Valuable resources acquired at a measurable money cost owned by the business is called..
Capital
Liabilities
Assets
Drawings
2. Multiple Choice
30 seconds
1 pt
The assets which cannot be realised in cash are…
Fictitious assets
Nominal assets
Fictitious and nominal assets
None
3. Multiple Choice
30 seconds
1 pt
Goods for resale are called..
Sales
Merchandise
Sales return
None
4. Multiple Choice
30 seconds
1 pt
Which of the following is not an intangible asset
Patent
Copyright
Branding
Computer
5. Multiple Choice
30 seconds
1 pt
Current liabilities include..
Bills payable
Creditors
Outstanding expenses
Bills payable, creditors and outstanding expenses
6. Multiple Choice
30 seconds
1 pt
Which of the following is capital expenditure?
Wages
Wages paid for building construction
Repair expenses of building
Advertisement expenses
7. Multiple Choice
30 seconds
1 pt
A person who owes money to the firm is called..
Debtor
Creditor
Supplier
None
8. Multiple Choice
30 seconds
1 pt
Goods means:
Commodity to be bought and sold
Commodity to be bought but not to be sold
Commodity to be used as an asset
Commodity to be bought,sold and used as an asset.
9. Multiple Choice
30 seconds
1 pt
Trade discount is…
Which is allowed at the time of receiving the payment
Which is allowed at the time of sale of goods
Which is allowed both at the time of receiving payment and sale of goods
Allowed in purchase
10. Multiple Choice
30 seconds
1 pt
Cash discount is:
Which is received at the time of making the payment
Which is allowed at the time of sale of goods
Which is received at the time of purchase of goods
Which is received both at the time of making payment and purchase of goods
11. Multiple Choice
30 seconds
1 pt
Current assets do not include:
Debtors
Motor car
Bank Balance
Prepaid expenses
12. Multiple Choice
30 seconds
1 pt
Tangible assets do not include:
Goodwill
Furniture
Stock
Cash
13. Multiple Choice
30 seconds
1 pt
Current liabilities do not include:
Bills payable
Creditors
Outstanding expenses
Debentures
14. Multiple Choice
30 seconds
1 pt
Purchases refers to the buying of
Stationery for office use
Assets for the factory
Goods for resale
Investment
15. Multiple Choice
30 seconds
1 pt
The term sales is used only for the sales of……..and is never used for the sale of…..
Assets,investments
Assets,goods
Intangible assets,goods
Goods,assets
16. Multiple Choice
30 seconds
1 pt
At the end of financial year, during sale of goodswas worth Rs. 2,00,000, the closing stock is valued at Rs. 10,000. This is….
An event
A transaction
Both an event as well as transaction
None
17. Multiple Choice
30 seconds
1 pt
Mr. Swastik who owed us Rs. 10,000 became insolvent and paid only 40% of this amount. The amount not received will be recorded as:
Discount allowed of Rs. 6,000
Outstanding amount to be received Rs. 6,000
Bad debts of Rs. 6,000
Amount received from Mr. Swastik Rs.10,000
18. Multiple Choice
30 seconds
1 pt
Godrej Ltd imported from Germany one machinery for sale in India and another machinery for production purpose. By what account will these be recorded as:
First machinery as goods , another as fixed assets.
Both machinery as fixed assets.
Both machinery as goods
None
19. Multiple Choice
30 seconds
1 pt
Mr. Jaspal Singh dealing in electronic goods sold 20 TV sets costing Rs. 30,000 each at Rs. 40,000 each. Out of this Rs. 5,00,000 were received in cash and the balance is not yet received. State the amount of revenue.
Rs. 5,00,000
Rs. 6,00,000
Rs. 10,00,000
None
20. Multiple Choice
30 seconds
1 pt
Which financial statement displays the revenues and expenses of a company for a period of time?
Income statement
Cash flow statement
Balance sheet
Profit and loss A/c
21. Multiple Choice
30 seconds
1 pt
What type of balance does asset accounts have?
Debit
Contra
Credit
None
22. Multiple Choice
30 seconds
1 pt
The account format that displays debits,credits,balances and headings:
General Ledger
T-Account
General ledger
Ledger account
23. Multiple Choice
30 seconds
1 pt
The accrual basis of accounting records revenues when they are:
Collected
Contracted
Earned
Readily available for use
24. Multiple Choice
30 seconds
1 pt
Which financial statement uses the expanded accounting equation?
Income statement
Cash flow statement
Balance sheet
Profit and loss A/c
25. Multiple Choice
30 seconds
1 pt
Which of these is not included as a separate item in the basic accounting equation?