Accounting MCQs
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Question 3313medium
Debtors = Rs. 8,400
Reserve for bad debts = Rs. 400
Cost of sales = Rs. 36,000
Profit = Sales of 40%
Debt collection period is:
Reserve for bad debts = Rs. 400
Cost of sales = Rs. 36,000
Profit = Sales of 40%
Debt collection period is:
Question 3314hard
Read the following
Assertion (A): ''Share premium cannot be utilised for any purpose other than mentioned in Sec. 78 of the Companies Act."
Reason (R): "Share premium is a capital receipt."
Select the correct answer:
Assertion (A): ''Share premium cannot be utilised for any purpose other than mentioned in Sec. 78 of the Companies Act."
Reason (R): "Share premium is a capital receipt."
Select the correct answer:
Question 3315hard
Rearrange the following items on Asset side of the Balance Sheet of Company Account according to the Schedule VI of Part I
1. Current Assets
2. Investments
3. Fixed Assets
4. Miscellaneous expenditure
1. Current Assets
2. Investments
3. Fixed Assets
4. Miscellaneous expenditure
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Question 3316hard
The following figures (all in Rs.) relate to non-trading concern:
1st January, 1995 stock of medicines 5,000
1st January, 1995 outstanding creditors for medicines 3,000
Amount paid for medicines during the years 15,000
Value of medicines spoiled during the year stock of medicines 400
On 31st December, 1995 3,500
The amount to be debited to income and expenditure account would be
1st January, 1995 stock of medicines 5,000
1st January, 1995 outstanding creditors for medicines 3,000
Amount paid for medicines during the years 15,000
Value of medicines spoiled during the year stock of medicines 400
On 31st December, 1995 3,500
The amount to be debited to income and expenditure account would be
Question 3317hard
The capital in a business on 1st January and 31stJanuary is Rs. 17,000 and Rs. 17,200 respectively. Investment by owner and withdrawal by owner during January amount to Rs. 1,000 and Rs. 700 respectively. What is the net income for January?
Question 3318hard
As per AS-2 this standard should be applied in accounting for inventories other than
1. work-in-progress arising under constrution contracts, including directly related service contracts (see Accounting Standard (AS)-7, construction contracts).
2. work-in-progress arising in the ordinary course of business of service providers.
3. shares, debentures and other financial instruments held as stock-in-trade.
4. producer's inventories of livestock, agricultural and forest products and mineral oils, ores and gases to the extent that they are measured at net realisable value in accordance with well established practices in those industries.
5. work-in-progress arising in the special course of business of service providers.
Select the correct answer:
1. work-in-progress arising under constrution contracts, including directly related service contracts (see Accounting Standard (AS)-7, construction contracts).
2. work-in-progress arising in the ordinary course of business of service providers.
3. shares, debentures and other financial instruments held as stock-in-trade.
4. producer's inventories of livestock, agricultural and forest products and mineral oils, ores and gases to the extent that they are measured at net realisable value in accordance with well established practices in those industries.
5. work-in-progress arising in the special course of business of service providers.
Select the correct answer:
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Question 3319hard
Match the following
| List-I | List-II |
| a. The document from which the returns to suppliers are recorded is known as . . . . . . . . | 1. Assets |
| b. Wages paid on erection of a new machinery should be debited to . . . . . . . . | 2. Debit note |
| c. Prepaid expense is an item of . . . . . . . . | 3. Credit note |
| d. The receiver of goods returned will send a . . . . . . . . to the person, who return the goods. | 4. Machinery account |
Question 3320hard
Cost of Asset = Rs. 21,000
Scrap value = Rs. 1,000
Depreciation rate = 10% p.a.
What will be the depreciation for the second year if depreciation is charged by straight line method?
Scrap value = Rs. 1,000
Depreciation rate = 10% p.a.
What will be the depreciation for the second year if depreciation is charged by straight line method?
Question 3321hard
Given the following information, what is Debt Equity Ratio?
| Equity Capital | Rs. 2,00,000 |
| General Reserve | Rs. 90,000 |
| Debentures | Rs. 1,50,000 |
| Accumulated Profits | Rs. 60,000 |