Accounting MCQs
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Question 2971hard
What is the amount of purchases, when:
Opening stock is = Rs. 10,000
Closing stock is = Rs. 8,000
Sales is = Rs. 1,10,000
Cost of goods sold is = Rs. 80,000
Opening stock is = Rs. 10,000
Closing stock is = Rs. 8,000
Sales is = Rs. 1,10,000
Cost of goods sold is = Rs. 80,000
Question 2972hard
Which of the following statements are correct?
1. Analysis and interpretation of financial statements, is a function of accounting.
2. Profit and Loss account is prepared for ascertaining financial postition of a firm.
3. Goodwill is a wasting asset.
4. Balance Sheet is prepared for ascertaining financial position of a firm
Select the correct answer
1. Analysis and interpretation of financial statements, is a function of accounting.
2. Profit and Loss account is prepared for ascertaining financial postition of a firm.
3. Goodwill is a wasting asset.
4. Balance Sheet is prepared for ascertaining financial position of a firm
Select the correct answer
Question 2973medium
Current Ratio is 2.7 : 1, Quick Ratio 1.8 : 1, Current Liabilities Rs. 60,000
The Value of Stock shall be
The Value of Stock shall be
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Question 2974hard
Which of the following activities should be shown separately in the cash flow statement prepared as per Accounting Standard-3?
1. Cash flow from borrowing activities
2. Cash flow from operating activities
3. Cash flow from financing activities
4. Cash flow from investing activities
5. Cash flow from miscellaneous activitie
1. Cash flow from borrowing activities
2. Cash flow from operating activities
3. Cash flow from financing activities
4. Cash flow from investing activities
5. Cash flow from miscellaneous activitie
Question 2975hard
The following information pertains to a cultural club:
Stock of tinned provisions (as on 1st April 1994) : Rs. 25,000
Purchased during the year : Rs. 1,50,000
Stock of tinned provisions (as on 31st March 1995) : Rs. 50,000
Sale of tinned provisions during the year : Rs. 1,50,000
The amounts to be debited and credited respectively to the Income and Expenditure account would be:
Stock of tinned provisions (as on 1st April 1994) : Rs. 25,000
Purchased during the year : Rs. 1,50,000
Stock of tinned provisions (as on 31st March 1995) : Rs. 50,000
Sale of tinned provisions during the year : Rs. 1,50,000
The amounts to be debited and credited respectively to the Income and Expenditure account would be:
Question 2976hard
A machine was purchased on 1st January 1992 for Rs. 5,00,000. A further sum of Rs. 5,000 for railway freight, Rs. 500 for local carriage and Rs. 5,000 on installation was spent on it. Depreciation is to be charged at 10% per annum on the written-down value method. On 31st December 1994 the book-value of the machinery will be:
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Question 2977hard
With reference to margin of safety, which of the following will improve it?
1. By lowering BEP through reduction of fixed cost.
2. By adopting a better profitable product mix.
Select the correct answer:
1. By lowering BEP through reduction of fixed cost.
2. By adopting a better profitable product mix.
Select the correct answer:
Question 2978hard
Select the correct amount of purchases, given on the following information:
Cost of goods sold - Rs. 1,20,000;
Carriage inwards - Rs. 1,890;
Opening stock - Rs. 43,640;
Closing stock - Rs. 38,500;
Purchase returns - Rs. 2,150;
Sales - Rs. 2,82,650
Cost of goods sold - Rs. 1,20,000;
Carriage inwards - Rs. 1,890;
Opening stock - Rs. 43,640;
Closing stock - Rs. 38,500;
Purchase returns - Rs. 2,150;
Sales - Rs. 2,82,650
Question 2979medium
Which of them are current liabilities?
1. Debentures
2. Prepaid rent
3. Interest accrued
4. Bank overdraft
Select the correct answer:
1. Debentures
2. Prepaid rent
3. Interest accrued
4. Bank overdraft
Select the correct answer: