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Semester - Iii Core Financial Accounting PDF
Semester - Iii Core Financial Accounting PDF
II B.COM(IT) (2013-2016)
SEMESTER - III
CORE: FINANCIAL ACCOUNTING - 315A
Multiple Choice Questions.
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8. The annual installment to depreciation fund for replacement of a fixed asset is_____
A. charge against profit.
B. an appropriation of profits.
C. charge against reserve.
D. charge against cash.
ANSWER: A
10. The permanent, continuing and gradual shrinkage in the book value of a fixed asset is called ____
A. depreciation .
B. appreciation.
C. . reduction.
D. . computation.
ANSWER: A
12. Depreciation is the allocation of the depreciable amount of an asset over its estimated useful life.
Depreciation for the accounting period is charged to income either directly or indirectly. This definition is
given by
A. company law.
B. Income Tax Law.
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19. Estimated sale value of the asset at the end of its economic life is known as____
A. purchase value.
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B. . market value.
C. written down value.
D. residual value.
ANSWER: D
21. If the asset is sold, the provision for depreciation relating to the asset sold is transferred to
A. asset account.
B. . liability account.
C. P & L account.
D. trading account.
ANSWER: A
22. The asset account appears in the books at original cost when a
A. P & L account is maintained.
B. balance sheet is maintained.
C. provision for depreciation account is maintained.
D. provision for depreciation account is not maintained.
ANSWER: C
23. The value of asset can be reduced to zero under this method ____
A. straight line method .
B. written down value method.
C. annuity method.
D. depreciation fund method.
ANSWER: A
24. The balance in the asset account will not be reduced to zero under this method ___
A. . straight line method .
B. written down value method.
C. annuity method.
D. depreciation fund method.
ANSWER: B
26. Under which method of depreciation the earlier year of the life of the asset profits are more
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38. Written down value method of depreciation is also called Written down value method of depreciation is
also called ___
A. annuity method.
B. insurance policy method.
C. fixed installment method.
D. reducing balance method.
ANSWER: D
39. Under annuity method the amount of depreciation is found out from ___
A. log tables.
B. sinking fund tables
C. annuity tables.
D. present value tables.
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ANSWER: C
43. Under depreciation fund method, the amount of depreciation is calculated with reference to ____
A. log tables
B. sinking fund tables
C. annuity tables
D. present value tables
ANSWER: B
44. Under sinking fund method, the amount of depreciation is calculated with reference to___
A. log tables.
B. annuity tables.
C. sinking fund tables.
D. present value tables.
ANSWER: C
46. Under which method, a policy is taken for amount of the asset to be replaced____
A. annuity method
B. insurance policy method
C. fixed installment method
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47. Under insurance policy method the premium is paid in the ____
A. beginning of each year.
B. end of each year.
C. beginning of each month.
D. end of each month.
ANSWER: A
48. The difference between the book value at the beginning and at the end revaluation amount is___
A. depreciation.
B. appreciation.
C. reduction.
D. computation.
ANSWER: A
49. The difference between the book value at the beginning and at the end (revaluation amount) is
depreciation and charged to ___
A. . profit and loss account.
B. trading account.
C. balance sheet.
D. . p & l appropriation account.
ANSWER: A
51. Expenses which can be directly identified with or incurred for particular department are called___
A. direct expenses.
B. indirect expenses.
C. monthly expenses.
D. weekly expenses.
ANSWER: A
52. Expenses which cannot be identified with a particular department are called____
A. direct expenses.
B. indirect expenses.
C. monthly expenses.
D. weekly expenses.
ANSWER: B
53. Selling expenses should be divided among the different department on the basis of ____
A. light points.
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B. H.P of machine.
C. sales ratio.
D. floor area.
ANSWER: C
54. Rent and rates should be divided among the different departments on the basis of ___
A. light points.
B. H.P of machine.
C. sales ratio .
D. floor area.
ANSWER: C
55. Fire insurance and repairs on assets should be divided among the different departments on the basis of
_________.
A. light points.
B. H.P of machine.
C. value of each assets.
D. floor area.
ANSWER: C
56. Repairs to buildings, maintenance of premises should be divided among the different departments on
the basis of _________.
