6.227 IV P.

' EI "mil

cr A foundation.rvoicmai. in1Exarr5 0

Result FOA 1 : 14

a 1 Two Primary Qualitative Characteristics

Of Financiai Statements Are —

Materiality and Reliability Wrong Answer

Correct
Relevance and Reliability
Answer

Q. 2 When A Liability fs Decreased Or

Reduced, It is Registered On The

Credit or right side of the account Wrong Answer

Correct
Debit or left side of the account
Answer
0.

An expenditure is in capital nature when

it is paid as interests on loans for the

Wrong Answer
business

Correct
it is involved in purchase of a fixed asset
Answer

Q, 4 Accounting is A/ An -

Correct
Art
Answer

a 5 Which Of The Following Will Result In

Disagreement Of Trial Balance?

Purchase return treated as sales. Wrong Answer

Under casting cash book by Rs. VI DO

Q,

A Customer returning the goods purchased

on creditmay Inform the seller by sending

CrediI Note Wrong An-swer

Correct
Debit Note
Anuwer

Q. 7 In Cash Book, The Favourable Balance

Indicates

Bank Overdraft Wrong Answer

Correct
Debit Balance
Answer

Q. 8 Credit Purchase Of Fixed Asset Is

Recorded In

Purchase Wok Wrong Answer

■ C'
 Correct
Journal P roper
Answer

Q.

__________________ is the gradual and

permanent decrease in the value of a -tangible
asset .

Amortization Wrong Answer

Correct
Depreciation
Answer

Q. 10 The Balance Of The Petty Cash Is A / An

liability Wrong Answer

Correct
asset
Answer
 6-.2271"101 P.Psr, 1,111

Q. 11 Credit Balance In Cash Book Means—

Bank depaatt Wrong Answer

Correct
Bank overdraft
Answer

Q. 12 Narrations Are Usually Given At The End

Of
Correct
Each journal entry
Answer

Q. 13 Purchase Price Of Machine Rs.

8,90,000; Freight And Cartage Rs. 7,000;
Installation Charges Rs. 3Q000; Insurance
Charges Rs. 20.000; Residual Value is Rs.
400000; EstEmateci Useful Life 5 Years. The
Amounl Of Annual Depreciation Under
Straight Line Method Will Be

D.e. 1 C11 A !In %r nil fin liPrir

•
 6:21 PIA

Correct
Rs, 1,77,400
Answer

Q. 14 A Debit Note Issued To A Creditor For

Goods Returned Is To Be Recorded In The

Journal proper Wrong Answer

Correct
Purchase return book
Answer

Q. 15 Cash Received From Debtors Wouid Be

Deemed As ______„„. Of Funds ,

Wrong Answer

Corre-ct
Ho flow
Answer

&ARC.1.n. F )1-.)asPri A ._N.pw.

0
 6:27 PM

Q_ 16 ABC Industries Ltd, Purchased A New

Machinery On 1.1.2015 For Rs. 2,75,000 And
Spent Rs. 25,000 On Its Installation. The
Machine Is Subject To 10% Depreciation On
The Original Cost. The Company Sold The
Machinery On 31 12.2019 For Rs. 1,45,000.
Find The Accumulated Depreciation On The
Machine As On 31.12.2019 —

Correct
Rs. 1,50,000
Answer

Q. 17 Expenses A/C Will Always Have —

Correct
Debit balance
Answer

Q. 18 The Ba'ance As Per Bank Statement Of

A Company is Rs.12,000 (Dr.). The Company
Deposited Two Cheques Worth Rs.9500, Out
Of Which One Cheque For Rs. 2,300 Was
Dishonoured Which Was Not Entered In The
Cash Bock The Credit Balance As Per Cash
Book Is
 6.227 IV

cr foundation.rvoicrrtai. in / Exam
I

Correcl
Rs.9,700
Answer

Q. 19 Based On The Facts Given In Question

No, 112 Find The Value Of Abnormal Loss

Rs. 16,500 Wfonsf Answer

.Lotieet
Rs. 15,500
Answer

a 20 A Bill Of Exchange Includes.

All the above Wrong Answer

Correct
An order tr pay
Answer
 6-.227 PM 0 1.111

Q. 21 Which Of The Foilowing Is Not A

Feature Of A Promissory Note?

It must be signed by the maker Wrong Answer

Correct
it k payable to the bearer
Answer

0. 22 Drawee Means A Person Who

Creditor Wrong Answer

Correct
Accepts ii
Answer

0. 23 In Case Of 'Del-Credere Commission

Being Allowed To Consignee, Any Bad-Debt In
Consignment Business, Following Entry Will
Be Passed;

Correct
 Correct
Commission account shall be debited
Answer

0 24 If A Bill Drawn On 13th July 2018 For 60

Days, Payment Must Be Made On

12th September,. 2018 Wro.ng Answer

Correct
14th September, 2018
Answer

Q. 25 Joint Venture With..,.,........ (Another Co-

Venture) A/C Is A --

Rear A/c Wrong Answer

Correct
Nominal A/c
Answer

Q. 26 In Relation To Consignment Accounts -