Accounting Quiz 4

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Accounting Quiz 4

1 / 50

Which of the following statements is true?

2 / 50

The amount payable to a person as consideration for the use of rights vested in him is

3 / 50

Which of the following is an one sided error?

4 / 50

The concept of conservatism will have the effect of______________?

5 / 50

Which of the following assets is/are to be valued at the lower of cost and net realizable value?

6 / 50

Which of the following statements is/are true ?

7 / 50

For the past 3 years, DK Ltd. has failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted, which were considered material, were as follows: March 31,2010 ? ` 56,000 March 31, 2011 ? ` 51,000 March 31, 2012 ? ` 64,000

8 / 50

Which of the following methods is not a practical way of realizing revenue?

9 / 50

Which of the following errors is an error of omission?

10 / 50

Purchase journal is kept to record_____________?

11 / 50

The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?

12 / 50

Which of the following is a representative Personal A/c?

13 / 50

Which of the following statements is /are true?

14 / 50

Which of the following statements is correct about Trial Balance?

15 / 50

Which of the following is true?

16 / 50

Which one of the following is a capital expenditure?

17 / 50

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

18 / 50

Which of these is a Part of cash in hand?

19 / 50

In a three column cash book_______________does not exist?

20 / 50

Which of the following errors affects the agreement of a Trial Balance?

21 / 50

Cash book records?

22 / 50

Closing stock is generally valued at______________?

23 / 50

Closing stock in the Trial Balance implies that______________?

24 / 50

The accountant of Leo Ltd. recorded a payment by cheque to a creditor for supply of materials as 1,340.56. The bank recorded the cheque at its correct amount of 3,140.56. The Company has not passed any rectification entries and the error is not detected through the bank reconciliation. The impact of this error is

25 / 50

Which of the following items should not be capitalized relating to fixed assets?

26 / 50

The closing balance of a petty cash book is a / an___________?

27 / 50

Which of the following error is an error of principle

28 / 50

Which of the following enhances the earning capacity of an asset?

29 / 50

Which of the following is an item of capital expenditure?

30 / 50

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?

31 / 50

The adjustment to be made for income received in advance is:

32 / 50

Which of the following is a Nominal A/c ?

33 / 50

If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then

34 / 50

During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true?

35 / 50

Petty cash balance is a/an___________?

36 / 50

Which of the following is true regarding closing entries?

37 / 50

Journal proper is meant for recording_____________?

38 / 50

While finalizing the current year?s accounts, the company realized that an error was made in the calculation of closing stock of the previous year. In the previous year, closing stock was valued more by 50,000. As a result

39 / 50

The beginnings inventory of the current year is overstated by 5,000 and closing inventory is overstated by 12,000. These errors will cause the net income for the current year by

40 / 50

Which of the following statements are / is true? ? Events after Balance Sheet are?

41 / 50

Capital expenditure is an expenditure which

42 / 50

Any donation received for a specific purpose is a_________?

43 / 50

Which of these errors affect only one account?

44 / 50

Which of the following is a Real A/c?

45 / 50

Which of the following should not be treated as revenue expenditure?

46 / 50

Which one of the following should be considered a revenue expenditure?

47 / 50

Goodwill A/c is a/an__________?

48 / 50

Buildings account is debited with an amount towards repairs. This is an example of?

49 / 50

Which of these errors affect two or more accounts

50 / 50

Which column of a cash book will not have credit balance___________?

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