A. light points.
B. H.P of machine.
C. sales ratio
D. floor area.
ANSWER: D
57. Lighting expenses should be divided among the different departments on the basis of _________.
A. light points.
B. H.P of machine.
C. sales ratio.
D. floor area.
ANSWER: A
58. Carriage inward expenses should be divided among the different departments on the basis of
___________.
A. light points.
B. purchase value.
C. . sales ratio.
D. floor area.
ANSWER: B
59. Power expenses should be divided among the different departments on the basis of _____.
A. light points.
B. H.P of machine.
C. sales ratio .
D. floor area.
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ANSWER: B
60.
A. number of worker in each department.
B. number of machines in each department.
C. wages of each department.
D. floor area occupied by each department.
ANSWER: A
61. ESI, PF payable by employer should be divided among the different departments on the basis of
________.
A. number of worker in each department.
B. number of machines in each department.
C. wages of each department.
D. floor area occupied by each department.
ANSWER: C
62.
A. time devoted to each department.
B. time spent in each department.
C. time assigned to each department.
D. time wasted in each department.
ANSWER: A
65. Expenses which cannot be apportioned to department must be shown in the _____.
A. balance sheet.
B. trading account.
C. P & L account.
D. P & L Appropriation account.
ANSWER: C
66. When goods are transferred from one department to other department, they are called __________.
A. inter departmental transfers.
B. outer departmental transfers.
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C. not a transfer.
D. regular transfer.
ANSWER: A
67. When goods are transferred from one department to other, the department transferring the goods should
be ___________.
A. debited.
B. . credited.
C. added.
D. subtracted .
ANSWER: B
68. When goods are transferred from one department to other, the department transferring the goods should
be credited and department receiving the goods should be _________.
A. debited.
B. . credited.
C. added.
D. subtracted.
ANSWER: A
69. In departmental accounts expenses like director fees, interest is transferred to ______.
A. balance sheet.
B. trading account.
C. .general P & L account .
D. P & L Appropriation account.
ANSWER: C
71. Branch which does not maintain its own set of books is ______________.
A. dependent branch.
B. independent branch.
C. foreign branch.
D. local branch .
ANSWER: A
72. The business policies and the administration of a branch are wholly controlled by the head office the
type of branch is __________.
A. . independent branch.
B. dependent branch.
C. . local branch
D. foreign branch.
ANSWER: B
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73. A branch set up merely for booking orders which are executed by head office is ____.
