Which of the following account would be credited when goods

Question

Question No: 1
Which of the following account would be credited, when goods are returned to suppliers?

1. Voucher payable account
2.  Stock account
3.  Sales account
4.  Work In Process account

Question No: 2
What would be the value of total manufacturing cost, if the cost of material consumed during the month is Rs. 5,000, labor cost incurred is Rs. 2,000 and the factory over head cost is Rs. 1,000?

1.  Rs. 3,000
2.  Rs. 5,000
3.  Rs. 7,000
4.  Rs. 8,000

Question No: 3
If:
• Direct Material Cost is Rs. 15,000
• Factory overhead is Rs. 5,000
• Manufacturing Cost is Rs. 30,000
Then:
What is the amount of Prime Cost?

1.  Rs. 25,000
2.  Rs. 20,000
3.  Rs. 35,000
4.  Rs. 45,000

Question No: 4
Which of the following do NOT represent the Cost of goods sold?

1. Sales - Gross Profit
2.  Opening Stock + Purchases - Return Outwards - Closing Stock
3.  Cost of goods Manufactured + Opening Finished Goods Inventory - Closing Finished Goods Inventory
4.  Opening Stock + Purchases - Return Inwards - Closing Stock

Question No: 5
Which of the following represents a possession that has a value in an exchange?

1.  Asset
2.  Liability
3.  Expense
4.  Revenue

Question No: 6 
Written down value of an asset = ----------------.

1.  Original cost - Accumulated depreciation
2.  Original cost - Appreciation
3.  Book value - Accumulated depreciation
4.  Original cost - Salvage value

 

Question No: 7
Distinction between capital and revenue items is important for the preparation of:

1. Income statement only
2. Balance sheet only

Cash Books
Terms
Income Statements
Account Balance
Administrative Assistants
Direct
Accounts Payables
Affiliate program commission
Balance Sheets
Exams
Cash Books
Terms
Income Statements
Account Balance
3. Final accounts
4. Bank statement

Question No: 8
When Bank Statement shows a debit balance it means:

1.  Favourable balance as per cash book
2.  Debit balance as per cash book
3.  Favourable balance as per bank statement
4.  Overdraft as per bank statement

Question No: 9
Which of the following statement is correct, if a company fails to record estimated bad debts expense?

1.  Net realizable value is understated
2.  Expenses are understated
3.  Revenues are understated
4.  Receivables are understated

Question No: 10
Which of the following is INCORRECT about subsidiary account?

1.  It is not a summary account
2.  It reduces the burden of control account
3.  It provides detailed information about individual accounts
4. It summarizes the total of related items from other accounts

Question No: 11
If cash sale is the missing figure, it can be ascertained by the construction of:

1.  Creditors Control Accounts
2. Debtors Control Accounts
3.  Cash Account
4.  None of the given options

Question No: 12 
Which of the following would be the example of Administrative Expenses?

1.  Financial charges
2.  Rent expenses
3.  Advertising expenses
4.  Selling expenses

Question No: 13 
Which of the following would NOT be included in the heads of Current Assets?

1.  Stock
2.  General Stores
3.  Spare parts
4.  Bank over draft

Question No: 14
If:
Ø Capital at the start Rs. 100,000
Ø Profit during the year Rs. 50,000
Ø Withdrawal during the year Rs. 25,000

What would be the closing balance of capital?

1.  Rs. 175,000
2.  Rs. 150,000
3.  Rs. 125,000
4.  Rs. 75,000

Question No: 15
Rent receivable (given in trial balance) is an item of_____________.

1.  Balance Sheet
2.  Profit & Loss Account
3.  Trading Account
4.  Both Balance Sheet and Profit & Loss Account

Question No: 16
Which one of the following refers to the allotment of shares to the existing shareholders by capitalizing the reserves into additional capital?
? Reserve funds
? Accumulated profit
? Right issue
? Bonus issue

Question No: 17
XYZ Company has paid up capital of 20,000 shares of Rs. 100 each. The company offers to existing sha1reholders the right to buy 3 shares of Rs. 100 each at Rs. 125 for every 5 shares held. What would be the number of right shares?

1.  120 right shares
2.  12,000 right shares
3.  15,000 right share1s
4.  25,000 right shares

Question No: 18
Which of the following is (are) type(s) of Public Limited Companies?

1.  Listed company 
2.  Non listed company
3.  Private limited company
4.  Both listed company and non listed company

Question No: 19
Which of the following can be utilized to issue bonus shares?

1.  Share premium
2.  Term finance certificates
3.  Bonds
4.  Debentures

Question No: 20 
The statement of cash flows consists of __________ main sections (activities).

1.  One
2.  Two
3.  Three
4.  Four

Question No: 21
If issuance of debentures against cash is Rs. 3,000 and repurchase of shares of Rs. 4,000 then which of the following is correct?

1.  Inflow of cash Rs. 7,000
2.  Outflow of cash Rs. 7,000
3.  Inflow of cash Rs. 1,000
4.  Outflow of cash Rs. 1,000

Question No: 22
Which of the following is adjusted as working capital change in operating activities section of a cash flow statement?

1.  Decrease in trade receivable
2.  Repayment of dividend
3.  Payment of goodwill
4.  Investment in associated companies

Question No: 23 
If there is a portion of long term loan of Rs. 30,000 payable in the current accounting period. Where it will be shown in financial statement?

1.  Current liability
2.  Long term liability
3.  Current asset
4.  Owner's equity