Value of goods withdrawn by the proprietor for his personal use should be credited to ____ a) Capital A/c b) Sales A/c c) Drawings A/c d) Purchases A/c

Value of goods withdrawn by the proprietor for his personal use should be  credited to ____
a) Capital A/c  
b) Sales A/c
c) Drawings A/c  
d) Purchases A/c
by

1 Answer

Answer :

d) Purchases A/c
by

Related questions

Goods withdrawn by the proprietor for his personal use are A. Shown as a deduction from the purchases B. Shown as a deduction from the sales C. Treated as sales at cost price D. Added to the purchases

Description : Goods withdrawn by the proprietor for his personal use are A. Shown as a deduction from the purchases B. Shown as a deduction from the sales C. Treated as sales at cost price D. Added to the purchases

Last Answer : A. Shown as a deduction from the purchases

According to which concept, the proprietor pays interest on drawings a) Accrual concept b) Conservatism concept c) Entity concept d) Dual Aspect concept

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

The goods taken by the proprietor from the shop is debited to– (A) Shop account (B) Goods account (C) Capital account (D) Drawings accounts

Description : The goods taken by the proprietor from the shop is debited to– (A) Shop account (B) Goods account (C) Capital account (D) Drawings accounts

Last Answer : Answer: Drawings accounts

If we take goods for own use we should A) Debit Drawings Account, Credit Purchases Account B) Debit Drawings Account: Credit Stock Account C) Debit Sales Account: Credit Stock Account D) Debit Purchases Account: Credit Drawings Account

Description : If we take goods for own use we should A) Debit Drawings Account, Credit Purchases Account B) Debit Drawings Account: Credit Stock Account C) Debit Sales Account: Credit Stock Account D) Debit Purchases Account: Credit Drawings Account

Last Answer : Answer: A

A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated. (a) Money measurement (b) Conservatism (c) Consistency (d) None of these

Description : A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in ... is violated. (a) Money measurement (b) Conservatism (c) Consistency (d) None of these

Last Answer : (b) Conservatism

Change in the capital A/c of proprietor may occur due to ______ a) Profit earned b) Loss incurred c) Capital Introduced d)All of theabove

Description : Change in the capital A/c of proprietor may occur due to ______ a) Profit earned b) Loss incurred c) Capital Introduced d)All of theabove

Last Answer : d)All of theabove

The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept. a) Money measurement b) Cost c) Entity d) Dual aspect

Description : The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept. a) Money measurement b) Cost c) Entity d) Dual aspect

Last Answer : c) Entity

Cash discount allowed to a debtor should be credited to a) Discount account b)Customer’s account c) Sales account d) Cash account

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Last Answer : b)Customer’s account

If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____ a) Dr Drawing A/c & Cr Purchases A/c b) Dr Office Expenses A/c & Cr Motor Car A/c c) Dr Motor Car A/c & Cr Purchases A/c d) Dr Motor Car & Cr Sales A/c

Description : If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____ a) Dr Drawing A/c & Cr Purchases A/c b) Dr Office Expenses A/c & Cr Motor Car A/c c) Dr Motor Car A/c & Cr Purchases A/c d) Dr Motor Car & Cr Sales A/c

Last Answer : c) Dr Motor Car A/c & Cr Purchases A/c

Sales –Gross Profit = ________ a) Cost of goods sold b) Net sales c) Gross Sales d) Liabilities

Description : Sales –Gross Profit = ________ a) Cost of goods sold b) Net sales c) Gross Sales d) Liabilities

Last Answer : a) Cost of goods sold

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

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

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Last Answer : d) Cash, Premises

who is credited with the idea of using punch cards to control patterns of a weaving machine? a. Pascal b. Hollerith c. Babbage d. Jacquard

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Last Answer : d. Jacquard

Provision for Income Tax is _____ A. Debited to P & L Appropriation A/c B. Debited to Profit and Loss A/c C. Debited to Treading A/c D. Credited to P & L Appropriation a/c

Description : Provision for Income Tax is _____ A. Debited to P & L Appropriation A/c B. Debited to Profit and Loss A/c C. Debited to Treading A/c D. Credited to P & L Appropriation a/c

