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 : 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 : Cash a/c is a ______ a) Real a/c b) Nominal c) Personal d) None
Last Answer : a) Real a/c
Description : Debit the receiver & credit the giver is _____ account a) Personal b) Real c) Nominal d) All the above
Last Answer : a) Personal
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 : 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 not a nominal Account? A] Outstanding salaries Account B] Salaries account C] Interest paid D] Commission received
Last Answer : A] Outstanding salaries Account
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Description : Value of goods withdrawn by the proprietor for his personal use should be credited to ____ a) Capital A/c b) Sales A/c c) Drawings A/c d) Purchases A/c
Last Answer : d) Purchases A/c
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
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/
Description : Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on sale is a) Capital & transferred to capital ... L a/c c) Capital & transferred to P & L a/c d) Revenue & transferred to general reserve
Last Answer : b) Revenue & transferred to P & L a/c
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
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 : Most of the inexpensive personal computer does not have any disk or diskette drive. What is the name of such computes? a. Home computers b. Diskless computers c. Dedicated computer d. General computer
Last Answer : a. Home computers
Description : Multi user systems provided cost savings for small business because they use a single processing unit to link several a. Personal computers b. Workstations c. Dumb terminals d. Mainframes
Last Answer : c. Dumb terminals
Description : A typical personal computer used for business purposes would have… of RAM. a. 4 KB b. 16 K c. 64 K d. 256 K
Last Answer : d. 256 K
Description : The use of spooler programs and/or …. Hardware allows personal computer operators to do the processing work at the same time a printing operation is in progress a. Registered mails b. Memory c. CPU d. Buffer
Last Answer : d. Buffer
Description : The personal computer industry was started by a. IBM b. Apple c. Compaq d. HCL
Last Answer : a. IBM
Description : The system unit of a personal computer typically contains all of the following except: a. Microprocessor b. Disk controller c. Serial interface d. Modem
Last Answer : d. Modem
Description : Personal computers use a number of chips mounted on a main circuit board. What is the common name for such boards? a. Daughter board b. Motherboard c. Father board d. Breadboard
Last Answer : b. Motherboard
Description : IMB launched its first personal computer called IBM-PC in 1981. It had chips from Intel, disk drives from Tandon, operating system from Microsoft, the printer from Epson and the application software from ... country which contributed the video display? a. India b. China c. Germany d. Taiwan
Last Answer : d. Taiwan
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
Description : Matching concept means A] Assets = capital + liabilities B] Transactions recorded at accrual concept C] Anticipate no profit but recognize all losses D] Expenses should be matched with the revenue of the period.
Last Answer : D] Expenses should be matched with the revenue of the period.
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 : 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 : 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
Description : Amount spent to increasing the earning capacity is a ______ expenditure a) Capital b) Revenue c) Deferred revenue d) Capital Loss
Last Answer : a) Capital
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
Description : Deewali advance given to an employee is a) Revenue Expenditure b) Capital Expenditure c) Deferred Revenue Expenditure d) Not an Expenditure
Last Answer : d) Not an Expenditure
Description : Money spent to acquire or upgrade physical assets is known as: A. Revenue Expense B. Capital Expense C. Administrative Expense D. Operating Expense
Last Answer : B. Capital Expense
Description : A newly established company cannot be successful in obtaining finance by way of A. issue of equity capital B. issue of preference share C. issue of debenture D. None of the above
Last Answer : C. issue of debenture
Description : Which one is more appropriate for cost of retained earning? A. Weighted Average cost of capital B. Opportunity cost to the firm C. Expected rate of return by the investor D. None of the above
Last Answer : B. Opportunity cost to the firm
Description : The share capital, to the extent already held by the purchasing company, is closed by the vendor company by crediting it to: A. Share capital account B. Purchasing company's account C. Realisation account. D. Business purchase account
Last Answer : C. Realisation account.
Description : Cost of capital is helpful in corporative analysis of various A. Source of Finance B. Source of Services C. Source of material D. Product
Last Answer : A. Source of Finance
Description : Risk in capital budgeting implies that the decision maker knows _ of the cash flows. A. Variability B. Certainty C. Probability D. None of these
Last Answer : C. Probability
Description : Which of the following has the highest cost of capital? A. Loans B. Equity shares C. Bonds D. Preference shares
Last Answer : B. Equity shares
Description : Under purchase 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 : C. Goodwill or capital reserve
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 : Amount spent on an advertisement campaign, the benefit of which is likely to last for three years is a A. Capital expenditure B. Revenue expenditure C. Deferred revenue expenditure D. None of the above
Last Answer : C. Deferred revenue expenditure
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 : The fundamental accounting equation' Assets = Liabilities + Capital' is the formal expression of A. Dual aspect concept B. Matching concept C. Going concern concept D. Money measurement concept
Last Answer : A. Dual aspect concept
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 : Which of the following accounting equation is correct? A. Capital + Liabilities= Assets B. Capital = Assets + Liabilities C. Capital- Liabilities = Assets D. Capital + Assets = Liabilities
Last Answer : A. Capital + Liabilities= Assets