Question 1

Where do we show Gas and Fuel in final accounts?

Accepted Answer

A) Trading A/c 
B) P&L Account 
C) Balance Sheet 
D) Not shown anywhere 
A) Trading A/c 
B) P&L Account 
C) Balance Sheet 
D) Not shown anywhere

Question 2

The respective normal account balances of Sales, Sales Returns , and Discounts allowed are?

Accepted Answer

A) Credit, Credit, Credit 
B) Debit, credit, debit 
C) Credit, Debit, Debit 
D) Credit, Debit, Credit 
A) Credit, Credit, Credit 
B) Debit, credit, debit 
C) Credit, Debit, Debit 
D) Credit, Debit, Credit

Question 3

Which is true.
I.Fixed installation method is recognised by income tax department.
II.The amount of depreciation in WDV method remains same.

Accepted Answer

A) Both I and II 
B) None is true 
C) Only II 
D) Only I 
A) Both I and II 
B) None is true 
C) Only II 
D) Only I

Question 4

The expenses due but not paid is known as -

Accepted Answer

A) Prepaid Expenses 
B) Debtors 
C) Outstanding Expense 
D) Bills Receivable 
A) Prepaid Expenses 
B) Debtors 
C) Outstanding Expense 
D) Bills Receivable

Question 5

Which of the following is not the external user of accounting information?

Accepted Answer

A) Government 
B) Shareholders 
C) Tax Authorities 
D) Financial institutions 
A) Government 
B) Shareholders 
C) Tax Authorities 
D) Financial institutions

Question 6

Machinery purchased on 1 Oct,2016 for 40,000.This machinery was sold on Dec 2017.Calculate the total depreciation charged on machinery till date if co charges 10% as per WDV method if accounts are closed on 31st March every year.

Accepted Answer

A) 6700 
B) 8000 
C) 5000 
D) 4850 
A) 6700 
B) 8000 
C) 5000 
D) 4850

Exam 1: Accounting Basics and Principles

Where do we show Gas and Fuel in final accounts?

The respective normal account balances of Sales, Sales Returns , and Discounts allowed are?

Which is true. I.Fixed installation method is recognised by income tax department. II.The amount of depreciation in WDV method remains same.

The expenses due but not paid is known as -

Which of the following is not the external user of accounting information?

Machinery purchased on 1 Oct,2016 for 40,000.This machinery was sold on Dec 2017.Calculate the total depreciation charged on machinery till date if co charges 10% as per WDV method if accounts are closed on 31st March every year.

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