ACCOUNTANCY

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ACCOUNTANCY

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Q1. Which of the following is prepared to find out the income of a trading concern? *

1 point

A. Receipts and Payments a/c

B. Income and Expenditure a/c

C. Profit and Loss a/c

D. Balance Sheet.

Q2. If Income is Rs.16,000 and deficit debited to Capital Fund is Rs.4,300 then Expenditure is: *

1 point

A. 16,000

B. 4,300

C. 20,300

D. None of these

Q3. The Main purpose of Not-for- Profit organisation is *

1 point

A. To earn profit

B. to serve the society

C. To improve the economy

D. None of the above.

Q4. If 10% Interest on Investment appearing in the Receipts side is Rs.7000, then the value of investment will be: *

1 point

A. Rs.1,00,000

B. 70,000

C.56,000

D.49,000

Q5. Entrance fees received amounted to Rs.50,000. In this 25% is to be capitalized. Mention the amount to be shown in income side of Income and Expenditure account: *

1 point

A.12,500

B.13,200

C.50,000

D. 37,500

Q6. Subscription outstanding for the year 2018-19 is Rs.2500. Subscription outstanding for the year 2017-18 was Rs.5000 out of which Rs.3000 were received during the year 2018-19. The outstanding subscription to be shown in the Income and expenditure for current year 2018-19 is : *

1 point

A.Rs. 500

B. Rs.1000

C. Rs.2500

D. Rs.3000

Q7. Cash received by converting an asset into cash is reflected in: *

1 point

(a) Conversion A/c

(b) Receipts and Payments A/c

(d) Suspense A/c

Q8. If the credit side of Receipts and Payments A/c exceeds the debit side, the balance represents: *

1 point

(a) Bank charges

(b) Commission

(d) Interest

Q9. No cash transaction will be excluded from: *

1 point

(a) Balance Sheet

(b) Profit & Loss A/c

(d) Income and Expenditure A/c

Q10. In Receipts and Payments A/c, cash in hand or at the bank is put on: *

1 point

(a) Credit side

(b) Left-hand side

(d) None of these

Q11. The task of preparing Income and Expenditure A/c and the Balance Sheet commences after the preparation of the: *

1 point

a) Trial Balance

(b) Profit and loss A/c

(d) Cash A/c

Q12. In Income and Expenditure A/c all revenue expenses are entered on: *

1 point

(a) Assets side

(b) Left-hand side

(d) Right-hand side

Q13. In the Income and Expenditure Account all revenue receipts are entered on: *

1 point

(a) Assets side

(b) Left-hand side

(d) Liabilities side

Q14. In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on: *

1 point

(a) Liabilities side of the Balance Sheet

(b) Debit side the Income and Expenditure Account

(d) Assets side of the Balance Sheet

Q15. All receipts from sale of consumable items are treated as: *

1 point

(a) Capital Receipts

(b) Revenue Receipts

(d) None of these

Q16. Capital fUnd is calculated: *

1 point

(a) Income-Expenditure

(b) Assets Liabilities

(d) None of these

Q17. Subscription redeved in advance during the current year is: *

1 point

(a) An income

(b) An Asset

(d) None of these

Q18. Balance of Income and Expenditure Account shows: *

1 point

(a) Cash in hand

(b) Capital Fund

(d) Excess of Income over Expenditure or Vice Versa

Q19. Property received as a result of the will of the deceased person is called: *

1 point

(a) Legacy

(b) Honorarium

(d) Subscription

Q20. Receipts and Payments Account usually indicates: *

1 point

(a) Surplus

(b) Capital Fund

(d) Credit Balance

Q21. The financial statements consist of: *

1 point

(a) Trial balance

(b) Profit and Loss account

(d) (a) & (c)

(e) (b) & (c)

Q22. Choose the correct chronological order of ascertainment of the following profits from the profit and loss account: *

1 point

(a) Operating Profit, Net Profit, Gross Profit

(b) Operating Profit, Gross Profit, Net Profit

(d) Gross Profit, Net Profit, Operating Profit

Q23. While calculating operating profit, the following are not taken into account. *

1 point

a) Normal transactions

(b) Abnormal items

(d) (b) & (c)

(e) (a) & (c)

Q24. Which of the following is correct: *

1 point

(a) Operating profit = Operating profit – Non-operating expenses – Non-operating incomes

(b) Operating profit = Net profit + Non-operating expenses + Non-operating incomes

(d) Operating profit = Net profit – Non-operating expenses + Non-operating incomes

Q25. Trading Account discloses- *

1 point

a) Gross profit

(b) Net profit

(d) Gross profit or Gross loss

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