Description : If the trial balance shows a short credit the suspense account will have a _______ balance.
Last Answer : If the trial balance shows a short credit the suspense account will have a _______ balance. (a) debit (b) zero (c) credit (d) nil
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 : -------- 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 : Net profit is computed in the A) Profit and loss account B) Balance sheet C) Trial balance D) Trading account
Last Answer : Answer: A
Description : If the trial balance does not agree the difference of the trial balance is placed in _______ account.
Last Answer : If the trial balance does not agree the difference of the trial balance is placed in _______ account. ... ) Suspense (c) Rectification (d) Real
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.
Description : Balance of Debenture Redemption Fund Account is transferred to– (A) Capital Reserve A/c (B) Profit and Loss A/c (C) General Reserve A/c (D) None of these
Last Answer : Answer: General Reserve A/c
Description : A post-closing trial balance will show a. only permanent account balances. b. only temporary account balances. c. zero balances for all accounts. d. the amount of net income (or loss) for the period.
Last Answer : a. only permanent account balances.
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 : Inherent risk is defined as the susceptibility of an account balance or class of transactions to error that could be material assuming that there were no related internal controls. Of the following ... . d. The client has lost a major customer accounting for approximately 30% of annual revenue.
Last Answer : Internal control over shipping, billing, and recording of sales revenue is weak.
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.
Description : A and B entered into a partnership investing Rs. 16000 and Rs. 12000 respectively. After 3 months, A withdrew Rs. 5000 while B invested Rs. 5000 more. After 3 more months C joins the business with a capital of Rs. 21000 ... of Rs. 26400 after one year by A.Rs. 2400 B.Rs. 3600 C.Rs. 3000 D.Rs. 4800
Last Answer : Answer: B (Rs. 3600) Explanation: A:B: C = 16000 x3 + 11000×9:12000 x 3 + 17000 x 9:21000 x 6 = 147:189:126 = 7:9:6 Difference of B and C’s shares = Rs. [26400 x (9/22) — 26400 x (6/22)) = Rs. 3600.
Description : Ajay and vijay entered into business with capital in ratio of 5:7.after 5 months Ajay withdraws 4/7 th of his capital and vijay withdraws 2/7th of his capital. At the end of 8months there was a profit of Rs 4470. Then find the profit A) 3678. B) 2000. C) 4000. D) 1500
Last Answer : Answer: B) Profit ratio of Ajay & vijay, 5x*5+3x*3 :7x*5+5x*3 =34:50=17:25 Profit of vijay =3360/42 *25 =Rs 2000
Description : P and Q entered into a partnership with captials in the ratio 4:5. After 3 months, P withdrew 1/3 of his capital and Q withdrew 1/5 of his capital . The gain at the end of 9 Months was Rs. 775. P's shares of profit is A) 358 B) 362 C) 337 D) 345
Last Answer : Answer: C) Investment initial of P=4x Investment initial of Q=5x After 3 months of P=4x*(1/3)=4x/3 After 3 months of Q= 5x*(1/5)= x Ratio of capitals = (4x*3+3x*6: 5x*3+4x*6)=30x:39x=10:13 Total profit =775 P’s share =10/23*775=337(approx.)
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
Description : The summarized balance sheet of Rakesh udyog Limited shows the balances of previous and current year of provision for taxation Rs. 50,000 and Rs. 65,000. If taxed paid during the current year amounted to Rs. 70,000 then amount charge ... a) Rs. 55,000 (b) Rs. 85,000 (c) Rs. 45,000 (d) Rs. 1,85,000
Last Answer : (b) Rs. 85,000
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 : 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 : 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 : Cash Flow Statement is prepared from A. Profit and loss account B. Balance Sheet C. Additional Information D. All of the above
Last Answer : D. All of the above
Description : Return on investment is a---------------- a) Profit and loss account ratio b) Balance sheet ratio c) Combined ratio d) Position statement ratio
Last Answer : c) Combined ratio
Description : Debt equity ratio is an example of ---------------- ratios a) Balance sheet ratio b) Profit & loss account ratio c) Mixed ratio d) Liquidity ratio
Last Answer : a) Balance sheet ratio
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
Description : Disclose accounting information a) Balance sheet b) Trading account c) Profit and Loss Account d) Financial statements
Last Answer : d) Financial statements
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
Description : Government grants related to income as per the Accounting Standard (AS)-12 should be- (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset ... of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet
Last Answer : Answer: Presented both in the Profit and Loss statement and in the balance sheet
Description : Closing stock appearing in the Trial Balance is shown in– (A) Balance Sheet only (B) Trading Account only (C) Trading Account and Balance Sheet both (D) None of the above
Last Answer : Answer: Balance Sheet only
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.
