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

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
by

1 Answer

Answer :

d) Rent is a personal account, outstanding rent is nominal accoun
by

Related questions

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

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

Which of the following is not a nominal Account? A] Outstanding salaries Account B] Salaries account C] Interest paid D] Commission received

Description : Which of the following is not a nominal Account? A] Outstanding salaries Account B] Salaries account C] Interest paid D] Commission received

Last Answer : A] Outstanding salaries Account

A double rule applied to accounts in the ledger during the closing process implies that a. the account is an income statement account. b. the account is a balance sheet account. c. the account balance is not zero. d. a mistake has been made, since double ruling is prescribed.

Description : A double rule applied to accounts in the ledger during the closing process implies that a. the account is an income statement account. b. the account is a balance sheet account. c. the account balance is not zero. d. a mistake has been made, since double ruling is prescribed.

Last Answer : a. the account is an income statement account.

Debit the receiver & credit the giver is _____ account a) Personal b) Real c) Nominal d) All the above

Description : Debit the receiver & credit the giver is _____ account a) Personal b) Real c) Nominal d) All the above

Last Answer : a) Personal

Share Call Account is _______________ A. Real A/c B. Personal A/c C. Nominal A/c D. Fictitious A/c

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

Share Allotment Account is _______________ A. Real A/c B. Personal A/c C. Nominal A/c D. Fictitious A/c

Description : Share Allotment Account is _______________ A. Real A/c B. Personal A/c C. Nominal A/c D. Fictitious A/c

Last Answer : B. Personal A/c

Share application 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

Last Answer : B. Personal A/c

Share allotment account is a ------------------. A. personal account B. Real account C. Nominal account D. Impersonal accounShare allotment account is a ------------------. A. personal account B. Real account C. Nominal account D. Impersonal accoun

Description : Share allotment account is a ------------------. A. personal account B. Real account C. Nominal account D. Impersonal accoun

Last Answer : A. personal account

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

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

Cash A/c is a ________ A/c. a) Personal b) Real c) Nominal d) None

Description : Cash A/c is a ________ A/c. a) Personal b) Real c) Nominal d) None

Last Answer : b) Real

Capital A/c is a _______ A/c. a) Personal b) Real c) Nominal d) None

Description : Capital A/c is a _______ A/c. a) Personal b) Real c) Nominal d) None

Last Answer : a) Personal

Cash a/c is a ______ a) Real a/c b) Nominal c) Personal d) None

Description : Cash a/c is a ______ a) Real a/c b) Nominal c) Personal d) None

Last Answer : a) Real a/c

After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the a. adjusted trial balance. b. post-closing trial balance. c. the general journal. d. adjustments columns of the worksheet.

Description : After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the a. adjusted trial balance. b. post-closing trial balance. c. the general journal. d. adjustments columns of the worksheet.

Last Answer : a. adjusted trial balance.

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

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

IAll 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

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

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

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

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

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

Balance sheet accounts are considered to be a. temporary stockholders’ accounts. b. permanent accounts. c. capital accounts. d. nominal accounts.

Description : Balance sheet accounts are considered to be a. temporary stockholders’ accounts. b. permanent accounts. c. capital accounts. d. nominal accounts.

Last Answer : b. permanent accounts.

Under vouching, checking is done of– (A) Journal and Ledger (B) Profit and Loss Account (C) Balance Sheet (D) All of the above

Description : Under vouching, checking is done of– (A) Journal and Ledger (B) Profit and Loss Account (C) Balance Sheet (D) All of the above

Last Answer : Answer: All of the above

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

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

Suppliers personal a/c are seen in the A) Sales Ledger B) Nominal ledger C) Purchases Ledger D) General Ledger

Description : Suppliers personal a/c are seen in the A) Sales Ledger B) Nominal ledger C) Purchases Ledger D) General Ledger

Last Answer : Answer: C

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 balance sheet? A] Assets increased by Rs.800000 and liabilities decreased by Rs.800000 B] Assets decreased by Rs.800000 and liabilities increased by Rs.800000 C] Assets increased by Rs.1000000 and liabilities increased by Rs.800000 D] Assets increased by Rs.800000 and liabilities increased by Rs.800000