A. . dependent branch.
B. independent branch.
C. foreign branch.
D. local branch.
ANSWER: A
75. All branch expenses such as rent, salary, are paid by the head office in case of _____.
A. independent branch.
B. . local branch.
C. local branch.
D. dependent branch.
ANSWER: D
77. Under stock and debtors system the head office opens _________.
A. branch adjustment account.
B. branch debtors account.
C. branch creditors account .
D. branch cash account.
ANSWER: A
78. In branch account, goods sent by branch X to branch Y, will be debited to _______.
A. branch k.
B. branch x.
C. branch z .
D. . branch y.
ANSWER: D
79. Under branch accounts debtors system, the depreciation of an asset is _______.
A. show in debtors account.
B. shown in debit side of branch account.
C. not shown in branch account
D. shown in credit side of branch account.
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ANSWER: C
80. Under branch accounts debtors system, opening balance of assets are recorded in ____.
A. credit side.
B. debit side.
C. first credit and debit side.
D. first debit and credit side.
ANSWER: A
81. Under branch accounts debtors system, closing balance of assets are recorded in ________.
A. credit side.
B. debit side.
C. first credit and debit side.
D. first debit and credit side.
ANSWER: A
82. Under branch accounts debtors system, opening balance of liabilities are recorded in ___________.
A. first credit and debit side.
B. . first debit and credit side.
C. credit side.
D. debit side.
ANSWER: C
83. Under branch accounts debtors system, closing balance of liabilities are recorded in _________.
A. first credit and debit side.
B. first debit and credit side.
C. credit side.
D. debit side.
ANSWER: D
84. Under branch accounts debtors system, goods sent to branch account is recorded in _________.
A. debit side.
B. credit side.
C. asset side .
D. liabilities side.
ANSWER: A
85. Under branch accounts debtors system, loading on goods sent to branch adjusted in ________.
A. . debit side.
B. . credit side.
C. asset side .
D. liabilities side.
ANSWER: B
86. Under branch accounts debtors system, bad debts, discount allowed to debtors is ________.
A. shown in debit side.
B. . shown in credit side.
C. shown in asset side .
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D. not shown
ANSWER: D
87. Under branch accounts debtors system, both cash and credit sales are _______.
A. shown in debit side.
B. shown in credit side.
C. shown in asset side .
D. . not shown.
ANSWER: D
88. The difference between goods sent by head office and received by the branch is known as
___________.
A. goods in transit.
B. goods in godown.
C. goods in production.
D. goods in warehouse.
ANSWER: A
89. Under stock and debtors system of branch account, branch adjustment account is opened when goods
sent to branch is at ________.
A. cost price.
B. . invoice price.
C. market price
D. normal price.
ANSWER: B
90. Under stock and debtors system of branch account, the account prepared to record all the transactions
relating to branch debtors is recorded in ________.
A. branch expenses account
B. branch adjustment account.
C. branch debtors account.
D. branch creditors account.
ANSWER: C
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98. In single entry system, net worth method is also called ________.
A. double entry system
B. mercantile system.
C. statement of affairs method.
D. accrual system.
ANSWER: C
99. Difference between net worth at the beginning of the year and at the end of the year represents
_________.
A. capital balance.
B. . cash balance.
C. pass book balance.
D. profit or loss.
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ANSWER: D
104. Under single entry system, closing capital can be found by preparing a statement of affairs
____________.
A. at the end of the year.
B. at the beginning of the year.
C. at the end of every month.
D. at the end of every quarter.
ANSWER: A
105. Under single entry system, opening capital can be found by preparing a statement of affairs
____________.
A. at the end of the year.
B. at the beginning of the year.
C. at the end of every month.
D. at the end of every quarter
ANSWER: B
106. Under single entry system in net worth method, drawings is added with _______.
A. opening capital.
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B. closing capital.
C. additional capital.
D. drawings.
ANSWER: B
107. Under single entry system in net worth method, additional capital is deducted with __________.
A. opening capital.
B. closing capital.
C. additional capital.
D. drawings.
ANSWER: B
108. Under single entry system in net worth method, opening capital is subtracted from _________.
A. opening capital
B. closing capital.
C. additional capital
D. drawings.
ANSWER: B
109. Under single entry system in conversion method, a total debtors account is prepared to find out
___________.
A. credit sales.
B. . cash sales
C. credit purchases.
D. . cash purchases.
ANSWER: A
110. Under single entry system in conversion method, a total debtors account is prepared to find out
__________.
A. credit purchases.
B. cash purchases.
C. cash purchases.
D. closing balance of debtors.
ANSWER: D
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116. Bills receivable dishonored will be posted to _______ side of debtors account
A. debit.
B. credit.
C. outside.
D. . inside.
ANSWER: A
118. Transfer to creditors account will be posted in which side of debtors account
A. Debit.
B. Credit.
C. Outside.
D. Inside.
ANSWER: B
119. Transfer to creditors account will be posted in which side of creditors account
A. Debit.
B. . Credit.
C. Outside.
D. . Inside.
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ANSWER: A
120. Bills payable dishonoured will be posted in which side of creditors account
A. Debit.
B. Credit.
C. Outside.
D. Inside.
ANSWER: D
121. Bills payable dishonoured will be posted in which side of bills payable account
A. Debit.
B. Credit.
C. Outside.
D. . Inside.
ANSWER: C
122. Opening balance of debtors will be posted in which side of debtors account
A. Debit.
B. Credit.
C. Outside.
D. . Inside.
ANSWER: C
123. Closing balance of debtors will be posted in which side of debtors account
A. Debit.
B. . Credit.
C. . Outside.
D. Inside.
ANSWER: D
124. Closing balance of creditors will be posted in which side of creditors account
A. Debit.
B. Credit.
C. Outside.
D. Inside.
ANSWER: A
125. Opening balance of creditors will be posted in which side of creditors account
A. Debit.
B. Credit.
C. . Outside.
D. . Inside.
ANSWER: D
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D. . inside.
ANSWER: A
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137. Under hire purchase system the relationship of hirer and hire vendor is ______.
