Description : Profit and loss is calculated at the stage of A] Recording B] Posting C] Classifying D] Summarising
Last Answer : D] Summarising
Description : All capital expenditures and receipts are taken to A. Trading and Profit and Loss Account B. Balance sheet C. Trial balance D. None of the above
Last Answer : B. Balance sheet
Description : Financial accounting is concerned with – a) Recording of business expenses and revenue b) Recording of costs of products and services c) Recording of day to day business transactions d) None of the above
Last Answer : c) Recording of day to day business transactions
Description : Which of the following is not the main objective of accounting? A] Systematic recording of transactions B] Ascertaining profit or loss C] Ascertainment of financial position D] Solving tax disputes with tax authorities
Last Answer : D] Solving tax disputes with tax authorities
Description : he steps in the preparation of a worksheet do not include a. analyzing documentary evidence. b. preparing a trial balance on the worksheet. c. entering the adjustments in the adjustment columns. d. entering adjusted balances in the adjusted trial balance columns.
Last Answer : a. analyzing documentary evidence.
Description : he step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is a. analyzing transactions. b. journalizing and posting adjusting entries. c. preparing a post-closing trial balance. d. posting to ledger accounts.
Last Answer : b. journalizing and posting adjusting entries.
Description : In case of a limited company, the term financial statements includes A. Profit and loss and balance sheet B. Profit and loss account, profit and loss appropriation account and balance sheet C. Balance sheet D. None of the above
Last Answer : B. Profit and loss account, profit and loss appropriation account and balance sheet C
Description : condensing output data to exhibit specific information is a. calculating b. recording c. merging d. summarizing
Last Answer : d. summarizing
Description : Which of the following statement is correct? A. Fixed assets must always be shown at market value B. Book-keeping and accounting are different terms C. Owner's Equity = Assets + Liabilities D. Patents is an example of current asset
Last Answer : A. Fixed assets must always be shown at market value
Description : Autonomy in clinical studied is defined as a) Freedom, dignity and confidentiality of the subject; right to choose i.e. whether or not to participate in the trial or to continue with ... . d) Observance of fairness, honesty and impartiality in obtaining, analyzing & communicating the data.
Last Answer : a) Freedom, dignity and confidentiality of the subject; right to choose i.e. whether or not to participate in the trial or to continue with it.
Description : Interpretation means (a) Explanation of meaning and significance of the data in Financial Statements. (b) Concerned with preparation and presentation of classified data (c) Systematic analysis of recorded data (d) Methodical classification of data given in Financial Statements
Last Answer : (a) Explanation of meaning and significance of the data in Financial Statements.
Description : Which one of the following branches of accounting primarily deals with processing and presenting of accounting data for internal use? A. Financial accounting B. Tax accounting C. Management accounting D. Inflation accounting
Last Answer : C. Management accounting
Description : Why is Bertillonage inferior to fingerprints for recording and classifying criminal records?
Last Answer : for purposes of enrollment in a system or when under arrest for a suspected criminal offense
Description : Content analysis uses which of the below methods? a) Counting b) Classifying c) Recording d) All of the above
Last Answer : d) All of the above
Description : The final step in the accounting cycle is to prepare a. closing entries. b. financial statements. c. a post-closing trial balance. d. adjusting entries.
Last Answer : c. a post-closing trial balance.
Description : Which one of the following is usually prepared only at the end of a company's annual accounting period? a. Preparing financial statements b. Journalizing and posting adjusting entries c. Journalizing and posting closing entries d. Preparing an adjusted trial balance
Last Answer : c. Journalizing and posting closing entries
Description : Which of the following may not be a part of projected financial statements? a) Income Statements b) Trial Balance c) Cash Flow Statements d) Balance Sheets
Last Answer : b) Trial Balance
Description : -------- helps to disclose financial position a) Trial Balance b) Profit and Loss Account c) Balance sheet d) Income Statement
Last Answer : -------- helps to disclose financial position a) Trial Balance b) Profit and Loss Account c) Balance sheet d) Income Statement
Description : The following is not an element of M & T system a) Recording b) Analyzing c) Controlling d) Complaining
Last Answer : Complaining
Description : _____one is not the essential elements of M&T system. a] Recording c] Analyzing b] Source d] Checking
Last Answer : source
Description : In "auditing" accounting data, the auditor is concerned with a. Analyzing the financial information to be sure that it complied with government requirement. b. Determining if fraud has ... that occurred during the accounting period. d. Determining if taxable income has been calculated correctly
Last Answer : economic events that occurred during the accounting period.
