File Name: basic financial accounting multiple choice questions and answers .zip
Ans: Bookkeeping. Ans: Informed Judgments, decisions. Identification of transactions, measurement, recording, classification, summarizing and analysing is done using software packages in the present-day environment. Accountants need not explain various factors on what has happened, why it happened, and what is likely to happen under specific conditions.
Ans: Internal and External. Write against the following statements the terms for which these are made in reference to accounting information i. Managing Director, Functional Managers, shareholders, etc. They have evolved over years and are accepted as universal rules. Choose the correct answer from the following: i. Which concepts form the basis for the distinction between the expenditure of short term and long term?
State true or false a. The Companies Act has set a maximum limit of 15 months for the accounting period. Ans: a True, b False. Fill in the blanks: a. Ans: a increase, b cash basis of accounting. Name the concept for the following applications: a. Classification of assets as a current asset, fixed assets and fictitious assets b. Insurance premium paid in advance d. Indian Air Force has placed an order for fighter jets to be procured by Ans: a going concern concept, b Dual Aspect concept, c Accrual concept, d Realization concept.
Ans: a Giving meaningful information. Ans: Convention of consistency. Ans: Fair and adequate disclosure. Ans: Full disclosure. Give your decision in the following situations: A business has unsold stock at the end of the year.
The cost price is Rs. At which price the unsold stock is recorded? Ans: Cost price. What will be your decision if the cost price in the above case is Rs. Ans: Premium. A company issues its shares of Rs. Ans: Rs. The liabilities of a firm are Rs. The total assets are: a 1,10, b 60, c 10, d 50, Ans: a 1,10, The resources i.
Ans: Creditors. Find the value of the following: a If the total assets are Rs. What is capital? Ans: a 40, b 2,00, c 1,64, d 1,40, Ans: a liability, b intangible. Choose the right answer from among the following: A. Purchase book is used to record: a.
Credit purchase of goods b. Cash purchase of goods c. Both credit and cash purchase of goods d. Credit purchase of goods including assets Ans: a. Credit purchase of goods. When goods are returned to the supplier: a. An invoice is raised b. A debit note is raised and sent to the supplier c. A credit note is raised and sent to the supplier d. A debit note is raised and sent to the supplier. Ans: customer.
In which book of original entry would the following transactions be entered? Ans: a cash book b sales return book and cash book c Purchase book.
Ans: Imprest. Ans: equal to or more than or less than the amount. Final accounts are the summaries of ledger accounts organized in such a manner as to show the profit or loss of the business for the accounting year. Ans: Profit or loss. Ans: Timeliness. Ans: Adjustments. Ans: Provision for discount on debtors. The basic principle of a closing entry is that the account to be closed should be credited if it has a debit balance and the account to which it is transferred should be debited.
Ans: Sales and sales returns. Ans: Sales Account should be debited and Trading Account should be credited. Trading account is prepared to find out the Gross profit or Gross loss of the organization.
Profit and loss account is prepared to calculate the net profit or net loss of the business. Ans: Profit and loss account; Capital account. Ans: Profit and loss account.
Ans: Balance sheet. Ans: Current Assets. Ans: Fixed assets. Ans: Liabilities. Interest on capital is added to the capital on the Asset side of the Balance sheet. State true or false: a. Ans: True. Your email address will not be published.
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The income statement displays all revenues and expenses recorded in a period in a single report. The purpose of financial accounting is to provide useful information for outside investors, creditors, and others. Although this is a byproduct of financial accounting , it is not the primary purpose. Minimizing taxes is not a part of financial accounting. Taxes fall under financial management. This is included in the accounting equation.
Who is considered the father of modern accounting? Who is considered the father of accounting in India? J Abdul Kalam. Give some examples of Personal account. Note: Personal Accounts includes mainly debtors, creditors, outstanding expenses, prepaid expenses, accrued income, overdraft, Name of companies-schools-colleges-or any institutions or any naming word.
Ans: Bookkeeping. Ans: Informed Judgments, decisions. Identification of transactions, measurement, recording, classification, summarizing and analysing is done using software packages in the present-day environment.
Here is a free basic accounting test to check your understanding of the section on the basic accounting concepts. To make this test more realistic, time yourself to make sure that you're not just getting the correct answers but also answering at the right speed. Time limit: 12 minutes. Please note that the solution sheet on the next page only shows the solutions and not whether you got each of the questions right or wrong. While you are answering the questions here, write down each of your answers on the piece of paper number the questions and put your answers next to them.
Home About My account Contact Us. The process of accounting is needed to I. Financial markets multiple choice questions and answers PDF exam book to download is a revision guide with solved trivia quiz questions and answers on topics: Bond markets, financial markets and funds, foreign exchange markets, introduction to financial markets, money markets, mortgage markets, security valuation, world stock markets for online learning. Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. Logistics management is an integral part of the business and its success.
Here is a free basic accounting test to check your understanding of the section on the basic accounting concepts. To make this test more realistic, time yourself to make sure that you're not just getting the correct answers but also answering at the right speed.
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