F.Y B.COM
SEMESTER - I
FUNDAMENTALS OF ACCOUNTING THEORY AND PRACTICES
MCQS = UNIT - 3
1. In account current, while counting the number of days, the due date is ignored and date up to which the accounts are prepared, is
(a) included
(b) excluded
(c) ignored
2. A ledger is called a book of ........
(a) Primary entry
(b) Final entry
(c) Original entry
(d) None of the above
3. From which of the following is a ledger account prepared.
(a) Transactions
(b) Events
(c) Journal
(d) None of the above
4. The process of transferring of items from a journal to their respective ledger accounts is called as.
(a) Arithmetic
(b) Balancing
(c) Entry
(d) Posting
5. The ledger column that links the entry with the journal is called as
(a) J.F column
(b) Credit column
(c) L.F column
(d) Debit column
6. The left hand side of the ledger account is referred to as.
(a) Credit side
(b) Debit side
(c) Balance
(d) Footing
7. Ledger is a principal book that contains.
(a) Personal accounts only
(b) Real accounts only
(c) Nominal accounts only
(d) All accounts
8. Accounts that have credit balance are closed by using the statement
(a) To balance c/d
(b) By balance b/d
(c) By balance c/d
(d) To balance b/d
9. An account is having debit balance is established when.
(a) The last entry of the accounting period was posted on the debit side
(b) The amount of debit exceeds the amount of the credits
(c) There are more entries on the debit side than on the credit side
(d) None of above
10. Which of the following item will be appearing on the credit side of the ledger account?
(a) Discount received
(b) Cash received
(c) Rent Expenses
(d) Purchases
11. Among these, which item is used as the base for preparing trial balance?
(a) Ledger account
(b) Cash account
(c) Balance sheet
(d) Journal
12. If debit side of bank account is greater than credit side it represents?
(a) Cash at bank
(b) Bank loan
(c) Bank overdraft
(d) None of the above
13. Ledger is a principal book in which?
(a) Only Personal accounts are kept
(b) Only Real accounts are kept
(c) All Accounts are kept
(d) Only Nominal Accounts are kept
14. Which accounts belong in the accounts payable ledger?
(a) Vendor account
(b) Customer accounts
(c) Sales accounts
(d) None of the above
15. An account is said to have a debit balance if?
(a) The amount of debit exceeds the amount of credit
(b) There are more entries on debit side than on credit side
(c) The last entry of the accounting period was posted on debit side
(d) None of the above
16. When a Liability is reduced or decreased, it is recorded on the?
(a) Right or debit side of account
(b) Left or debit side of account
(c) Left or credit side of account
(d) Right or credit side of account
17. If payment is made on the average due date it results in -
(a) Loss of interest to the creditor
(b) Loss of interest to the debtor
(c) No loss of interest to either of them
18. A mean date is calculated
(a) In connection with the settlement of contra accounts
(b) For a lumpsum payment
(c) For several payments on different dates
19. If payment is made after average due date, the party entitled to interest is
(a) Creditor
(b) Debtor
(c) Bank
20. When due date is a public holiday, then the due date wil be.......
(a) Succeeding business day
(b) Preceding business day
(c) Due date will not change and will remains same
21. A Bill due on 29th January, 2015 is made payable at one month after date. The due date instrument........
(a) 28th February, 2015
(b) 29th February, 2015
(c) 3rd March, 2015
22. If a bill is drawn on 28th February, 2016 for 1 month, it will mature on .......
(a) 1st March, 2016
(b) 2nd March, 2016
(c) 3rd March, 2016
(d) 31st March, 2016
23. Red ink interest is
(a) really not interest
(b) negative interest
(c) used in connection with average due date
24. An account current is a statement of mutual transactions
(a) between two parties
(b) in lieu of average due date
(c) prepared for a particular accounting period
25. Sold Ledger adjustment account is opened in:
(a) Sold Ledger
(b) General Ledger
(c) Bought Ledger
(d) Sold Ledger as well as in bought ledger
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