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Accounting (CA - CPT)

Fundamental of accounting

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

Which of the following reveals the relation between capital, assets and liabilities?

  1. Capital = Assets - Liabilities
  2. Capital = Assets + Liabilities
  3. Assets = Liabilities - Capital
  4. Liabilities = Capital + Assets
  5. None of these
Question 2 Multiple Choice (Single Answer)

If there is a difference on both sides of a trial balance, it is transferred to

  1. trading account
  2. miscellaneous account
  3. difference account
  4. suspense account
  5. None of these
Question 3 Multiple Choice (Single Answer)

Accommodation bill is used

  1. to finance actual purchase or sale of goods
  2. by two business people to mutually help each other in finance
  3. to facilitate trade trasnsmission
  4. All of the above
  5. None of these
Question 4 Multiple Choice (Single Answer)

If any municipal tax is due, but not paid due to dispute, it is taken as a

  1. current liability
  2. contingency liability
  3. revenue loss
  4. long term liability
  5. None of these
Question 5 Multiple Choice (Single Answer)

In the absence of any explicit agreement about profit sharing, profits and losses are shared between partners in the ratio of

  1. capitals
  2. loans given to the firm by them
  3. 1 : 1 : 1
  4. 1 : 2 : 3
  5. None of these
Question 6 Multiple Choice (Single Answer)

Posting in accounting means

  1. journalising
  2. writing the transaction in the ledger
  3. totalling
  4. balancing
  5. None of these
Question 7 Multiple Choice (Single Answer)

No journal entry is necessary to be passed when there is

  1. loss of bad debts
  2. normal loss
  3. abnormal loss
  4. loss by theft
  5. None of these
Question 8 Multiple Choice (Single Answer)

In the ledger, normally there will be _____ columns.

  1. 4
  2. 6
  3. 8
  4. 2
  5. None of these
Question 9 Multiple Choice (Single Answer)

Insurance prepaid will be a

  1. current liability
  2. current asset
  3. fixed asset
  4. contingent liability
  5. None of these
Question 10 Multiple Choice (Single Answer)

All of the following have debit balance, except

  1. loan to contractor
  2. goodwill
  3. wages outstanding account
  4. trade receivables account
  5. None of these
Question 11 Multiple Choice (Single Answer)

In the bank reconciliation statement starting from bank balance, a cheque issued for Rs. 500 was wrongly credited by bank as Rs. 1000/-. Bank balance will be

  1. added by 1500
  2. subtracted by 1500
  3. added by 1000
  4. subtracted by 500
  5. None of these
Question 12 Multiple Choice (Single Answer)

Dividends are usually paid as a percentage of

  1. paid-up capital
  2. authorised share capital
  3. called-up capital
  4. net profit
  5. None of these
Question 13 Multiple Choice (Single Answer)

Overdraft, as per passbook, is of 8000.

(i) Cheques deposited in the bank, unrecorded in cash book = 200
(ii) Cheques drawn, but not presented for payment = 5000
(iii) Bank charges not recorded in cash book = 300

Overdraft, as per cash book, is

  1. 13500
  2. 12900
  3. 3500
  4. 13100
  5. None of these
Question 14 Multiple Choice (Single Answer)

If del credere commission is allowed for bad debt, then the consignee will debit the bad debt to

  1. commission earned account
  2. consignor account
  3. customers account
  4. general trading account
  5. None of these
Question 15 Multiple Choice (Single Answer)

Depreciation under the straight line method per year, for an asset of 20000 with salvage value nil and life for 4 years, will be

  1. 4000
  2. 5000
  3. 10000
  4. 3000
  5. None of these
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