Description : The process of recording financial data upto trial balance is a) Book keeping b) Classifying c) Summarising d) Analyzing
Last Answer : a) Book keeping
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 : A trader calculated his profit as Rs.150000 on 31/03/2014. It is an A] Transaction B] Event C] Transaction as well as event D] Neither transaction nor event
Last Answer : B] Event
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 : 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 : 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 : 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 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
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 : 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
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 : Provision for discount on debtors is calculated on the amount of debtors. a) Before deducting provision for doubtful debts. b)After deducting provision for doubtful debts. c) Before deducting actual debts and provision for doubtful debts. d) After adding actual bad and doubtful debts.
Last Answer : b)After deducting provision for doubtful debts.
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 : condensing output data to exhibit specific information is a. calculating b. recording c. merging d. summarizing
Last Answer : d. summarizing
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 : 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 : Sales –Gross Profit = ________ a) Cost of goods sold b) Net sales c) Gross Sales d) Liabilities
Last Answer : a) Cost of goods sold
Description : As per the Matching concept, Revenue –? = Profit a) Expenses b) Liabilities c) Losses d) Assets
Last Answer : a) Expenses
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
Description : The policy of anticipate no profit and provide for all possible losses arise due to the concept of _____ a) Consistency b) Disclosure c) Conservatism d) Matching
Last Answer : c) Conservatism
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 : An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000. What is the correct amount of profit to be reported in the books? a) Rs.1,47,000 b) Rs. 1,51,000 c) Rs.1,63,000 d) Rs.1,41,000
Last Answer : b) Rs. 1,51,000
Description : Bonus shares can be issued by a company A. Out of the Reserves created by revaluation of fixed assets B. Out of share premium not collected in cash C. Without any provision for it in the Articles of Association of the company D. Out of free reserves built out of genuine profit
Last Answer : D. Out of free reserves built out of genuine profit
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 : 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 : 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 : Super profit mean A. Average Profit – Net profit B. Average Profit – Normal rate of return C. Weighted Average Profit D. Net profit – Average Profit
Last Answer : A. Average Profit – Net profit
Description : Which of following is not the method of valuation of Goodwill? A. Average profit Method B. Super profit Method C. Capitalization Method D. Straight line Method
Last Answer : D. Straight line Method
Description : The most promising source of saving to finance development is A. the profits of organized sector B. profits of railway C. profits of Government sector D. only the profit of private sector
Last Answer : A. the profits of organized sector
Description : Reasons for adopting globalisation A. Profit advantage B. Growth Opportunity C. Domestic Market Constraints D. Spin off benefits
Last Answer : D. Spin off benefits
Description : A possible obstacle to growth of privatisation is A. Profit earned by public enterprises B. Sale of least profitable enterprises C. Licensing D. All of these
Last Answer : B. Sale of least profitable enterprises
Description : Globalisation means A. Setting of firms branches in other countries B. Adopting a global outlook C. Earning profit from Exports D. Attracting foreign investment
Last Answer : B. Adopting a global outlook
Description : VAT is imposed A. Directly on Consumers B. On final Stage of production C. On all stages from Production to final sale D. None of the above
Last Answer : B. On final Stage of production
Description : Recording of a transaction in the journal is called posting.
Last Answer : State whether the following statement are ‘True or False’ with reason : Recording of a transaction in the journal is called posting.
Description : The process of entering or recording the transactions in the Journal is called posting.
Last Answer : Correct the following statement and rewrite the statement : The process of entering or recording the transactions in the Journal is called posting.
Description : Posting implies recording a transaction in a journal.
Last Answer : State whether the following statement are true or false with reason : Posting implies recording a transaction in a journal.
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 : Francis sold his pen at a profit of Rs.5. He calculated his profit percentage on his selling price and found it to be 50%. Find his profit percentage? a)100% b)150% c)200% d)250%
Last Answer : a)100%
Description : Gross profit is calculated by subtracting ________ from _________, a. operating expenses, net income b. sales discounts from sales revenue c. cost of goods sold, net sales revenue d. merchandise inventory, cost of goods sold
Last Answer : c. cost of goods sold, net sales revenue
Description : aAfter gross profit is calculated, operating expenses are deducted to determine a. gross margin. b. operating income. c. gross profit on sales. d. net margin.
Last Answer : b. operating income.
Description : How is Contribution Margin calculated? a. Material Cost – Labor Cost b. Price*(Material Cost-Labor Cost) c. Price – (Material cost + Labor cost) d. Price – Material Cost e. Profit –(Material Cost + Labor Cost)
Last Answer : c. Price – (Material cost + Labor cost)
Description : EPS (Earning Per Share) is calculated by a. adding net profit by the number of current shares. b. dividing net profit by the number of current shares. c. adding net profit to the number of shares outstanding. d. dividing net profit by the number of shares outstanding. e. none of these.
Last Answer : d. dividing net profit by the number of shares outstanding.
Description : EVA is calculated on the basis of A NPAT B NPBT C NOPAT D Gross Profit
Last Answer : NOPAT
Description : Break-even point in Rs is Calculated as _________ a) Fixed cost/ contribution per unit b) Fixed cost / p/ V ratio c) Fixed cost + desired profit/ Contribution per unit d) Fixed cost + desired profit/ P/V ratio.simpl
Last Answer : b) Fixed cost / p/ V ratio
Description : Using equation method, Break-even point is calculated as A. Sales = Variable expenses + Fixed expenses + Profit B. Sales = Variable expenses + Fixed expenses - Profit C. Sales = Variable expenses - Fixed expenses + Profit D. None of the above
Last Answer : A. Sales = Variable expenses + Fixed expenses + Profit
Description : Gross profit ratio is calculated by A. (Gross Profit/Gross sales)*100 B. (Gross Profit/Net sales)*100 C. (Net Profit/Gross sales)*100 D. None of the above
Last Answer : B. (Gross Profit/Net sales)*100
Description : ……………. are not machine instructions and therefore, Java interpreter generates machine code that can be directly executed by the machine that is running the Java program. A) Compiled Instructions B) Compiled code C) byte code D) Java mid code
Last Answer : C) byte code
Description : DBMS is a collection of ………….. that enables user to create and maintain a database. A) Keys B) Translators C) Program D) Language Activity
Last Answer : C) Program