Description : If closing capital is ₹ 30,000 and profit is ₹ 5,000 opening capital was __________
Last Answer : If closing capital is ₹ 30,000 and profit is ₹ 5,000 opening capital was __________ (a) ₹ 35,000 (b) ₹ 30,000 (c) ₹ 25,000 (d) ₹ 15,000
Description : How is closing capital calculated under a single entry system?
Last Answer : How is closing capital calculated under a 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.
Description : Drawings made during the year decrease the profit under the Single Entry System.
Last Answer : State True or False with reasons: Drawings made during the year decrease the profit under the Single Entry System.
Description : A statement of __________ is to be prepared in under to find out profit or loss under a single entry system.
Last Answer : A statement of __________ is to be prepared in under to find out profit or loss under a single entry system ... (c) Revenue (d) Profit or Loss
Description : Which statement is prepared under the single entry system to ascertain profit?
Last Answer : Which statement is prepared under the single entry system to ascertain profit?
Description : (i) In statement of profit or loss, profit on sale of assets are _________ to closing capital.
Last Answer : Fill in the Blanks : (i) In statement of profit or loss, profit on sale of assets are ... capital balance from __________ at the end of the year.
Description : The capital at the beginning of the accounting year is ascertained by preparing __________
Last Answer : The capital at the beginning of the accounting year is ascertained by preparing __________ (a) ... of Affairs (d) Closing Statement of Affairs
Description : The difference between the capital at the end of the year and capital at the beginning of the year is called __________
Last Answer : The difference between the capital at the end of the year and capital at the beginning of the year is ... (b) Income (c) Drawings (d) Expenses
Description : ncome Summary has a credit balance of $12,000 in J. Sawyer Co. after closing revenues and expenses. The entry to close Income Summary is a. credit Income Summary $12,000, debit Retained Earnings ... 000, credit Dividends $12,000. d. debit Income Summary $12,000, credit Retained Earnings $12,000.
Last Answer : d. debit Income Summary $12,000, credit Retained Earnings $12,000.
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.
Description : The final closing entry to be journalized is typically the entry that closes the a. revenue accounts. b. dividends account. c. retained earnings account. d. expense accounts.
Last Answer : b. dividends account.
Description : The closing entry process consists of closing a. all asset and liability accounts. b. out the retained earnings account. c. all permanent accounts. d. all temporary accounts.
Last Answer : d. all temporary accounts.
Description : If Income Summary has a credit balance after revenues and expenses have been closed into it, the closing entry for Income Summary will include a a. debit to the retained earnings account. b. debit ... . c. credit to the retained earnings account. d. credit to the owner's dividends account.
Last Answer : c. credit to the retained earnings account.
Description : Long-term equilibrium of an Industry under a perfectly market conditions in achieved when (a) All the firms are earning normal profit ; (b) All the firms are in equilibrium ; (c) There is no further entry or exit of firms from the industry ; (d) All the three
Last Answer : (d) All the three
Description : Under Single Entry System only ________ are opened.
Last Answer : Under Single Entry System only ________ are opened. (a) Cash and Personal Accounts (b) Real ... c) Nominal Accounts (d) Real and Nominal Accounts
Description : Detailed records of goods held for resale are not maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.
Last Answer : b. periodic inventory system.
Description : If Opening Stock – Rs.15,000 Purchases – Rs.37,500 Direct Expenses – Rs.1,500 Closing Stock – Rs.7,500 Operating Expenses – Rs.3,000 Sales are Rs. 60,000 during the year, what is the net profit ? (A) Rs. 12,000 (B) Rs. 10,500 (C) Rs. 7,500 (D) Rs. 3,000
Last Answer : Answer: Rs. 10,500
Description : Few items of P/L A/c of a company are– Sales – Rs.1,60,000 Closing stock – Rs.38,000 Non-operating Expenses – Rs.800 Non-operating Income – Rs.4,800 Net Profit – Rs.28,000 What is the Operating Profit Ratio ? (A) 18% (B) 20% (C) 15% (D) 57%
Last Answer : Answer: 15%
Description : In case of rising prices (inflation), LIFO will: (a) provide lowest value of closing stock and profit (b) provide highest value of closing stock and profit (c) provide highest value ... but lowest value of profit (d) provide highest value of profit but lowest value of closing stock
Last Answer : (a) provide lowest value of closing stock and profit
Description : In case of rising prices (inflation), FIFO method will: (a) provide lowest value of closing stock and profit (b) provide highest value of closing stock and profit (c) provide highest value ... stock but lowest value of profit (d) provide highest value of profit but lowest value of closing stock
Last Answer : (b) provide highest value of closing stock and profit
Description : Sense of territoriality and the ensuing awareness of autonomy were the main factors responsible for the __________
Last Answer : Sense of territoriality and the ensuing awareness of autonomy were the main factors responsible for ... d) formation of ancient janapadas in India.
