Accounting Mcqs Cash in hand statement prepared in a Creditors account b Debtors account c Cash book d a and b e All of the above Answer C a Partnership Account b Joint stock company c Sole traders d All of these e a and c Answer B Who cannot maintain a single entry system how is pro t calculated in single entry system a Capital at the end Drawing Fresh capital Opening capital b Drawing Fresh capital Opening capital Capital at the end c Fresh capital Drawing Closing capital Opening capital d None of the above 1 23 The Income which is arising from special fund is credited to Answer A In non trading account capital funds are equal to a Assets Expenditures b Asset Liabilities c Asset Income d Asset Liabilities e Asset Income Answer D a Expenditure and Income account b General Fund in balance sheet c Special Fund in balance sheet d a and b e None of the above If asset are more then liabilities Answer C a Loss b Solvency c Pro t 2 23 d De ciency e Surplus Answer B Payment and receipt account is for a Asset and liabilities b Income and expenditure c Opening and Closing cash balances d A and b e All of the above The income through admission fee is treated as Answer C a Revenue b Capital c Liability d Pro t e All of the above Answer B a Mid of the year The Expenditure and Income account is prepared in 3 23 b Start of the year c End of the year d None of the above Legacy is normal treated as Answer C a Loss b Revenue c Income d Surplus e Capital Answer E a Balance sheet b Pro t and loss account c Trading account d Income and expenditure account e None of the above Answer A Speci c donation are always written in the a Pro t and loss account 4 23 In the beginning subscription outstanding is shown in which account b Income and expenditure account The institution Non trading is for c Balance sheet d Trading account e None of the above Answer C a Manufacturing goods b Selling Goods c Not to earn a pro t d All of Above Answer C a Balance sheet b Pro t loss account c Trial balance d Cash book A payment and receipt account is for Answer D Payment and receipt account is for a Accrued income b Capital and revenue receipt and payment c Outstanding expenditures d All of the above Answer B 5 23 5 In advance which subscription received a Liability Which thing do not maintain by Non trading concerns a Payment and receipt account b Income and expenditure account c Balance sheet d Trading Pro t and Loss account Answer D in which side admission fee received treated b Capital Fund c Asset d Income e All of the above Answer A a Capital income b Revenue income c Partly revenue income d None of the above Answer B b Real account c Nominal account d All of the above Answer C a Credit balance b No balance The payment and receipt account is not for a Summary of cash transaction The Expenditure and income account start with 6 23 Expenditure and income account is equal to a Pro t and loss account The money required for Non pro t company day by day is The Payment and Receipt account starts with the Capital fund shown on which side of balance sheet c Debit balance d Liabilities Answer B b Petty cash book c Balance sheet d All of the above Answer A a Capital Fund b Liability c Income d Shares Answer A a Ending balance b opening balance c Trial balance d None of the above Answer B a Credit side b Debit side c Asset side d Liability side Answer D 7 23 The consignor is the a An agent b Creditor of Consignee c Debtor of Consignee d Principle e All of the above Answer D a Contigent b Natural causes c Avoidable factory d Breaking in bulk e Unavoidable factory Answer E Normal losses are arises due to The acceptance of Bill of exchange in Consignee book is debited to a Consignment account b Consignor acoount c Trading account d Pro t and loss account e Income and Expenditure account Answer B The term of account and sales account are by Nature a Equal b Same c Different d Valuable e All of the above Answer C The Consignment stock appears in the balance sheet of a Consignee b Consignor c both A and B d None of the above e All of the above Answer B 8 23 Which process is follwed for adjusting invoice price to the cost price a Invoicing b Costing c Loading d Unloading e None of the above Answer D The consignee is the a Agent b Buyer c Principal d Seller e None of the above Answer A Account sale is submitted by the a Principal to his agent b Debtor to the creditor c Consignee d Cosignor e None of the above Answer C In Journal book the consignemt is prepared by a Consignee b Consignor c Customer d Debtor e All of the above Answer A 10 The nature of Consignee account is a Real b Nominal c Personal d All of the above e None of the Above 9 23 Answer C Where abnormal losses are credited in the book of consignor a Consignee account b Trading account c Trading pro t and loss account d Consignment account e c and d Answer D In ordinary partnership business how many partners are a Not more the 2 partners b Not more then 5 partners c Not more the 50 partners d Not more the 20 partners e Any Number of partners Answer D A company is established by a Directors b Government c Promoters d Owners e A and B Answer C a Founder Shares b Equity Shares c Preference Shares d Deferred Shares e None of the above Answer A The Ordinary shares are also named as The Company which is maintained by the group of persons is called a Group of members b Team of shareholders c Board of directors d A and B e All of the above 10 23 6 In issue of shares normally discount should not exceed then Answer C The power of the company managed by a Memorandum of association b Prospectus c Shareholders d Articles of association e None of the above Answer A Debenture holders are also called a Owner b Customer c Company d Debentures e Creditors Answer E a 8 b 2 c 10 d 50 e All of the above Answer C On the account of company audit is a Restricted b As per requirement c Optional d Compulsory e A and B Answer D The holder of debenture is called a Suppliers b Directors 11 23 The invitation to the public for the purchase of shares privately is called In Public limited company how many minium number of …