Question 1

Which of the following is a representative Personal A/c

Accepted Answer

A) Outstanding Salary A/c . 
B) Rent A/c . 
C) SBI A/c . 
D) Bad debts A/c 
A) Outstanding Salary A/c . 
B) Rent A/c . 
C) SBI A/c . 
D) Bad debts A/c A

Question 2

Posting is the process of -

Accepted Answer

A) Posting the letters in drop box . 
B) Posting suitable person to a suitable job. 
C) Entering in the ledger the information contained in the ledger . 
D) All the three 
A) Posting the letters in drop box . 
B) Posting suitable person to a suitable job. 
C) Entering in the ledger the information contained in the ledger . 
D) All the three C

Question 3

Which of these is a Part of cash in hand

Accepted Answer

A) Postage stamps . 
B) B/R . 
C) Cheque Deposited with Bank . 
D) B/R endorsed 
A) Postage stamps . 
B) B/R . 
C) Cheque Deposited with Bank . 
D) B/R endorsed A

Question 4

The closing balance of a petty cash book is a / an -

Accepted Answer

A) Liability . 
B) Gain . 
C) Assets . 
D) Loss 
A) Liability . 
B) Gain . 
C) Assets . 
D) Loss

Question 5

Revenue receipts are shown in -

Accepted Answer

A) Balance Sheet . 
B) Profit and Loss appropriation A/c . 
C) Manufacturing A/c. 
D) Trading and Profit and Loss A/c 
A) Balance Sheet . 
B) Profit and Loss appropriation A/c . 
C) Manufacturing A/c. 
D) Trading and Profit and Loss A/c

Question 6

Cash book records-

Accepted Answer

A) Only cash sales . 
B) All types of cash receipts and payments . 
C) Only revenue receipts 
D) Only capital receipts 
A) Only cash sales . 
B) All types of cash receipts and payments . 
C) Only revenue receipts 
D) Only capital receipts

Question 7

Which of the following is a Real A/c

Accepted Answer

A) Salary A/c . 
B) Bank A/c . 
C) Building A/c . 
D) Goodwill A/c 
A) Salary A/c . 
B) Bank A/c . 
C) Building A/c . 
D) Goodwill A/c

Question 8

Petty cash balance is a/an -

Accepted Answer

A) Assets . 
B) Expenditure . 
C) Liability . 
D) None 
A) Assets . 
B) Expenditure . 
C) Liability . 
D) None

Question 9

Which of the following is a Nominal A/c

Accepted Answer

A) Outstanding Salary A/c . 
B) Rent A/c . 
C) SBI A/c . 
D) Debtors A/c 
A) Outstanding Salary A/c . 
B) Rent A/c . 
C) SBI A/c . 
D) Debtors A/c

Question 10

Goodwill A/c is a/an -

Accepted Answer

A) Nominal A/c . 
B) Tangible Asset . 
C) Intangible Asset . 
D) Fictitious Asset 
A) Nominal A/c . 
B) Tangible Asset . 
C) Intangible Asset . 
D) Fictitious Asset

Question 11

In a three column cash book ---------- does not exist

Accepted Answer

A) Cash column . 
B) Bank column . 
C) Petty cash column . 
D) Discount column 
A) Cash column . 
B) Bank column . 
C) Petty cash column . 
D) Discount column

Question 12

Which of these errors affect two or more accounts

Accepted Answer

A) Errors of complete omission . 
B) Errors of principle . 
C) Errors of posting to wrong account. 
D) All the three 
A) Errors of complete omission . 
B) Errors of principle . 
C) Errors of posting to wrong account. 
D) All the three

Question 13

The periodic total of purchase day book is posted to -

Accepted Answer

A) Purchase register . 
B) Purchase A/c . 
C) Cash purchase A/c . 
D) Credit purchase A/c 
A) Purchase register . 
B) Purchase A/c . 
C) Cash purchase A/c . 
D) Credit purchase A/c

Question 14

Which of these errors affect only one account

Accepted Answer

A) Errors of casting . 
B) Errors of carry forward . 
C) Errors of posting . 
D) All the three 
A) Errors of casting . 
B) Errors of carry forward . 
C) Errors of posting . 
D) All the three

Question 15

Which column of a cash book will not have credit balance -

Accepted Answer

A) Bank column . 
B) Discount column . 
C) Cash column . 
D) None 
A) Bank column . 
B) Discount column . 
C) Cash column . 
D) None

Question 16

Which of the following is a Personal A/c

Accepted Answer

A) Outstanding Salary A/c . 
B) Rent A/c . 
C) SBI A/c . 
D) Bad debts A/c 
A) Outstanding Salary A/c . 
B) Rent A/c . 
C) SBI A/c . 
D) Bad debts A/c

