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Accounting Quiz 6

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Accounting Quiz 6

1 / 50

Which of the following relationships is/are false?

2 / 50

Short term Assets expected to be converted into cash within 1 year or less than?

3 / 50

Outstanding salaries is shown as___________?

4 / 50

Which of the following equations is correct?

5 / 50

Computers taken on hire by a business for a period of twelve months should be classified as:___________?

6 / 50

The compensation paid by the borrower of fund to lender, from the borrower point of the cost of borrowing fund is called?

7 / 50

Which of the following is not a financial statement?

8 / 50

Net sales equals, sales minus:

9 / 50

Which of the following is not an intangible asset?

10 / 50

The creation of provision for doubtful debts given as an adjustment requires____________?

11 / 50

On scrutiny of a firm?s books of accounts, it was observed that the following errors have occurred in the previous years but have not yet been rectified. i. Depreciation for 2011-2012- 7,000 understated ii. Accrued expenses as at March 31, 2013 ? 10,000 understated

12 / 50

Under the direct write-off method of recognizing a bad debt expense. Which of the following statements is/are true?

13 / 50

Which of the following are/is a current asset?

14 / 50

Insurance prepaid is shown as:___________?

15 / 50

During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?

16 / 50

Period cost include which of the following ?

17 / 50

Gross Profit is equal to_________?

18 / 50

Which of the following is not true with regard to preparation of Profit & Loss Account?

19 / 50

Which of the following accounts appear(s) in the Balance Sheet of a business? i. Stock at the end of the financial year ii. Stock at the beginning of the financial year iii. Drawings iv. Prepaid Rent

20 / 50

Which of the following statements is false ? select the false from below options

21 / 50

Which of the following is a current liability?

22 / 50

LIFO stands for__________?

23 / 50

Which of the following form of business organization is least regulated?

24 / 50

Which of the following entries is correct in respect of reserve for discounts on accounts payable?

25 / 50

If a company has contingent liabilities, they appear in the__________?

26 / 50

A club paid subscription fees of `1,400. Out of which ` 200 is prepaid. In such case

27 / 50

_________is the cost of converting raw material into finished products?

28 / 50

The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?

29 / 50

An income statement in which each item expressed as percentage of Sale?

30 / 50

Which of the following statement is considered as the accountant?s snapshot of firm?s accounting value as of a particular date?

31 / 50

If actual bad debts are more than the provision for bad debts, then there will be a_____________?

32 / 50

Prepaid expenses are valued on the Balance Sheet at

33 / 50

Which of the following shall not be deducted from net profit while calculating managerial remuneration?

34 / 50

Which of the following is not classified as inventory in the financial statements?

35 / 50

Based on which of the following concepts, is Share Capital Account shown on the liabilities side of a Balance Sheet?

36 / 50

Bad debts recovered is:

37 / 50

Depreciation appearing in the Trial Balance should be?

38 / 50

Which of the following will not appear in Profit and Loss Account of a business?

39 / 50

Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve

40 / 50

Tax deducted at source appears in the Balance Sheet

41 / 50

The adjustment to be made for prepaid expenses is____________?

42 / 50

Which of the following are/is not a fixed asset?

43 / 50

The Balance Sheet gives information regarding the____________?

44 / 50

The Profit and Loss Account shows the:

45 / 50

Property, Plant and Equipment are conventionally presented in the Balance Sheet at _________?

46 / 50

Average Accounting Return is a measure of accounting profit relative to:

47 / 50

At the time of preparation of financial accounts, bad debt recovered account will be transferred to?

48 / 50

If unexpired insurance appears in the Trial Balance, it should be:

49 / 50

Recent developments have made much of a company?s inventory obsolete. This obsolete inventory should be?

50 / 50

Sundry debtors as per Trial Balance is 43,000 which includes 2,200 due from ?H in respect of goods sent to him on approval basis, the cost price of which is 1,800. Rectification would involve:

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