Description : An asset was purchased for Rs.1000000 with the down payment of Rs.200000 and bills accepted for Rs.800000/-What would be the effect on the total asset and total liabilities in the ... and liabilities increased by Rs.800000 D] Assets increased by Rs.800000 and liabilities increased by Rs.800000
Last Answer : D] Assets increased by Rs.800000 and liabilities increased by Rs.800000
Description : Fixed assets are double the current assets and half the capital. The current assets are Rs.3,00,000 andinvestments are Rs.4,00,000. Then the current liabilities recorded in balance sheet will be a) 2,00,000 b) 1,00,000 c) 3,00,000 d) 4,00,000
Last Answer : b) 1,00,000
Description : Human resources will not appear in the balance sheet according to ______ concept. a) Accrual b) Going concern c) Money measurement concept d) None
Last Answer : c) Money measurement concept
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 : Goodwill arising on amalgamation is to be A. Retained in the books of the transferee company B. Amortised to income on a systematic basis normally five years C. Adjusted against reserves or profit and loss account balance D. All of the above
Last Answer : B. Amortised to income on a systematic basis normally five years
Description : Unpaid calls are shown in the balance sheet of a company A. By adding it to the share capital B. By deducting it from the called-up share capital C. Under the head 'current assets' D. Under the head 'curent liabilities'
Last Answer : B. By deducting it from the called-up share capital
Description : Following is the Source of fund A. Decrease in balance of Debenture B. Decrease in Long term Liability C. Increase in Long term loan D. Redemption of Shares
Last Answer : C. Increase in Long term loan
Description : Following is the application of fund A. Decrease in balance of Fixed Asset B. Decrease in working capital C. Decrease in net profit D. Decrease in preliminary expenses
Last Answer : C. Decrease in net profit
Description : The pre-liberalisation era of Indian Economy was under the grip of A. Unemployment B. Under-employment C. Fiscal Deficit D. Unfavorable and alarming balance of payment
Last Answer : D. Unfavorable and alarming balance of payment
Description : All direct & indirect expenses related to business are charged: a)Profit and loss account b)Trading account c)Trading account Profit and Loss account d)Directly to Balance sheet
Last Answer : c)Trading account Profit and Loss account
Description : If amalgamation is in the ..............., the General Reserve or Profit and Loss A/c balance will not be shown in the balance sheet. (A)Form of Merger (B)Form of purchase (C)Net assets method (D)Consideration method
Last Answer : (B)Form of purchase
Description : The Amalgamation Adjustment Account appears in the books, it is shown under the heading of ......... in the balance sheet. (A)Reserve and Surplus (B)Fixed Assets (C)Investments (D)Miscellaneous expenditure
Last Answer : (D)Miscellaneous expenditure
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 : Double entry system is used in which type of accounting a) Cost b)Financial c) Management d) All
Last Answer : b)Financial
Description : The comparison of financial statement of one year with that of another is possible only when ----------------concept is followed A] Going concern B] Accrual C] Consistency D] Materiality
Last Answer : C] Consistency
Description : The nature of financial accounting is: a) Historical b) Forward looking c) Analytical d) Social
Last Answer : a) Historical
Description : If nothing is given in the financial statements aboutthe three accounting assumptions then it is to be treated as it a) Is assumed that it is not followed b) Is assumed to be followed c) Is assumed to be followed to some extent d) None of the above
Last Answer : b) Is assumed to be followed
Description : is root cause for financial accounting (a) Stewardship accounting (b) Social accounting (c) Management accounting (d) Human resource accounting
Last Answer : (a) Stewardship accounting
Description : The direct advantages of accounting do not include A. Preparation of financial statements B. Comparison of results C. Competitive advantage D. Information to interested groups
Last Answer : C. Competitive advantage
Description : A company pays dividend at the A. End of the week B. End of the financial year C. End of the month D. All of the above
Last Answer : B. End of the financial year
Description : What are the factors that contribute to the Business Success? A. marketing resources B. physical assets C. financial factors D. all of the above
Last Answer : D. all of the above
Description : The process of arranging data in logical sequence is called (1) Classifying (2) Reproducing (3) Summarizing (4) Sorting
Last Answer : Sorting
Description : Powerful tool for analyzing financial statement is ---------- a) Trend analysis b) Ratio analysis c) Analysis d) Interpretation
Last Answer : b) Ratio analysis
Description : "Is Web Analytics is the process of measuring, collecting, analyzing and reporting on internet data for the purpose of understanding how website is used by audience?" TRUE FALSE
Last Answer : TRUE
Description : While calculating purchase consideration ............... values of assets is to be considered. (A) Book value (B) Revalued price (C) Average price (D) Capital
Last Answer : (B) Revalued price
Description : While calculating purchase price, the following values of assets are considered (A)Book value (B)New values fixed (C)Average values (D)Market values
Last Answer : (B)New values fixed
Description : Management accounting involves A. Preparation of financial statements B. Analysis and interpretation of data C. Recording of transactions D. None of the above
Last Answer : B. Analysis and interpretation of data
Description : The first firm to mass-market a microcomputer as a personal computer was a. IBM b. Super UNIVAC c. Radio Shaks d. Data General Corporation
Last Answer : c. Radio Shaks
Description : In the third Generation of computers a. Distributed data processing first became popular b. An operating system was first developed c. High level procedural language were first used d. Online real time systems first become popular
Last Answer : d. Online real time systems first become popular