Last Answer : B. Debited to Profit and Loss A/c

When shares issued at premium which of the following account is credited? A. Share premium account B. Share first call account C. Share allotment account D. Share forfeited account

Description : When shares issued at premium which of the following account is credited? A. Share premium account B. Share first call account C. Share allotment account D. Share forfeited account

Last Answer : A. Share premium account

M/s Stationery Mart will debit the purchase of stationery to _______ a) Purchases A/c b) General Expenses A/c c) Stationery A/c d) None

Description : M/s Stationery Mart will debit the purchase of stationery to _______ a) Purchases A/c b) General Expenses A/c c) Stationery A/c d) None

Last Answer : a) Purchases A/c

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

X Ltd. goes into liquidation and an existing company Z Ltd. purchases the business of X Ltd. It is a case of: A. Absorption B. External reconstruction C. Amalgamation. D. Liquidation

Description : X Ltd. goes into liquidation and an existing company Z Ltd. purchases the business of X Ltd. It is a case of: A. Absorption B. External reconstruction C. Amalgamation. D. Liquidation

Last Answer : A. Absorption

When company purchases the business of another company ........ comes into existence. (A)Amalgamation (B)Absorption (C)External Reconstruction (D)Internal Reconstruction

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Last Answer : (B)Absorption

The expanded production of fertilizers, textiles & buildings require some A. power production B. domestic production of the necessary capital goods C. economical growth D. none of these

Description : The expanded production of fertilizers, textiles & buildings require some A. power production B. domestic production of the necessary capital goods C. economical growth D. none of these

Last Answer : B. domestic production of the necessary capital goods

In which duration, considerable import substitution has taken place in many important areas in capital goods, organic chemicals ? A. two decades B. three decades C. four decades (last) D. five decades

Description : In which duration, considerable import substitution has taken place in many important areas in capital goods, organic chemicals ? A. two decades B. three decades C. four decades (last) D. five decades

Last Answer : C. four decades (last)

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

Which one is not an element of internal environment? A. Marketing capabilities B. Operational Capabilities C. Money and capital market D. Personal Capabilities

Description : Which one is not an element of internal environment? A. Marketing capabilities B. Operational Capabilities C. Money and capital market D. Personal Capabilities

Last Answer : C. Money and capital market

When a seller grants credit for returned goods, the account that is credited is a. Sales. b. Sales Returns and Allowances. c. Merchandise Inventory. d. Accounts Receivable.

Description : When a seller grants credit for returned goods, the account that is credited is a. Sales. b. Sales Returns and Allowances. c. Merchandise Inventory. d. Accounts Receivable.

Last Answer : d. Accounts Receivable.

When goods are returned that relate to a prior cash sale, a. the Sales Returns and Allowances account should not be used. b. the cash account will be credited. c. Sales Returns and Allowances will be credited. d. Accounts Receivable will be credited.

Description : When goods are returned that relate to a prior cash sale, a. the Sales Returns and Allowances account should not be used. b. the cash account will be credited. c. Sales Returns and Allowances will be credited. d. Accounts Receivable will be credited.

Last Answer : b. the cash account will be credited.

Valuation of stock in accounting follows the principle of cost price or ____ which ever is lower. a) Market Price b) Average Price c) Net realizable Value d) None of these.

Description : Valuation of stock in accounting follows the principle of cost price or ____ which ever is lower. a) Market Price b) Average Price c) Net realizable Value d) None of these.

Last Answer : c) Net realizable Value

If the Market value of closing Inventory is less than its cost price, inventory will he shown at ____ a) Marketable value b) Fair Market value c) Both d) none

Description : If the Market value of closing Inventory is less than its cost price, inventory will he shown at ____ a) Marketable value b) Fair Market value c) Both d) none

Last Answer : a) Marketable value

Cost concept basically recognises ____ a) Fair Market value b) Historical cost c) Realisable value d) Replacement cost

Description : Cost concept basically recognises ____ a) Fair Market value b) Historical cost c) Realisable value d) Replacement cost

Last Answer : b) Historical cost

West Company has the following account balances: Purchases $48,000 Sales Returns and Allowances 6,400 Purchase Discounts 4,000 Freight-in 3,000 Delivery Expense 4,000 The cost of goods purchased for the period is a. $52,000. b. $47,000. c. $51,000. d. $44,600.