A. buyer and seller.
B. bailor and bailee.
C. pawner and pawnee.
D. debtor and creditor.
ANSWER: B
138. Under installment system the relationship between the buyer and seller is that of a _________.
A. buyer and seller
B. . bailor and bailee.
C. pawner and pawnee
D. debtor and creditor
ANSWER: D
139. Under hire purchase system, the risk of loss is borne by ____________.
A. buyer.
B. . hirer.
C. . hire vendor
D. debtor.
ANSWER: C
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B. hirer.
C. hire vendor
D. debtor.
ANSWER: A
141. Under hire purchase system who has the right of sell __________.
A. buyer.
B. hirer
C. hire vendor.
D. debtor.
ANSWER: C
142. Under hire purchase system, if installment is not paid the hire vendor has right to ___________.
A. sell the goods
B. repossession of goods.
C. repair the goods.
D. purchase the goods.
ANSWER: B
146. . Under hire purchase system, the retail price of the articles is called ________.
A. MRP.
B. wholesale price
C. retail price.
D. cash price.
ANSWER: C
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A. installment price.
B. hire purchase price
C. maximum retail price.
D. retail price.
ANSWER: B
148. The advance amount under hire purchase system is called __________.
A. cash price.
B. retail price.
C. . interest
D. down payment
ANSWER: D
151. If the hire purchaser fails to make payment of any installment, it is called _______.
A. default.
B. repossession.
C. sale.
D. purchase.
ANSWER: A
152. If the hire vendor may take away all the goods on which there is default of installment it is called
____________.
A. . repossession .
B. partial repossession.
C. complete repossession.
D. purchase.
ANSWER: C
153. The hire vendor takes away only a portion of the goods on which there is default of Installments it is
called _________.
A. . repossession
B. . partial repossession
C. complete repossession.
D. purchase.
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ANSWER: B
154. In the books of hirer, for payment of down payment, hire vendor account will be _______.
A. debited .
B. credited.
C. rectified.
D. reversed.
ANSWER: A
155. In the books of hirer, for payment of installment hire vendor account will be ___________.
A. debited.
B. . credited.
C. . rectified
D. reversed.
ANSWER: A
156. In the books of hirer, for interest due at the end of the year hire vendor account will be _______.
A. debited.
B. credited.
C. rectified.
D. reversed.
ANSWER: B
157. In the books of Hirer, the interest and depreciation account will be transferred to ______.
A. Trading account
B. P & L account
C. P & L appropriation account
D. Balance sheet.
ANSWER: B
158. In the books of hirer, when the asset is repossessed hire vendor account will be ______.
A. debited.
B. credited.
C. rectified.
D. reversed.
ANSWER: A
159. In the books of hirer, when the asset is repossessed, asset account will be ______.
A. debited.
B. credited.
C. rectified.
D. reversed.
ANSWER: B
160. In the books of hire vendor, which account will be debited for hire sales _______.
A. buyer.
B. hirer.
C. hire vendor
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D. debtor.
ANSWER: B
161. . In the books of hire vendor, when down payment is received, the hirer account will be _________.
A. debited
B. credited
C. rectified.
D. . reversed.
ANSWER: B
167. The amount set aside from P&L a/c is called as _____________.
A. reserve.
B. provision.
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C. depreciation.
D. fund.
ANSWER: B
168. The amount set aside for meeting future losses is __________.
A. reserve.
B. provision.
C. depreciation
D. fund.
ANSWER: B
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B. P&L a/c.
C. P&L appropriation a/c.
D. Manufacturing a/c.
ANSWER: B
176. Reserve which is created out of capital profit is __________. a. revenue reserve.
A. .revenue reserve
B. capital reserve.
C. provision.
D. general reserve
ANSWER: A
181. When provision is made for repairs and renewals ___________ a/c is to be debited
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A. P&L a/c
B. P&L appropriation a/c.
C. cash a/c.
D. . repairs and renewals a/c.
ANSWER: A
184. Closing stock on the date of fire is Rs. 50,000 and the stock salvaged is Rs. 23,000. The claim is
_____.
A. Rs. 23,000.
B. Rs. 27,000.
C. Rs. 50,000.
D. . Rs. 73,000.
ANSWER: B
185.