Question 17

Which of the following is an one sided error

Accepted Answer

A) 500 purchase of old equipment not recorded in the books of A/c at all. 
B) 500 being expense on travelling expense credited to travelling expenses. 
C) Both .a and b 
D) None 
A) 500 purchase of old equipment not recorded in the books of A/c at all. 
B) 500 being expense on travelling expense credited to travelling expenses. 
C) Both .a and b 
D) None

Question 18

Which of these transactions will not be recorded in cash book-

Accepted Answer

A) Cash received from debtors . 
B) Cash paid to creditors . 
C) Salary remained outstanding 
D) Cash deposited with bank 
A) Cash received from debtors . 
B) Cash paid to creditors . 
C) Salary remained outstanding 
D) Cash deposited with bank

Question 19

Which of the following error is an error of principle

Accepted Answer

A) 5,000 received from Sham credited to Ram A/c 
B) 5,000 incurred on installation of new plant debited to travelling expenses A/c 
C) 500 paid for wages debited to salary A/c 
D) 500 being purchase of raw material debited to purchase A/c ` 50 
A) 5,000 received from Sham credited to Ram A/c 
B) 5,000 incurred on installation of new plant debited to travelling expenses A/c 
C) 500 paid for wages debited to salary A/c 
D) 500 being purchase of raw material debited to purchase A/c ` 50

Question 20

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

Accepted Answer

A) Added, Reduced . 
B) Added, Added . 
C) Deducted, Added . 
D) Deducted, Deducted 
A) Added, Reduced . 
B) Added, Added . 
C) Deducted, Added . 
D) Deducted, Deducted

Exam 32: Capitalization, Errors, Cash Book, and Types of Accounts

Which of the following is a representative Personal A/c

Posting is the process of -

Which of these is a Part of cash in hand

The closing balance of a petty cash book is a / an -

Revenue receipts are shown in -

Cash book records-

Which of the following is a Real A/c

Petty cash balance is a/an -

Which of the following is a Nominal A/c

Goodwill A/c is a/an -

In a three column cash book ---------- does not exist

Which of these errors affect two or more accounts

The periodic total of purchase day book is posted to -

Which of these errors affect only one account

Which column of a cash book will not have credit balance -

Which of the following is a Personal A/c

Which of the following is an one sided error

Which of these transactions will not be recorded in cash book-

Which of the following error is an error of principle

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

Exploring Features and Advantages of Computerized Accounting Systems

Exploring Computerized Accounting Systems and Software

Non-Profit Organizations and Financial Statements

Not-For-Profit Organizations and Financial Accounts

Goodwill and Intangible Assets

Valuation and Calculation of Goodwill

Understanding the Concepts of Lessor, Lessee, and Minimum Rent

Royalty Accounting and Partnership Firms

Accounting

Accounting and Corporate Finance

Accounting and Finance

Depreciation, Share Capital, and Forfeiture of Shares

Financial Statements and Accounting Principles

Insurance Provision and Accounting Standards

Formation and Capital Structure of Public Companies

Share Forfeiture, Debentures, and Sinking Fund

Financial Accounting and Banking

Insurance and General Insurance Companies: Understanding Terms and Concepts

Single Entry System and Company Ownership

Share Capital and Shareholders in a Company

Debentures, Bonds, and Shares

Accounting Concepts and Principles

Accounting Concepts and Practices

Financial Statements and Accounting for Nonprofit Organizations

Hire Purchase, Sale of Goods, and Bookkeeping

Accounting and Bookkeeping

Allocation of Selling Expenses Among Departments Based on Sales

Accounting Concepts and Systems

Accounting and Financial Transactions

Ac Types, Balances, and Entries

Errors, Adjustments, and Expenditures in Accounting

Revenue Recognition and Expenditure Classification

Depreciation and Asset Provision

Accounting Adjustments and Financial Statement Treatment

Balance Sheet and Profit Loss Account

Accounting and Financial Management

Bills of Exchange, Consignment, and Partnership

Accounting Standards and Joint Ventures

Accounting and Financial Management : Part A

Accounting and Financial Management : Part B

Accounting: Interest, Bill, Partnership Agreement,insurance, Contingent Liability, and Business Resources

Fundamentals of Accounting: Objectives, Concepts, and Principles

Depreciation and Reserves: Understanding the Accounting Concepts

Underwriting and Creditor Questions in Company Affairs

Amalgamation, Llp, and Single Entry System

Single Entry System and Profit Calculation

Accounting for Receipts, Payments, Income, and Expenditure in Consignment and Joint Venture Businesses

Accounting for Co-Venturers, Consignments, and Branches

Accounting Arrangements and Operations for Branches

Filters

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