Description : West Company has the following account balances: Purchases $48,000 Sales Returns and Allowances 6,400 Purchase Discounts 4,000 Freight-in 3,000 Delivery Expense 4,000 The cost of goods purchased for the period is a. $52,000. b. $47,000. c. $51,000. d. $44,600.

Last Answer : . $47,000.

Gross profit is A) Cost of goods sold + Opening stock B) Excess of sales over cost of goods sold C) Sales fewer Purchases D) Net profit fewer expenses of the period

Description : Gross profit is A) Cost of goods sold + Opening stock B) Excess of sales over cost of goods sold C) Sales fewer Purchases D) Net profit fewer expenses of the period

Last Answer : Answer: B

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

While calculating purchase consideration ............... values of assets is to be considered. (A) Book value (B) Revalued price (C) Average price (D) Capital

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Last Answer : (B) Revalued price

Which of the following statement is correct? (A)The amount of Goodwill or Capital Reserve is found out in the books of purchasing company only (B)The amount of Goodwill or Capital Reserve is found out in the books of vendor company only. (C)Goodwill = Net Assets –Purchase price (D)The face value of shares of purchasing company will be taken in to account while calculating purchase consideration.

Description : Which of the following statement is correct? (A)The amount of Goodwill or Capital Reserve is found out in the books of purchasing company only (B)The amount of Goodwill or ... face value of shares of purchasing company will be taken in to account while calculating purchase consideration.

Last Answer : (A)The amount of Goodwill or Capital Reserve is found out in the books of purchasing company only

Amount withdrawn by the owner for his personal expenses is called __________  (a) Drawings  (b) Personal expenses  (c) Cash  (d) Assets

Description : Amount withdrawn by the owner for his personal expenses is called __________  (a) Drawings  (b) Personal expenses  (c) Cash  (d) Assets

Last Answer : Amount withdrawn by the owner for his personal expenses is called __________ (a) Drawings (b) Personal expenses (c) Cash (d) Assets

The Market price of good declined than the cost price. Then the concept that plays a key role is ____ a) Materiality b) Going concern concept c) Realization d) Consistency

Description : The Market price of good declined than the cost price. Then the concept that plays a key role is ____ a) Materiality b) Going concern concept c) Realization d) Consistency

Last Answer : c) Realization

Mr. X sold goods to Mr. Y askMr. X to keep the goods with him for some time a) symbolic delivery b) actual delivery c) constructive delivery d) none of these

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Last Answer : a) symbolic delivery

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.

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.

Statement (A). The GATT applied only to trade in merchandise goods. Reasons (R). The wro covers trade in goods, services and trade in ideas or intellectual properties. A. Both (A) and (R) are true and (R) is the correct explanation of (A). B. Both (A) and (R) are true and (R) is the not correct explanation of (A). C. (A) is true but (R) is false. D. (A) is false but (R) is true

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Last Answer : . A. Both (A) and (R) are true and (R) is the correct explanation of

Arrange the following Acts in the order in which they came into force. (i) The Monopolies Restrictive Trade Practices Act (ii) Indian Contract Act (iii) The Sale of Goods Act (iv) The Foreign Exchange Management Act A. (il), (iii), (i), (iv) B. (iii), (i), (iv) and (ii) C. (i), (ii), (iii), (iv) D. (iv), (iii), (ii), (i)

Description : Arrange the following Acts in the order in which they came into force. (i) The Monopolies Restrictive Trade Practices Act (ii) Indian Contract Act (iii) The Sale of Goods Act (iv) The Foreign Exchange Management Act A. (il), (iii), (i ... (ii) C. (i), (ii), (iii), (iv) D. (iv), (iii), (ii), (i)

Last Answer : B. (iii), (i), (iv) and (ii)

Consumers have the rights (i) to be protected against goods and services that are hazardous to life and property. (il) to assure wherever possible access to a variety of goods; and services at national prices. A. Both (i) and (il) are correct. B. Both (i) and (il) are wrong C. Only (i) is correct. D. Only (ii) is correct.

