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Basic Accounting Online Test

Which of the following expenses will be shown in the Profit and Loss Account?

1. None of the above

2. Carriage inwards

3. Both (a) and (b) above

4. Wages

___ is a residual interest in the assets after deducting liabilities

1. Equity

2. Income

3. None

4. Expenses

The___ accounting system provides a system of checks and b alances

1. Financial Entry

2. Single Entry

3. Double Entry

4. Triple Entry

___ is written in a ledger A/c at the time of its closing to indicate that the balance in that A/c has been carried down to the next period.

1.c/f

2. b/f

3. c/d

4. b/d

___concept tells that to recognize revenue it has to be realized.

1. None

2. Realization concept

3. Matching concept

4. Accruel concept

Debt may be of ___ types

1. 2

2. None

3. 3

4. 5

Revenue is said to be realized when

1. The sale is made

2. Goods are manufactured

3. Cash is received

4. Sale is made and cash is received

Income from the sale of scrap is usually shown in

1. A11 of the above

2. Manufacturing account

3. Trading account

4. Profit and Loss account

Sales to Ram Rs. 450 posted to his account as Rs. 550 would affect

1. Cash account

2. Ram's account

3. Sales account

4. None

The book value of old furniture was Rs. 1500, It was sold for Rs. 500. The difference is a----

1. Capital expendit ure

2. Revenue loss

3. Revenue expenditure

4. Capital loss

Outstanding wages A/c is ___ A/c

1. Real

2. Nominal

3. None

4. Personal

___ is a brief explanation to a journal entry, given below the journ al entry, within brackets

1. Narration

2. Ledger

3. Debit

4. Credit

A process of accounting where revenue and expense recognition would occur when cash is received and disbursed is called ___

1. Accruel

2. Cash

3. None

4. a & b

Repair incurred for using a second-hand car purchased recently

1. Revenue expenditure

2. Deferred revenue expenditure

3. Capital expenditure

4. Capital loss

Trial Balance contains the balances of

1. All real and persona l accounts

2. All personal and nominal accounts

3. All nominal and real accounts

4. All accounts

Overcasting of Purchases Journal would affect

1. Purchases Account only

2. Sales Account only

3. Sales Account and Purchases Account

4. Supplier's Account and Purchases Account

Any form of accounting which enables a business to be conducted more efficiently can be regarded as ___ accounting.

1. None

2. Cost

3. Management

4. Financial

___is the art of recording, classifying and summarizing in a significant manner, and in terms of money transactions and events which are in part at least, of a financial character and interpreting the results thereof.

1. Ledger

2. Accounting

3. Journal Entry

4. None

Which of the following accounts is prepared to find out the cost of production?

1. Manufacturing account

2. Balance Sheet

3. Profit and Loss account

4. Trading account

Who draws B/E?

1. Fixed asset

2. Creditor

3. Bank

4. Debtor

___ is the after-tax cash flow generated by a business minus the cost of the capital it has deployed to generate that cash flow.

1. GAAP

2. None of the above

3. AICPA

4. EVA

A process of accounting that recognizes the impact of transactions on the financial statements in the time periods when revenues and expenses occur instead of when cash is received or disbursed is called ___ basis

1. Accruel

2. a & b

3. None

4. Cash

Prepaid Insurance A/ci s ___ A/c

1. None

2. Real

3. Nominal

4. Personal

A Bank Reconciliation Statement is a

1. Statement prepared by the customer

2. Part of Cash Book

3. Part of Pass Book

4. Statement prepared by the bank

Bad Debts A/c is ___ A/c

1. Personal

2. None

3. Nominal

4. Real

Petty Cashbook is prepared to

1. Meet the requirements of small business

2. Meet the small expenses paid in cash

3. All of the above

4. Cover small and miscellaneous incomes

A cashbook, which is used to record both cash and bank transactions, is referred to as a ___ column cash book.

1. 4

2. 2

3. 1

4. 3

The concept of conservatism takes into account

1. All expe cted losses but no expected income

2. All expected income but no losses

3. None

4. All expected income and losses

According to the money measurement concept, which transaction will be recorded in the books of the account?

1. Value of building

2. Quality of goods

3. Qualifications of employees

4. Health of manager

Commerce is ___

1. Industry and business

2. Industry and aids to trade

3. Trade and aids to trade

4. Industry and trade

It means that cash is received by the business from the proprietor. It results in the immediate receipt of cash

1. Sold goods for cashrs1000

2. Antony commenced business with Rs 10,000

3. Bought goods for c ash rs 2,000

4. Charged commission to Chander rs 100

In double entry system, every business transacti on affects

1. Two accounts only

2. Two sides of the same account

3. Two or more accounts

4. The same side of two accounts

Interest in drawings is regarded as

1. Loss for the business

2. Liability for the business

3. Gain for the business

4. Expenditure for the business

___ provides internet technology to navigate the vast resources available in the market.

1. None

2. Intranet

3. WWW

4. Internet

Sales are equal to

1. Cost of Goods Sold - Gross Profit

2. Cost of Goods Sold - Stock

3. Gross Profit - Cost of Goods Sold

4. Cost of Goods Sold + Gross Profit

Creditor may be ___ types

1. 4

2. 5

3. 2

4. 3

Inflation accounting is also called ___

1. Revaluation

2. Replacement

3. None

4. All

___ is an increase in economic benefits during the accounting period in the form of inflows or enhancements of assets or a decrease in liabilities, thereby increases equity and net worth.

1. None

2. Equity

3. Income

4. Expenses

___ concept implies that each transaction and event must be expressible in monetary te rms

1. Money measurement

2. None

3. Going Concerned

4. Business Entity

Mines quarries is the example of ___ assets

1. Liquid assets

2. wasting assets

3. Intangible assets

4. Fictitious assets

___ are devices that allow direct data entry into the computer without doing any manual data entry.

1. Scanner

2. Flow Charts

3. None

4. Standard Programmes

Preliminary expenses are an example of

1. Capital expenditure

2. Deferred Revenue expenditure

3. Capital loss

4. Revenue expenditure

Sale proceeds of fixed assets are a

1. Capital profit

2. Capital receipt

3. Revenue receipt

4. Revenue profit

___ helps in conducting business electronically with the help of internet technology.

1. Computer Checks

2. Parity Bit

3. E-Commerce

4. None

Financial position of the business means

1. Position about liquid funds

2. Position about incomes and expenses

3. Position about profits and losses

4. What the business owes to others and what it owns at a giv en point of time

___ implies that a business unit is separate and distinct from the person who owns or controls it

1. None

2. Business Entity

3. Money measurement

4. Going Concerned

___ they are the present obligations arising from past events. It also arises when an asset is created or acquired.

1. Liabilities

2. Equity

3. All

4. Asset

Salary paid to Rehman was recorded in the Cashbook as payment to Rehman. This is an error of

1. Principle

2. Omission

3. Compensating error

4. Commission

Discount allowed on the issue of shares is an example of

1. Revenue expenditure

2. Deferred revenue expenditure

3. Capital expenditure

4. Capital loss

The conventions, concepts, rules and procedures that together make up accepted accounting practice at any given time are called ___

1. GAAP

2. AICPA

3. GAPA

4. None of the above

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