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

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

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

Human resources will not appear in the balance sheet according to ______ concept. a) Accrual b) Going concern c) Money measurement concept d) None

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

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 'current liabilities'

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

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

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

The original amount of preference share capital should be transferred to ............ account in the time of amalgamation in the books of vendor co. (A) Preference shareholders Account (B) Capital Reserve Account (C) Equity share capital Account (D) Equity share capital Account

Description : The original amount of preference share capital should be transferred to ............ account in the time of amalgamation in the books of vendor co. (A) Preference shareholders Account (B) Capital Reserve Account (C) Equity share capital Account (D) Equity share capital Account

Last Answer : (A) Preference shareholders Account

On the admission of a partner, fictitious assets are– (A) Transferred to Revaluation Account (B) Transferred to Capital Account (C) Transferred to Reserves (D) Shown in the new Balance Sheet

Description : On the admission of a partner, fictitious assets are– (A) Transferred to Revaluation Account (B) Transferred to Capital Account (C) Transferred to Reserves (D) Shown in the new Balance Sheet

Last Answer : Answer: Transferred to Revaluation Account

At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is A) Transferred to Depreciation Account B) Transferred to the Asset Account C) Transferred to Profit and Loss Account D) Simply deducted from the asset in the Balance Sheet

Description : At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is A) Transferred to Depreciation Account B) Transferred to the Asset Account C) Transferred to Profit and Loss Account D) Simply deducted from the asset in the Balance Sheet

Last Answer : Answer: D

Amalgamate adjustment account is opened in the books of transferee company to incorporate: A. The assets of the transferor company B. The liabilities of the transferor company C. The statutory reserves of the transferor company D. The non – statutory reserves of the transferor company

Description : Amalgamate adjustment account is opened in the books of transferee company to incorporate: A. The assets of the transferor company B. The liabilities of the transferor company C. The statutory reserves of the transferor company D. The non – statutory reserves of the transferor company

Last Answer : C. The statutory reserves of the transferor company

. Which one of the following is an optional step in the accounting cycle of a business enterprise? a. Analyze business transactions b. Prepare a worksheet c. Prepare a trial balance d. Post to the ledger accounts

Description : . Which one of the following is an optional step in the accounting cycle of a business enterprise? a. Analyze business transactions b. Prepare a worksheet c. Prepare a trial balance d. Post to the ledger accounts

Last Answer : b. Prepare a worksheet

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.

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.

A post-closing trial balance should be prepared a. before closing entries are posted to the ledger accounts. b. after closing entries are posted to the ledger accounts. c. before adjusting entries are posted to the ledger accounts. d. only if an error in the accounts is detected.

Description : A post-closing trial balance should be prepared a. before closing entries are posted to the ledger accounts. b. after closing entries are posted to the ledger accounts. c. before adjusting entries are posted to the ledger accounts. d. only if an error in the accounts is detected.

Last Answer : b. after closing entries are posted to the ledger accounts.

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.

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.

Outstanding expenses are shown on the ___________ side of Balance Sheet. 

Description : Outstanding expenses are shown on the ___________ side of Balance Sheet. 

Last Answer : Outstanding expenses are shown on the ___________ side of Balance Sheet. (a) Assets (b) Liability (c) Both (d) None of these

The post-closing trial balance contains only a. income statement accounts. b. balance sheet accounts. c. balance sheet and income statement accounts. d. income statement, balance sheet, and retained earnings statement account

Description : The post-closing trial balance contains only a. income statement accounts. b. balance sheet accounts. c. balance sheet and income statement accounts. d. income statement, balance sheet, and retained earnings statement account

Last Answer : b. balance sheet accounts.

A correcting entry a. must involve one balance sheet account and one income statement account. b. is another name for a closing entry. c. may involve any combination of accounts. d. is a required step in the accounting cycle.