Description : Consumers have the rights (i) to be protected against goods and services that are hazardous to life and property. (il) to assure wherever possible access to a variety of goods; and services at national prices. A. Both (i) ... (i) and (il) are wrong C. Only (i) is correct. D. Only (ii) is correct.

Last Answer : A. Both (i) and (il) are correct.

Which is true for existing Economic and Industrial policies of Indian Government ? (i) FERA was abolished (ii) MRTP was abolished (iii) Cash compensatory support for export was abolished (iv) Industrial Licensing (except a few goods) was abolished A. (i), (ii), (iii) and (iv) B. (i), (iii) and (iv) C. Only (iii) and (iv) D. Only (ii) and (iii)

Description : Which is true for existing Economic and Industrial policies of Indian Government ? (i) FERA was abolished (ii) MRTP was abolished (iii) Cash compensatory support for export was abolished (iv) Industrial Licensing (except a few ... (iii) and (iv) C. Only (iii) and (iv) D. Only (ii) and (iii)

Last Answer : C. Only (iii) and (iv)

Consumers have the rights (i) to be protected against goods and services that are hazardous to life and property (ii) to assure wherever possible access to a variety of goods and services at national prices. A. Both (i) and (ii) are correct. B. Both (i) and (ii) are wrong. C. Only (i) is correct D. Only (ii) is correct.

Description : Consumers have the rights (i) to be protected against goods and services that are hazardous to life and property (ii) to assure wherever possible access to a variety of goods and services at national prices. A. Both (i) ... (i) and (ii) are wrong. C. Only (i) is correct D. Only (ii) is correct.

Last Answer : A. Both (i) and (ii) are correct.

Sales made to Mahesh for cash should be debited to________________ a) Cash account b) Mahesh Account c) Sales account d) Purchase 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

As per accrual concept, which of the followings is not true a) revenue –expenditure = profit b) revenue –profit = expenditure c) sales + gross profit = revenue d) revenue = profit + expenditure

Description : As per accrual concept, which of the followings is not true a) revenue –expenditure = profit b) revenue –profit = expenditure c) sales + gross profit = revenue d) revenue = profit + expenditure

Last Answer : c) sales + gross profit = revenue

A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him? a) Going concern b) Cost c) Accrual

Description : A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him? a) Going concern b) Cost c) Accrual

Last Answer : c) Accrual

Which among these is not a restrictive trade practice? A. Tie Up sales B. Price Discrimination C. Manipulation of Price D. All are restrictive trade practice

Description : Which among these is not a restrictive trade practice? A. Tie Up sales B. Price Discrimination C. Manipulation of Price D. All are restrictive trade practice

Last Answer : C. Manipulation of Price

Drawings made by the businessman increase his capital.

Description : Drawings made by the businessman increase his capital.

Last Answer : State whether the following statement are true or false with reason : Drawings made by the businessman increase his capital.

(i) Excess of opening capital over closing capital of proprietor under single entry system.

Description : (i) Excess of opening capital over closing capital of proprietor under single entry system.

Last Answer : Write a word, term, or phrase which can substitute each of the following statements : (i) ... (v) The incomplete method of the accounting system.

Capital employed is Rs.50,000 Trading Profit amounted Rs.12,200, Rs.15,000 and Rs.2000 loss for 2016, 2017 and 2018 respectively. Rate of interest is 8% and the rate of risk is 2% Remuneration from alternative employment of the proprietor is Rs.3,600 pa. Amount of Goodwill at 3 years. purchase of super Profit is A Rs.8,000 B Rs.8,800 C Rs.8,850 D Rs.9,500 ANS: Rs.8,850

Description : Capital employed is Rs.50,000 Trading Profit amounted Rs.12,200, Rs.15,000 and Rs.2000 loss for 2016, 2017 and 2018 respectively. Rate of interest is 8% and the rate of risk is 2% Remuneration from alternative employment of the ... A Rs.8,000 B Rs.8,800 C Rs.8,850 D Rs.9,500 ANS: Rs.8,850

Last Answer : A