarks are examples of

  1. Current assets
  2. Fixed assets
  3. Intangible assets
  4. Investments
Вопрос 75

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. Assets
Вопрос 76Ответ 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 77

Net profit is calculated in which of the following account?

  1. Profit and loss account
  2. Balance sheet
  3. Trial balance
  4. Trading account
Вопрос 78

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 79

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 80Ответ 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. Depreciation
✓ Правильный ответ

P & L a/c

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