Description : A correcting entry a. must involve one balance sheet account and one income statement account. b. is another name for a closing entry. c. may involve any combination of accounts. d. is a required step in the accounting cycle.

Last Answer : c. may involve any combination of accounts.

Correcting entries a. always affect at least one balance sheet account and one income statement account. b. affect income statement accounts only. c. affect balance sheet accounts only. d. may involve any combination of accounts in need of correction.

Description : Correcting entries a. always affect at least one balance sheet account and one income statement account. b. affect income statement accounts only. c. affect balance sheet accounts only. d. may involve any combination of accounts in need of correction.

Last Answer : d. may involve any combination of accounts in need of correction.

The purpose of the post-closing trial balance is to a. prove that no mistakes were made. b. prove the equality of the balance sheet account balances that are carried forward into the next accounting period. c. prove the equality of the income statement account balances that are carried forward into the next accounting period. d. list all the balance sheet accounts in alphabetical order for easy reference.

Description : The purpose of the post-closing trial balance is to a. prove that no mistakes were made. b. prove the equality of the balance sheet account balances that are carried forward into the ... next accounting period. d. list all the balance sheet accounts in alphabetical order for easy reference.

Last Answer : b. prove the equality of the balance sheet account balances that are carried forward into the next accounting period.

Afford full diagnosis of the profitability and financial position a) Preparation of Profit and Loss Account b) Balance Sheet c) Final Accounts d) Analysis of financial statement

Description : Afford full diagnosis of the profitability and financial position a) Preparation of Profit and Loss Account b) Balance Sheet c) Final Accounts d) Analysis of financial statement

Last Answer : d) Analysis of financial statement

Rent paid to landlord should be credited to a) Landlords account b) Rent account c)Cash account d) Expense account

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

Which of the following is a Real A/c? a) Building A/c b) Capital A/c c) Shyam A/c d) Rent A/c

Description : Which of the following is a Real A/c? a) Building A/c b) Capital A/c c) Shyam A/c d) Rent A/c

Last Answer : a) Building A/

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

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

Two taps P and Q can separately fill a tank in 120mins and 150 mins respectively. There is a 3rd tap in the bottom of the tank to empty it. If all of the 3 taps are simultaneously opened, then the tank is full in 100 mins. In how much time the 3rd pipe alone can empty the tank? A) 100 B) 200 C) 300 D) 400

Description : Two taps P and Q can separately fill a tank in 120mins and 150 mins respectively. There is a 3rd tap in the bottom of the tank to empty it. If all of the 3 taps are simultaneously opened, then the tank is full ... . In how much time the 3rd pipe alone can empty the tank? A) 100 B) 200 C) 300 D) 400

Last Answer : B Work done by the 3 tap in 1 min = 1/100 – ( 1/120 + 1/150) = 1/100 – (5+4/600) =1/100 – 9/600 =6-9/600 = - 3/600 = - 1/200(negative signs mean empting) Therefore the 3rd tap alone can empty the tank in 200 mins

The profit on the reissue of forfeited share are transferred to A. Capital A/ c B. Capital Reserve C. Profit & Loss A/c D. General Issues

Description : The profit on the reissue of forfeited share are transferred to A. Capital A/ c B. Capital Reserve C. Profit & Loss A/c D. General Issues

Last Answer : B. Capital Reserve

Which among the following is not opened for private sector participation A. Power sector B. Telecommunication sector C. Education sector D. Railways

Description : Which among the following is not opened for private sector participation A. Power sector B. Telecommunication sector C. Education sector D. Railways

Last Answer : D. Railways

Mark the correct option a) Maximum 12 deposit can be made in a financial year and more than one deposit can be made in one month b) Only one account can be opened in Post office or SBI or any nationalized banks. c) The account can be transferred from one PO to another and PO to State bank or nationalized bank vice versa. d) All the above

Description : Mark the correct option a) Maximum 12 deposit can be made in a financial year and more than one deposit can be made in one month b) Only one account can be opened in Post office or SBI or any ... from one PO to another and PO to State bank or nationalized bank vice versa. d) All the above

Last Answer : d) All the above