Professional Blog for CA, CS, CWA student: CS Foundation Accounts MCQ

Saturday, 27 October 2012

CS Foundation Accounts MCQ

CS Foundation Accounts MCQ

Multiple Choice Questions

 (1)           Special donations  are  carried to  the…………….of the balance sheet.
          Ans. liabilities side
(2)           Any profit on the sale of  a cricket bat of a club will be taken to……….
          Ans. income and expenditure account
(6)     Cash paid to creditors can be calculated from…………..
          Ans. creditors account
(7)     Under the net worth method of single entry the net profit is calculated by comparing                      
          capital in the beginning and capital………….
          Ans: at the end
(8)      Credit sales is computed from….......
          Ans. total creditors account

(9)      Capital in the beginning is ascertained from ………….
          Ans. opening balance sheet.
(10)    Bills receivable endorsed  but dishonoured is debited to ……………
          Ans. debtors account
(11)    Bills receivable received during the year is credited to ………….
          Ans. debtors' account
(12)    Bills receivable as  endorsed is debited to …………..
          Ans. creditors' account
(13)    Bills payable honoured during the year will be debited to ……………
          Ans. bills payable account
(14)    Bills payable dishonoured during the year will be credi­ted to—
          Ans. creditors account.
(15)   The amount of interest is credited by the buyer to……………...
          Ans.vendor account

 (16)   The depreciation in the books of buyer is charged on……………..
          Ans.the cash price
 (17)   Stock at the shop is debited to ………………
          Ans.shop stock account
 (18)   The goods with customers are transferred from stock in shop account……….
          Ans. at hire-purchase price
 (19)   If the rate of gross profit for department X is 25% of the cost and its sales amount to Rs. 1,00,000, then the amount of gross profit will be equal to…………
          Ans.Rs. 20,000

 (20)  Repairs to machines in different departments are to be allocated on the basis of…....
          Ans: actual cost

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