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Question Bank of Financial and Management Accounting_ 4 Mark

Question Bank of Financial and Management Accounting_ 4 Mark

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Published by: lakkuMS on Jan 25, 2010
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11/09/2012

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Financial and Management Accounting
Unit1 - 4 Mark Quiz Questions
1.Capital
Interchange of Goods on a wide Spread level
 Commerce
Mechanism to keep information on Permanent basis
 Private property
Change of owner Ship form one to another.
 Money
A medium of Exchange
 Writing
Wealth that creates
 2.Book keeping and accounting seem to be synonymous. But they are different in certainrespects. Basing on the differences, match the following.Book-Keeping Accounting1.Process a. Final accounts e.Book keeping2.Purpose b. Transactions f.Analytical3.Basis c. Repetitive g.Reporting4. Nature of work d. Recordingh.Interpreting &presenting the finalaccountsa. 1 – a, h; 2 – b, f; 3 – c, e;4 – d, gb. 1 – d, h ; 2 – a, g ; 3 – b, e; 4 – c, f c. 1 - b, f ; 2 - c ; h; 3 - d, g;4 - a, ed. 1 - c, g ; 2 - b, f ; 3 - a, h;4 – d, e
 
Unit2 - 4 Mark Quiz Questions
1.The firm has certain stock, which is in high demand andhas high market value. The firm followed cost method of valuation.
Consistency concept
 A business makes a loss in an year, but the business shallcontinue for long time
Materiality concept
 Accountant of a firm is worried with the total amount of drawings, the partner made. He need not worry hoiw did hespend it because of "
Going concern concept
 If a firm believes that some of the debtors are likely tobecome bad for which some reserve is to be provided
Prudence concept
 2."Moolchand, a businessman in sweets has been in this business for more than10 years. He did not bother to maintain any accounts all along, even though he wasgetting sizeable amount of profit every year. His son, who has completed B.Com told himthat mai"Answer for 'a' What concept of Accounting is missing??a. C. Money measurement conceptb. Accrual conceptc. Concept of periodicityd. Concept of income recognition3."Moolchand, a businessman in sweets has been in this business for more than10 years. He did not bother to maintain any accounts all along, even though he wasgetting sizeable amount of profit every year. His son, who has completed B.Com told himthat mai"Answer for 'b' How much expenses should be considered for 2005?a. Rs. 1,00,000 on an average after deducting the cost of shopb. Rs. 3,00,000c. Rs. 1,50,000d. Rs. 1,05,000 because Rs.10,50,000 is divided by 10 years
 
4."Moolchand, a businessman in sweets has been in this business for more than10 years. He did not bother to maintain any accounts all along, even though he wasgetting sizeable amount of profit every year. His son, who has completed B.Com told himthat mai"Answer for 'c' How do you treat expenses on shop construction?a. The expenses belong to the past.b. The expenses are business expensesc. The expenses are part and parcel of revenue expensesd. The expenses are capital in nature and should be excluded from total.5."Moolchand, a businessman in sweets has been in this business for more than10 years. He did not bother to maintain any accounts all along, even though he wasgetting sizeable amount of profit every year. His son, who has completed B.Com told himthat mai"Answer for 'd' What is approximate profit or loss for 2005?a. Rs. 4,00,000b. Rs. 3,00,000c. Rs. 5,00,000d. Rs. 2.95,0006.Mr. Murthy is the Managing Director of Sole Divine Company, purchased a big truck for Rs. 15,00,000 on cash for publicity and delivery from Tata Mohan Co. The SoleDivine company is organised as a company with Mr. Ekanth Ram as the sole shareholder.Accora. Ekanth Ram and Tata Mohan Companyb. Mr. Murthy and Sole Divine Companyc. Mr. Murthy and Ekanth Ramd. Sole Divine Company and Tata Mohan Company

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