Accounting MCQs
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Question 3277hard
Consider the following statements.
1. Realisation account and revaluation account are the same.
2. While preparing cash account or bank account (dissolution), the debit and credit side are same.
3. Items appearing in the balance sheet are posted at one place only.
Which of the statements given above is/ are correct?
1. Realisation account and revaluation account are the same.
2. While preparing cash account or bank account (dissolution), the debit and credit side are same.
3. Items appearing in the balance sheet are posted at one place only.
Which of the statements given above is/ are correct?
Question 3278hard
Given,
The decrease in working capital will be:
| 2014 | 2015 | |
| Current Assets | Rs. 5,00,000 | Rs. 3,20,000 |
| Current Liabilities | Rs. 3,60,000 | Rs. 4,00,000 |
Question 3279medium
Which of the following are the applications of funds?
1. Redemption of preference share capital
2. Payment of dividend
3. Increase in working capital
1. Redemption of preference share capital
2. Payment of dividend
3. Increase in working capital
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Question 3280hard
Consider the following statements:
Statement (A): Balance sheet shows liquidity position of a business on a particular date.
Reason (R): Balance sheet is prepared on basis of actual transactions which are recorded in the books of accounts.
Give the correct answer:
Statement (A): Balance sheet shows liquidity position of a business on a particular date.
Reason (R): Balance sheet is prepared on basis of actual transactions which are recorded in the books of accounts.
Give the correct answer:
Question 3281hard
With reference to the theory of contribution, which of the following statement is/are correct?
1. Contribution is the excess of sales over variable costs
2. Contribution is the excess of sales over total costs
Select the correct answer:
1. Contribution is the excess of sales over variable costs
2. Contribution is the excess of sales over total costs
Select the correct answer:
Question 3282hard
Assertion (A) The Partnership Act does not make it obligatory that a firm must a deed in writing.
Reason (R) It is better to have it in writing to avoid confusion.
Reason (R) It is better to have it in writing to avoid confusion.
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Question 3283hard
Match the following:
| List-I | List-II |
| a. . . . . . . . . is difference between old ratio and new ratio. | 1. Dissolution |
| b. Dissolution of partnership all the partners of firm is called . . . . . . . . of firm | 2. Admitted |
| c. A minor can be . . . . . . . . to the benefits. | 3. Duties |
| d. Every partner is bound to attend diligently to his . . . . . . . . | 4. Sacrificing ratio |
Question 3284hard
Match the items of List-I with those of List-II and indicate the correct answer:
| List-I (Accounting Standard) | List-II (Relationship) |
| a. AS-6 | 1. Accounting for Consolidated Financial Statements |
| b. AS-3 | 2. Accounting For Fixed Asset |
| c. AS-10 | 3. Depreciation Accounting |
| d. AS-21 | 4. Accounting For Cash Flow Statement |
Question 3285hard
Match the following:
| List-I | List-II |
| a. A new partner can be admitted with the consent of . . . . . . . . existing partners. | 1. current |
| b. Increase in liability at the time of retirement is debited to . . . . . . . . account. | 2. all |
| c. Buying and selling is . . . . . . . . power of partners. | 3. revaluation |
| d. The . . . . . . . . account of partner may have a debit or credit balance. | 4. implied |