F.Y B.COM
SEMESTER - I
MID SEMESTER EXAMINATION
FUNDAMENTALS OF ACCOUNT
MCQS - SEPTEMBER - 2015
(1) IFRS stands for ..........
(A) Indian Financial Reporting Standards
(B) Indian Financial Reporting Structure
(C) International Financial Reporting Standards
(D) None of the above
(2) Rs. 10,000 spent on installation charges of machine is ............
(A) Debited to machine account
(B) Credited to machine account
(C) Debited to wages account
(D) Credited to wages account
(3) The same accounting policy and procedures should be followed every year is in accordance to ..............
(A) Convention of Consistency
(B) Periodically Concept
(C) Matching concept
(D) Going concern concept
(4) The cost of removing the stock of material from an old site to the new site is .................
(A) Capital Profit
(B) Capital expenditure
(C) Revenue loss
(D) Revenue expenditure
(5) The accounting treatment and presentation of transaction and events should be governed by their substance and financial reality and not merely with their ........... form.
(A) Prudence
(B) Legal
(C) Materiality
(D) Accounting Standards
(6) Irrecoverable amount from the customer is recorded in the journal as ...........
(A) Bad debts
(B) Rebate
(C) Provision for bad debts
(D) None of the above
(7) Outstanding rent is a type of ..........
(A) Nominal account
(B) Representative Personal A/c
(C) Real A/c
(D) None of the above
(8) The balance of machinery A/c. As on 1.4.14 was Rs. 2,00,000. The firm Purchased a machine costing Rs. 5,00,000 on 1.10.14 and another machine costing Rs. 3,00,000 on 1.1.2015. The firm provides depreciation @ 10% p.a. under written down value method, the depreciation for the year ended on 31.3.15 will be ..........
(A) Rs. 53,000
(B) Rs. 1,00,000
(C) Rs. 52,500
(D) None of the above
(9) An account which the total is heavier on debit side is said to have a......
(A) Nil Balance
(B) Credit Balance
(C) Debit Balance
(D) None of the above
(10) In journal the transactions are recorded in ......
(A) An analytical order
(B) Chronological order
(C) Unsystematic manner
(D) None of the above
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