Description : Regional Zones were called __________
Last Answer : Regional Zones were called __________ (a) Sabha (b) Sangharajya (c) Khanda (d) Mahajanpada
Description : In ancient Indian literature, the post of secretary is referred as __________
Last Answer : In ancient Indian literature, the post of secretary is referred as __________ (a) Sachiva (b) Scribae (c) Secretarius
Description : The function of a secretary to look after the inward and outward mail is called __________
Last Answer : The function of a secretary to look after the inward and outward mail is called __________ (a) Reception (b) Statutory (c) Correspondence
Description : In ancient Indian history, secretary was referred to as __________
Last Answer : In ancient Indian history, secretary was referred to as __________ (a) Scribae (b) Secretarius (c) Amatya
Description : A list of balances of all the accounts in ledger is called __________
Last Answer : A list of balances of all the accounts in ledger is called __________ (a) Balance Sheet (b) Profit and ... c (c) Trading A/c (d) Trial Balance
Description : The ancient civilisations of Mesopotamia and Harappa had cultural ties with each other because of __________
Last Answer : Choose the correct reason and complete the sentence: The ancient civilisations of Mesopotamia and ... were found (d) impressive town planning
Description : The first settlement of the Early Harappan period was established __________
Last Answer : Choose the correct reason and complete the sentence: The first settlement of the Early Harappan period was established ... .E (d) around 3300 B.C.E
Description : The evidence of the first excavations at Harappa had indicated __________
Last Answer : Choose the correct reason and complete the sentence: The evidence of the first excavations at Harappa ... (d) the decline of Harappan civilisation.
Description : By the amount of depreciation the value of asset __________
Last Answer : By the amount of depreciation the value of asset __________ (a) decreases (b) increases (c) becomes zero (d) remains constant
Description : Lothal was excavated by __________
Last Answer : Lothal was excavated by __________ (a) J. P. Joshi (b) S. R. Rao (c) R. D. Banerjee (d) Madho Swarup
Description : Left hand side of an account is called __________
Last Answer : Left hand side of an account is called __________ (a) Credit (b) Debit (c) Middle (d) Centre
Description : Customs and traditions which guide the accountants to prepare accounting statements are called __________
Last Answer : Customs and traditions which guide the accountants to prepare accounting statements are called __________ (a) ... (c) Concepts (d) Procedure
Description : Financial statements are a part of __________
Last Answer : Financial statements are a part of __________ (a) Book keeping (b) Planning (c) Accounting (d) None of these
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
Description : In cash transaction, goods or services are exchanged for __________
Last Answer : In cash transaction, goods or services are exchanged for __________ (a) other goods (b) other services (c) immediate cash (d) grains
Description : Give journal entry for adjusting profit made due to change in method of depreciation.
Last Answer : It can only be achieved by reducing rate of Dep retrospectively.
Description : In a pure monopoly firm a firm can make abnormal profit at the long run equilibrium level due to (a) Price discrimination;(b)Cost effectiveness ; (c) Banned entry of new firms ; (d) Sales promotion
Last Answer : (c) Banned entry of new firms ;
Description : In the short run if the price is above the average total cost in a monopolistic competitive market, the firm makes (a) Profits and new firms join the market ; (b) Profit and bar entry to new firms; (c) Makes losses and exit the market ; (d) Quick profit and disappears
Last Answer : (a) Profits and new firms join the market ;
Description : Mark the correct option relating to age limit a) For WLI & EA policies the insurant should not be less than 19 year an not more than 55 year on the date of next birthday b) For CWLA the upper age ... of both the spouses should not be less than 21 year and not more than 45 year. e) All the above
Last Answer : e) All the above
Description : When the weeds are under pressure, the herbicides enter the leaf a). less readily b). more readily c). do not enter d). entry not affected
Last Answer : a). less readily
Description : A profit maximizing firm will invest up to the level of investment where (a) The cost of borrowing equals marginal efficiency of capital (b) The cost of borrowing is greater than marginal ... marginal efficiency of capital (d) The cost of borrowing is equal to marginal propensity to consume.
Last Answer : (a) The cost of borrowing equals marginal efficiency of capital
Description : In accounting terms, what constitutes the 'closing stock'? (1) Net Investment (2) Gross Investment-Capital Losses (3) Opening Stock-Capital Losses (4) Opening Stock + Net Investment - Capital Losses
Last Answer : (4) Opening Stock + Net Investment - Capital Losses Explanation: Closing stock refers to the goods remaining un-sold during the year. It includes finished products, raw materials, or work in progress ... with the following calculation: Opening stock + Purchases - Closing stock = Cost of goods sold.
Description : The two concept of working capital are gross working capital and -------------------------- a) Net working capital b) Average working capital c) Opening working capital d) Closing working capital a
Last Answer : b) Average working capital
Description : In accounting terms, what constitutes the ‘closing stock’? (1) Net Investment (2) Gross Investment-Capital Losses (3) Opening Stock-Capital Losses (4) Opening Stock + Net Investment – Capital Losses
Last Answer : Opening Stock + Net Investment – Capital Losses
Description : (i) The single Entry System of Book-keeping is a scientific method of books of accounts.
Last Answer : Do you agree with the following statements? (i) The single Entry System of Book-keeping is ... Entry System follows the golden rules of accounts.
Description : All transactions are recorded in the Single Entry System
Last Answer : State True or False with reasons: All transactions are recorded in the Single Entry System
Description : The single Entry System is based on certain rules and principles.
Last Answer : State True or False with reasons: The single Entry System is based on certain rules and principles.
Description : A UNIX file system has 1 KB block size and 4-byte disk addresses. What is the maximum file size if the inode contains ten direct block entries, one single indirect block entry, one double indirect block entry and one triple indirect block entry? (A) 30 GB (B) 64 GB (C) 16 GB (D) 1 GB
Last Answer : (C) 16 GB