A. 10%.
B. .20%.
C. 30%.
D. 35%.
ANSWER: B
187. Value of closing stock on the date of fire is Rs.30,000. Value of policy is Rs. 25,000 and stock
salvaged is Rs. 7,500. Find out the claim.
A. Rs. 18,750.
B. Rs. 25,000.
C. Rs. 30,000.
D. . Rs. 50,000
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ANSWER: A
188. The period for which insurance policy is taken against the risk of fire is __________.
A. accounting period.
B. calendar period.
C. indemnity period
D. standard period.
ANSWER: C
189. The difference between standard turnover and affected period turnover is ______.
A. short sales.
B. annual turnover.
C. accounting year turnover.
D. saved turnover.
ANSWER: A
190.
A. Rs. 12,000.
B. Rs. 20,000.
C. Rs. 24,000.
D. . Rs. 48,000
ANSWER: B
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195. Stock on the date of valuation is Rs. 2,70,000. It had been undervalued by 10%. Actual value is
________.
A. Rs. 2,77,000.
B. Rs. 2,97,000.
C. Rs. 3,00,000
D. Rs. 3,07,000.
ANSWER: C
196. Stock on the date of valuation is Rs. 88,000 but it had been overvalued by 10%. Actual value is
_______.
A. Rs. 80,000.
B. Rs. 84,000.
C. Rs. 86,000
D. Rs. 96,000.
ANSWER: A
197. How many ledgers are generally prepared in self balancing system?
A. . 2.
B. 3.
C. 4.
D. 5.
ANSWER: B
200. Which of the following item is omitted while preparing adjustments a/c
A. Provision for bad debts
B. Credit sales.
C. Credit purchase.
D. Cash paid to creditors.
ANSWER: A
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201. Debtors ledger adjustment a/c normally shows the opening balance in _______.
A. debit.
B. credit.
C. either debit or credit
D. . debit and credit.
ANSWER: A
202. Creditors ledger adjustment a/c normally shows the opening balance in _______.
A. debit.
B. credit.
C. either debit or credit
D. debit and credit
ANSWER: B
203. General ledger adjustment a/c in debtor ledger shows __________ balance
A. . debit.
B. . credit.
C. either debit or credit
D. debit and credit.
ANSWER: B
204. General ledger adjustment a/c in creditor ledger shows __________ balance
A. debit.
B. credit.
C. either debit or credit
D. debit and credit.
ANSWER: A
206. An account which contains all the real, nominal and personal (except trade Drs and Crs) is
_________.
A. purchase ledger.
B. sales ledger.
C. general ledger.
D. subordinate ledger.
ANSWER: C
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ANSWER: B
211. The branch which does not maintain its own set of books is _________.
A. dependent branch.
B. . independent branch.
C. foreign branch.
D. local branch.
ANSWER: A
213. Which of the following method is used to ascertain profit in single entry system?
A. .net worth method.
B. lump sum method
C. . net asset method.
D. double accounting system
ANSWER: A
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D. closing stock.
ANSWER: A
220. Capital at the beginning Rs. 8,00,000 drawings Rs. 1,80,000 capital at the end Rs. 9,00,000 Capital
introduced during the period Rs. 50,000. Net profit is _________.
A. Rs. 2,00,000.
B. . Rs. 2,30,000.
C. . Rs. 2,40,000
D. Rs. 2,45,000.
ANSWER: B
221. Cash at bank Rs. 3,000; debtors Rs. 4,000; stock Rs. 16,000; furniture Rs. 2,000 and creditors Rs.
5,000. Find out capital
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A. Rs. 12,000
B. Rs. 15,000
C. Rs. 20,000
D. Rs. 22,000.
ANSWER: C
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235. The figure for capital in the beginning is ascertained from ________.
A. creditors a/c.
B. debtors a/c.
C. statement of affairs.
D. balance sheet.
ANSWER: C
240. Under hire purchase system a buyer becomes the owner of the goods ______.
A. when first installment is paid.
B. when last installment is paid
C. when down payment is made.
D. when second installment is paid.
ANSWER: B
241. The reserve which is not disclosed by the balance sheet ________.
A. . general reserve.
B. specific reserve.
C. secret reserve
D. capital reserve.
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ANSWER: C
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D. floor area.
ANSWER: D
Staff Name
Jayasankar .
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