accounting questions with answers
2,134 multiple-choice questions. Open any question for its answer and explanation.
- Advance payment of Income tax should be shown as
- For what, a company may utilise the securities premium amount?
- With the help of following information calculate provisions for bad and doubtful debts Debtors M: Rs. 3,200 Bad to be written off Debtors N: Rs. 8,000 expeected to realise only 70% Debtors O: Rs. 6,000 expected to realise only 60% Debtors P: Rs. 4,000 financial condition very poor, no recovery is likely
- Which of the following accounting principles differentiates between owner and management
- Arrange the following liabilities in the order of company's balance sheet. 1. Bank Overdraft 2. Bank Loan 3. Share Capital 4. Provision for Taxation
- X and Y are partners in a firm having capital balances Rs. 1,08,000 and Rs. 72,000, respectively. They admit Z into a partnership for $${\frac{1}{3}^{{\text{rd}}}}$$ share, and Z brings proportion ate amount of capital. The capital amount of Z is
- Profit on the sale of furniture in a non profit organisation is to be shown on the
- Pooling of interest is a method of
- Match List-I with List-II and select the correct answer: List-I List-II a. Separate Entity concept 1. Past events b. Dual Aspect concept 2. Accounting Equations c. Money Measure concept 3. Business is distinct from its owner d. Historical concept 4. Translation of events/transaction in money terms
- Which one of the following statements is not true?
- The statement of changes in financial position shows
- Which of the following statements is not correct?
- Depreciation takes into account
- A company shifted its factory after construction of a new building. During this process, Rs. 20,000 was spent on demolishing the old structure and Rs. 2,000 in moving the old stock. How will these expenses be classified?
- 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
- To measure the profitability of a business, among the following which ratio will be used? i. Acid test ratio ii. Return on capital employed iii. Net profit ratio iv. Interest protection ratio v. Stock periodic ratio 6. Debt equity ratio
- A company cannot issue
- In the absence of any agreement, it is presumed that the new partner acquires his share in profits from the old partners in the
- Given below are two statements, are labelled as Assertion (A) and other as Reason (R): Assertion (A): The fixed assets in the balance sheet are required to be shown at cost less depreciation. Reason (R): The balance sheet and profit and loss account disclose a true and fair view. Choose the correct answer
- According to the Double Entry System, salary paid to a clerk Ramesh is a
- Which of the following should be shown on the asset side of the Balance Sheet
- Which of the following ratios are taken into consideration by a banker before sanctioning the loan?
- Which of the following shows position at specific Date?
- Value added statement is a statement prepared under
- After realization of investment balance of sinking fund adjustment account is transferred to