Description : The balances that appear on the post-closing trial balance will match the a. income statement account balances after adjustments. b. balance sheet account balances after closing entries. ... statement account balances after closing entries. d. balance sheet account balances after adjustments.
Last Answer : b. balance sheet account balances after closing entries.
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.
Description : Suspense account and how it is squared off?
Last Answer : cast in series regular roles
Description : (i) A temporary account opened to rectify the entry is known as suspense A/c.
Last Answer : Do you agree or disagree with the following statements. (i) A temporary account opened to rectify ... and rules are known as Errors of Principle.
Description : What is a suspense account?
Last Answer : What is a suspense account?
Description : According to the principles of ICH GCP what should be recorded, handled, and stored in a way that allows its accurate reporting, interpretation and verification? A. Data entered into the case report form B. Source information C. All clinical trial information D. Essential documents
Last Answer : C. All clinical trial information
Description : Profit prior to incorporation is transferred to– (A) Capital reserve (B) General reserve (C) Profit and Loss Account (D) Trading Account
Last Answer : Answer: Capital reserve
Description : All supplies of certificates received by Head and Sub Offices must entered in a) The Daily dairy b) Daily account c) The stock register(NC-12) d) Cash book
Last Answer : c) The stock register(NC-12)
Description : What are my rights when an unlicensed driver goes through a stop sign and totals my car
Last Answer : I was unable to get medical help because the other party gave me no info. When I got the police report and contacted his insurance they wanted to give me $600 and I was supposed to find my own doctor. At the time I had no medical insurance or money.
Description : How many totals electrons can the d orbital hold?
Last Answer : 10
Description : need to know what cholesterol totals should be ?
Last Answer : need to know what cholesterol levels should be
Description : The respective storm totals at three surrounding stations A, B and C are 110, 90 and 70 mm. If the normal annual precipitation amounts at stations X, A, B and C are respectively 1000, 1100, 1200 and 1250 mm, the estimated storm precipitation at X is (A) 75 mm (B) 77 mm (C) 79 mm
Last Answer : Answer: Option B
Description : The use of the multiplier: A)allows a seller to increase prices without the buyers' being aware of it.> B)determines totals for groups of items that are priced similarly.> C)allows the seller to ... )aids a supplier in keeping an accurate record of how many customers are purchasing a group of items.
Last Answer : C)allows the seller to change prices without having to issue new price sheets.
Description : If a customer’s bill totals $.65 and the customer gives you $1.00, the correct amount of change (according to our worksheet) would be: A. 3 dimes and 1 nickel. B. 5 pennies and 3 dimes. C. 1 quarter and 1 dime. D. 1 quarter and 2 nickels.
Last Answer : C. 1 quarter and 1 dime.
Description : Balance of trade is (a) The difference between balance on current account and capital account (b) Same as the balance of merchandize trade ; (c) Same as the balance of current account (d) Overall BoP balance.
Last Answer : (b) Same as the balance of merchandize trade ;
Description : "Mrs. Brown, you would agree that this is the most attractive car interior in this price range, wouldn't you?" Cliff Davis, salesperson at Ford Motors, was using __________ when he made this statement. A)a referral B)an objective C)a bandwagon approach D)a follow -up E)a trial close
Last Answer : E)a trial close
Description : The ratio which depicts the relationship between two items,one of which is drawn from the Balance Sheet and the other from the revenue account a) Current ratio b) Equity Ratio c) Net Profit ratio d) Debtors Turn over Ratio
Last Answer : d) Debtors Turn over Ratio
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 : Mark the correct option a) When an official is transferred permanently to the jurisdiction of another office, the officer in charge of the office in which his bond is kept will forward the bond to ... or temporary officials will be entered in the prescribed register Form Sec. 19. d) All the above
Last Answer : d) All the above
Description : Which of the following is affected by treatment of an accrued item in accounting ? (A) Profit and Loss A/c only (B) Profit and Loss Appropriation A/c (C) Balance Sheet only (D) Profit and Loss A/c and Balance Sheet
Last Answer : Answer: Profit and Loss A/c and Balance Sheet
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 : Study of the trend of the same items of two or more balance sheets a) Common size Profit and Loss A/C b) Common size balance sheet c) Comparative Income statement d) Comparative Balance Sheet
Last Answer : Common size balance sheet