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Accounting

Covers partnership accounting, company accounts, auditing, taxation, and fundamental accounting principles including cost calculation, depreciation, and balance sheet treatment

14 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

When two or more companies liquidate to form a new company, what is this process called?

  1. Venturing a new business
  2. Collaboration
  3. Reconstruction
  4. Amalgamation
  5. Absorption
Question 2 Multiple Choice (Single Answer)

A, B and C are partners in a firm. If Z wants to join the firm as a new partner, which of the following has to be done?

  1. Old partnership has to be dissolved.
  2. Old firm has to be dissolved.
  3. Both firm and partnership have to be dissolved.
  4. Their is no need to dissolve either firm or partnership.
  5. No new partner can join the firm once the firm is formed.
Question 3 Multiple Choice (Single Answer)

Which of the following applies to salary received by members of parliament?

  1. Taxable under the head of business profits
  2. Taxable under the head of income from other sources
  3. Taxable under the head of partnership
  4. Taxable under the head of salary
  5. Exempted from tax
Question 4 Multiple Choice (Single Answer)

Ram and Mohan are partners in a firm. They admitted Sohan into the partnership giving him fourth share in future profits. The new profit sharing ratio of all the partners will be

  1. 3:1:2
  2. 3:3:2
  3. 3:3:3
  4. 3:2:1
  5. 1:2:2
Question 5 Multiple Choice (Single Answer)

If sales are Rs. 12000, opening stock is Rs. 2200, closing stock Rs. 1000, purchases Rs. 6400, carriage inward Rs. 300, what will be the cost of goods sold?

  1. Rs. 20900
  2. Rs. 7900
  3. Rs. 7600
  4. Rs. 8900
  5. Rs. 19900
Question 6 Multiple Choice (Single Answer)

Unclaimed dividend is shown in balance sheet under which of the following?

  1. Assets
  2. Current Liabilities
  3. Reserve and surplus
  4. Provisions
  5. Miscellaneous items
Question 7 Multiple Choice (Single Answer)

Depreciation is allowed on which of the following?

  1. Tangible assets
  2. Intangible assets
  3. Current assets
  4. Fixed assets
  5. All of these
Question 8 Multiple Choice (Single Answer)

A limited company issued equity share of Rs. 100 each . It has called up Rs. 85 per share but received only Rs. 70 per share. The share capital account will be credited with which of the following?

  1. Rs. 100 per share
  2. Rs. 85 per share
  3. Rs. 70 per share
  4. Rs. 15 per share
  5. None of these
Question 9 Multiple Choice (Single Answer)

'Surprise Checks' is a part of which of the following?

  1. An auditor's report
  2. An auditor's standard
  3. An auditor's program
  4. An auditor's working papers
  5. None of these
Question 10 Multiple Choice (Single Answer)

Which of the following is a correct way to calculate long term liability?

  1. Total liabilities - current liabilities
  2. Revenue - expenses
  3. Net working capital + current liabilities
  4. Current assets - current liabilities
  5. Current assets/current liability
Question 11 Multiple Choice (Single Answer)

How many times does the statutory meeting of the company occur?

  1. Once in every three months
  2. Once in six months
  3. Once a year
  4. Once in lifetime of a company
  5. Once a month
Question 12 Multiple Choice (Single Answer)

The new machinery installation expenses will be debited to which of the following accounts?

  1. Profit and loss accounts
  2. Expense account
  3. Cash account
  4. Suppliers account
  5. Machinery account
Question 13 Multiple Choice (Single Answer)

Personal account of suppliers are found in which of the following ledgers?

  1. Purchase ledger
  2. Sales ledger
  3. Nominal ledger
  4. General ledger
  5. None of these
Question 14 Multiple Choice (Single Answer)

From the given data, calculate the amount of capital.
Assets: Building = Rs. 22000, Stock = Rs. 10000, Cash = Rs. 1000
Liabilities : Creditors = Rs. 6000, Loan from bank = Rs. 8000

  1. Rs. 14000
  2. Rs. 33000
  3. Rs. 19000
  4. Rs. 47000
  5. None of these
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