Description : Which of the following is wrong? (a) All real and personal accounts are transferred to balance sheet (b) Nominal accounts are transferred to P &L account (c) Each account is opened separately in ledger (d) Rent is a personal account, outstanding rent is nominal account
Last Answer : d) Rent is a personal account, outstanding rent is nominal accoun
Description : The rule debit all expenses and losses and credit all income and gains relates to A] Personal account B] Real account C] Nominal accounts D] All
Last Answer : C] Nominal accounts
Description : Debit the receiver & credit the giver is _____ account a) Personal b) Real c) Nominal d) All the above
Last Answer : a) Personal
Description : Share Call Account is _______________ A. Real A/c B. Personal A/c C. Nominal A/c D. Fictitious A/c
Last Answer : B. Personal A/c
Description : Share Allotment Account is _______________ A. Real A/c B. Personal A/c C. Nominal A/c D. Fictitious A/c
Description : Share application Account is _______________ A. Real A/c B. Personal A/c C. Nominal A/c D. Fictitious A/c
Description : Share allotment account is a ------------------. A. personal account B. Real account C. Nominal account D. Impersonal accoun
Last Answer : A. personal account
Description : Which of the following is incorrect? a) Good will intangible asset b) Sundry debtors -current asset c) Loose tools tangible fixed asset d) Outstanding expenses -current asset.
Last Answer : d) Outstanding expenses -current asset.
Description : Income and expenses for the year 2012 are- Fee Received in Cash - Rs.24,000 Accrued Fee - Rs.6,000 Rent for Chamber Paid - Rs.6,000 Outstanding Rent - Rs.2,000 Salary Paid to Staff - Rs.6,000 Miscellaneous Expenses Paid - Rs. ... basis ? (A) Rs. 11,800 (B) Rs. 13,200 (C) Rs. 16,800 (D) Rs. 30,000
Last Answer : Answer: Rs. 13,200
Description : Personal disposable income is equal to .. (a) Wages and salaries + Dividends paid at home - Personal income tax (b) Wages and salaries + Dividends paid at home + Factor income ... + Dividends paid at home + Factor income received from abroad - Transfers from government - Personal income tax.
Last Answer : (c) Wages and salaries + Dividends paid at home + Factor income received from abroad + Transfers from government – Personal income tax.
Description : Rent paid to landlord should be credited to a) Landlords account b) Rent account c)Cash account d) Expense account
Last Answer : c)Cash account
Description : The principle ―Debit the receiver and credit the giver‖ is related to_____ a) Personal a/c b) Real a/c c) Nominal a/c d) None
Last Answer : a) Personal a/c
Description : Cash A/c is a ________ A/c. a) Personal b) Real c) Nominal d) None
Last Answer : b) Real
Description : Capital A/c is a _______ A/c. a) Personal b) Real c) Nominal d) None
Description : Cash a/c is a ______ a) Real a/c b) Nominal c) Personal d) None
Last Answer : a) Real a/c
Description : Under pooling of interest method the difference between the purchase consideration and share capital of the transferee company should be adjusted to: A. General reserve B. Amalgamation adjustment account C. Goodwill or capital reserve D. None of the above
Last Answer : A. General reserve
Description : If the amount claimed by consumer is Rs. 89 Lacs, the case under the consumer protection act shall be filed with A. District Consumer Redressal forum B. State consumer Dispute Redressal Commission C. National consumer Dispute Redressal Commission D. Supreme court
Last Answer : B. State consumer Dispute Redressal Commission
Description : For the purpose of inquiry under the MRTP Act, the commission has the power equivalent to A. Civil court B. consumer court C. High court D. None of these
Last Answer : A. Civil court
Description : Which of the following does not fall within the jurisdiction of MRTP commission? A. Prevention of Monopolistic Trade practices B. Prevention of Restrictive trade practices C. Prohibition of Unfair Trade Practices D. Regulation of Combinations
Last Answer : D. Regulation of Combinations
Description : The shares received from the new company is recorded at (A) Face value (B) Market value (C) Average price (D) None of these
Last Answer : (B) Market value
Description : Shares received from the new company are recorded at - (A)Face value (B)Average price (C)Market value (D)None of the above
Last Answer : (C)Market value
Description : If the minimum subscription is not received by the company, then the refund of application money should be made within ----------days. A. 7 B. 9 C. 10 D. 22
Last Answer : C. 10
Description : Premium received on issue of shares cannot be utilised for ---------. A. for the issue of bonus shares B. for writing of preliminary expenses C. for providing premium payable on redemption D. for distribution of dividend
Last Answer : D. for distribution of dividend
Description : Premium received on issue of shares is shown on-----------. A. asset side of the balance sheet B. liability side of the balance sheet C. credit side of the P&L a/c. D. debit side of the P & L a/c
Last Answer : B. liability side of the balance sheet
Description : If wages are paid for construction of business premises ______ A/c is credited and _____ A/c is debited. a) Wages, Cash b) Premises, Cash c) Cash, Wages d) Cash, Premises
Last Answer : d) Cash, Premises
Description : Which of the following cannot be treated as revenue expenditure? A. Cost of goods purchased for resale. B. Wages paid for the erection of plant and machinery. C. Obsolescence cost. D. Expenses incurred by way of repairs of existing assets which do not in any way add to their earning capacity.
Last Answer : B. Wages paid for the erection of plant and machinery.
