Accounting Quiz 7
1 / 50
Arrangement of Balance Sheet in a logical order is known as __________?
2 / 50
Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.
3 / 50
Which of the following are current assets of a business? i. Income received in advance ii. Stock iii. Debtors iv. Pre-paid expenses
4 / 50
Favorable balance of cash book implies that
5 / 50
Unpresented checks also referred as____________?
6 / 50
Accommodation bills are generally for?
7 / 50
Which of these is not an essential feature of a bill of exchange?
8 / 50
Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.
9 / 50
Closing stock appearing in the Trial Balance is shown in:
10 / 50
Which of these are not required in a promissory note?
11 / 50
Profit on sale of old plant is:___________?
12 / 50
A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book
13 / 50
Carriage on goods purchased is shown in:___________?
14 / 50
In the Bank reconciliation statement ?Deposit in transit? is usually:
15 / 50
_________ Checks that are presented to bank but not yet credited by the bank.
16 / 50
A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?
17 / 50
From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.
18 / 50
Which of the following is not a contingent liability?
19 / 50
How many parties are generally found in a Bill of Exchange?
20 / 50
Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.
21 / 50
In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is? i. Debit Bills Receivable Account ii. Debit Drawee?s Account iii. Credit Drawee?s Account
22 / 50
Cash book is prepared by____________?
23 / 50
Cash book records:______________?
24 / 50
A cash deposit made by business appears on the bank statement as _______ balance?
25 / 50
Depreciation Account appearing in the Trial Balance is shown in:
26 / 50
___________ are checks that are issued by the business but not yet presented to bank
27 / 50
$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.
28 / 50
Favorable balance of bank statement implies that
29 / 50
Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).
30 / 50
Under which of the following situations, is journal entry not passed in the books of the drawer?
31 / 50
Bank reconciliation statement is prepared by____________?
32 / 50
Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?
33 / 50
Standing orders are ________
34 / 50
Which of the following is not a feature of a promissory note?
35 / 50
Which of the following error results in unadjusted cash book balance?
36 / 50
The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by
37 / 50
Negotiable Instrument Act was enacted in_________?
38 / 50
When bill discounted with the bank is dishonored?
39 / 50
An entry which is made on both sides of a cash book is called__________?
40 / 50
Uncollected checks also referred as______________?
41 / 50
Bank sent debit advice of $500 to company being interest on overdraft. It wasn?t entered in cash book. Identify the correct adjustment in cash book.
42 / 50
A check returned by bank marked ?NSF? means that:
43 / 50
X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________?
44 / 50
The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to
45 / 50
Closing entries are generally passed:
46 / 50
A foreign bill of exchange is generally drawn up in___________?
47 / 50
In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.
48 / 50
A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?
49 / 50
Which of these is not an operating income?
50 / 50
From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission
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