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Accounting Quiz 4

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Accounting Quiz 4

1 / 50

Which one of the following is a capital expenditure?

2 / 50

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

3 / 50

Which of the following statements is true?

4 / 50

Cash book records?

5 / 50

Journal proper is meant for recording_____________?

6 / 50

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

7 / 50

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

8 / 50

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

9 / 50

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

10 / 50

Purchase journal is kept to record_____________?

11 / 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

12 / 50

Any donation received for a specific purpose is a_________?

13 / 50

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

14 / 50

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

15 / 50

Which of the following is true regarding closing entries?

16 / 50

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

17 / 50

Which of these errors affect two or more accounts

18 / 50

Goodwill A/c is a/an__________?

19 / 50

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

20 / 50

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

21 / 50

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

22 / 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

23 / 50

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

24 / 50

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

25 / 50

In a three column cash book_______________does not exist?

26 / 50

Which of the following statements is/are true ?

27 / 50

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

28 / 50

Which of the following errors is an error of omission?

29 / 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

30 / 50

Which of these errors affect only one account?

31 / 50

Which of the following statements is correct about Trial Balance?

32 / 50

The concept of conservatism will have the effect of______________?

33 / 50

Which of the following is an item of capital expenditure?

34 / 50

Which of the following is a Real A/c?

35 / 50

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

36 / 50

Which of the following is true?

37 / 50

Which of the following is an one sided error?

38 / 50

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

39 / 50

Capital expenditure is an expenditure which

40 / 50

Which of these is a Part of cash in hand?

41 / 50

Which of the following statements is /are true?

42 / 50

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

43 / 50

Closing stock is generally valued at______________?

44 / 50

Closing stock in the Trial Balance implies that______________?

45 / 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?

46 / 50

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

47 / 50

Petty cash balance is a/an___________?

48 / 50

Which of the following error is an error of principle

49 / 50

Which of the following is a Nominal A/c ?

50 / 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

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