Description : Amalgamation is said to be in the nature of merger if: A. All assets and liabilities of transferor company are taken over by the transferee company. B. Business of transferor company is intended to ... paid in equity shares by the transferee company except for fraction shares. D. All of the above
Last Answer : D. All of the above
Description : The dividend on equity shares is only paid when dividend on ------- has already been paid. A. Debenture B. Preference Shares C. Bond D. Equity Shares
Last Answer : B. Preference Shares
Description : After declaration dividends are paid to the shareholders as per the provision of A. Indian Companies Act B. RBI Act C. SEBI Act D. Indian Contract Act
Last Answer : C. SEBI Act
Description : Dividend is paid on _______ A. On Issued Share Capital B. On Subscribed Share Capital C. On Called up Share Capital D. On Paid up Share Capital
Last Answer : D. On Paid up Share Capital
Description : Corporate dividend tax is _______ A. Computed on Net profit B. Computed on Share Capital C. Computed on Goss Profit D. Computed on Dividend paid
Last Answer : D. Computed on Dividend paid
Description : When liquidation expenses is paid and borne by seller company then it is debited to _______ (A) Bank A/c (B) Goodwill A/c (C) Realisation A/c (D) Capital Reserve A/c.
Last Answer : (C) Realisation A/c
Description : If the intrinsic values of shares exchanged are not equal, the difference is paid in ........... (A)Cash (B)Debenture (C)Pref. share (D)Assets
Last Answer : (A)Cash
Description : According to which concept, the proprietor pays interest on drawings a) Accrual concept b) Conservatism concept c) Entity concept d) Dual Aspect concept
Last Answer : c) Entity concept
Description : Debt financing is a cheaper source of finance because of A. Time value of Money B. Rate of Interest C. Tax deductibility of Interest D. Dividends not payable to lenders.
Last Answer : C. Tax deductibility of Interest
Description : The return on investment (ROI) may be calculated as A. Net profit before interest, tax and dividend / Capital employed B. Net profit after interest, tax and dividend / Shareholder's fund C. ( Net profit - preference dividend )/ No. of equity shares D. Return on Investment / Net profit ratio
Last Answer : A. Net profit before interest, tax and dividend / Capital employed
Description : Which is the type of dividend? A. Cash Dividend B. Interest C. Profit cum-reserve D. Flexible Capital
Last Answer : A. Cash Dividend
Description : Indian businesses encounter the following problem in the globalisation A. Infrastructural Bottleneck B. Lack of interest shown by MNC‘s C. Both (A) and (B) D. None of these
Last Answer : A. Infrastructural Bottleneck
Description : A monopolistic trade practice is deemed to be prejudicial to public interest except when A. Authorized by Central Government B. Authorized by State Government C. Authorized by Supreme Court D. None of the above
Last Answer : B. Authorized by State Government
Description : Liberalization means A. Reducing number of reserved industries from 17 to 8 B. Liberating the industry, trade and economy from unwanted restrictions C. Opening up of economy to the world by attaining international competitiveness D. Free determination of interest rates
Last Answer : B. Liberating the industry, trade and economy from unwanted restrictions
Description : The salaries and emoluments of the judges of the Supreme Court are charged on (1) The Reserve Bank of India (2) The Contingency Fund of India (3) The Consolidated Fund of India (4) The Finance Commission
Last Answer : (3) The Consolidated Fund of India Explanation: Article 101 deals with remuneration of Judges of the Supreme Court. It states that the salaries payable to the Judges of the Supreme Court under this ... and pension payable to or in respect of the Comptroller and Auditor General of India; etc.
Description : Salaries of the judges of the Supreme Court are determined by: (1) Pay Commission appointed by the President (2) Law Commission (3) Parliament (4) Council of Ministers
Last Answer : (3) Parliament Explanation: Article 125 of the Indian Constitution leaves it to the Indian Parliament to determine the salary, other allowances, leave of absence, pension, etc. of the Supreme Court judges.
Description : The salaries and allowances payable to the Members of the Parliament are decided by the – (1) President (2) Cabinet (3) Parliament (4) Finance Commission
Last Answer : (3) Parliament Explanation: After election to Parliament, the members become entitled to certain amenities. These amenities are provided to members with a view to enable them to function effectively as ... , Allowances and Pension of Members of Parliament Act, 1954 and the rules made there under.
Description : What is selling cost? (1) Cost incurred on transportation of commodities to market (2) Cost incurred on promoting the sale of the product (3) Cost incurred on commission and salaries personnel (4) Cost incurred on advertisement
Last Answer : (2) Cost incurred on promoting the sale of the product Explanation: Selling cost is total cost of marketing, advertising, and selling a product. It differs from the production cost which is incurred to produce goods.
Description : What is selling cost ? (1) Cost incurred on transportation of commodities to market (2) Cost incurred on promoting the sale of the product (3) Cost incurred on commission and salaries personnel (4) Cost incurred on advertisement
Last Answer : Cost incurred on promoting the sale of the product
Description : In the case of financial enterprises, the cash flow resulting from interest and dividend received and interest paid should be classified as cash flow from A. Operating activities B. Financing activities C. Investing activities D. None of the above
Last Answer : A. Operating activities
Description : Cash discount allowed to a debtor should be credited to a) Discount account b)Customer’s account c) Sales account d) Cash account
Last Answer : b)Customer’s account
Description : Sales made to Mahesh for cash should be debited to________________ a) Cash account b) Mahesh Account c) Sales account d) Purchase account
Last Answer : a) Cash account
Description : Mr. X is a dealer in electronic goods (refrigerator, washing machine, air conditioners, televisions, etc.) He purchased two air conditioners and installed in his showroom. In the books of X the ... will be debited to A] Drawing account B] Capital Account C] Fixedassets D] Purchases account
Last Answer : C] Fixedassets
Description : Which of the following is not a Real Account? a) Cash A/c b) Investments A/c c) Out standing rent A/c d) Purchases A/c
Last Answer : c) Out standing rent A/c