Accounting MCQs
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Question 3232hard
Subscription recieved in 2009 is
For the year 2008 ⇔ Rs. 1,300
For the year 2009 ⇔ Rs. 10,000
For the year 2010 ⇔ Rs. 1,200
Subscription outstanding on 31st December, 2009 ⇔ Rs. 700.
The amount of subscription to be posted to Income and Expenditure account of 2009 will be
For the year 2008 ⇔ Rs. 1,300
For the year 2009 ⇔ Rs. 10,000
For the year 2010 ⇔ Rs. 1,200
Subscription outstanding on 31st December, 2009 ⇔ Rs. 700.
The amount of subscription to be posted to Income and Expenditure account of 2009 will be
Question 3233hard
Read the following statements and mark your answer:
i. Return on Investment (R.O.I.) is calculated as part of final accounts preparation exercise
ii. Inventory valuation is a must for ascertaining profit by preparation of Trading Account
iii. Operational audit is a statutory requirement for a company auditor
iv. Garner Vs. Murray case relates to settlement of accounts on insolvency of a partner of the firm
i. Return on Investment (R.O.I.) is calculated as part of final accounts preparation exercise
ii. Inventory valuation is a must for ascertaining profit by preparation of Trading Account
iii. Operational audit is a statutory requirement for a company auditor
iv. Garner Vs. Murray case relates to settlement of accounts on insolvency of a partner of the firm
Question 3234hard
Arrange the following steps of preparation of consolidated balance sheet correctly.
1. Calculation of pre-acquisition profits
2. Calculation of minority interest
3. Calculation of post-acquisition profits
4. Calculation of cost of capital
1. Calculation of pre-acquisition profits
2. Calculation of minority interest
3. Calculation of post-acquisition profits
4. Calculation of cost of capital
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Question 3235hard
Match List-I and List-II and Select the correct answer:
| List-I | List-II |
| a. Loss in business | 1. Profit & Loss Adjustment A/c |
| b. Partner loan | 2. Joint Life Policy |
| c. Death of Partners | 3. Debit balance of Profit and Loss A/c |
| d. Revaluation A/c | 4. 6% Interest |
Question 3236hard
Given, subscription received in 1990:
For the year 1989 - Rs. 500
For the year 1990 - Rs. 7,000
For the year 1991 - Rs. 400
1990 - subscription outstanding on 31st December 1990 : Rs. 250
The amount of subscription to be posted to income and expenditure account of 1990 is:
For the year 1989 - Rs. 500
For the year 1990 - Rs. 7,000
For the year 1991 - Rs. 400
1990 - subscription outstanding on 31st December 1990 : Rs. 250
The amount of subscription to be posted to income and expenditure account of 1990 is:
Question 3237medium
Statement I IFRS are issued by International Accounting Standard Board (IASB).
Statement II IFRS-16, i.e.'leases' applies to annual reporting periods beginning on or after 1st January, 2019.
Statement II IFRS-16, i.e.'leases' applies to annual reporting periods beginning on or after 1st January, 2019.
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Question 3238hard
Which of the following item/items will be included in income and expenditure account?
I. Accrued expenses
II. Credit purchases
III. Prepaid expenses
IV. Opening cash balance
Select the correct answer from the options given below and mark your answer sheet accordingly.
I. Accrued expenses
II. Credit purchases
III. Prepaid expenses
IV. Opening cash balance
Select the correct answer from the options given below and mark your answer sheet accordingly.
Question 3239hard
Match List-I with List-II and select the correct answer using the options given below the lists:
| List-I | List-II |
| a. Income measurement | 1. Accrues to owner's equity |
| b. Expense recognition | 2. Revenue recognition |
| c. Basis for realisation in accounting | 3. Matching revenues |
| d. Recognised revenue | 4. Accounting period |
Question 3240hard
Company accounting conforms more to dual aspect concept than to incomplete recording system because:
I. Companies Act insists upon the adoption of double entry systems of book keeping
II. Balance sheet could not be preprared under sec. 211 of Company's Act according to the incomplete recording system
III. To show true and fair view of the affairs of the company
IV. To ensure adequate disclosure
Select the correct answer from the options given below and mark your answer sheet accordingly.
I. Companies Act insists upon the adoption of double entry systems of book keeping
II. Balance sheet could not be preprared under sec. 211 of Company's Act according to the incomplete recording system
III. To show true and fair view of the affairs of the company
IV. To ensure adequate disclosure
Select the correct answer from the options given below and mark your answer sheet accordingly.