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Introduction to accounting Test - 11

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Introduction to accounting Test - 11
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  • Question 1
    1 / -0

    Neeraj sold goods costing Rs.500000 for Rs.700000 in cash and goods costing Rs.250000 for Rs.310000 on credit. What is the amount due from debtors

    Solution

    the amount due on debtors is the amount of goods sold on credit ie the sale value 310000

  • Question 2
    1 / -0

    A firm earns revenue of Rs.20000 and the expenses to earn this revenue are Rs. 25000. Calculate its Profit/Loss

    Solution

    since expenses are more and income is less there is a loss of 5000

  • Question 3
    1 / -0

    Abhishek started a business for buying and selling of stationery with Rs.5, 00,000 as an initial investment. Of which he paid Rs.1, 00,000 for furniture and Rs.200000 for building, Rs.2,00,000 for buying stationery item What are the fixed assets he bought?

    Solution

    fixed assets are furniture and building so 1,00,000+2,00,000= 3,00,000

  • Question 4
    1 / -0

    Ashish purchased goods costing Rs.500000 in cash and goods costing Rs.250000 on credit. What is the amount due from creditors

    Solution

    the amount due on creditors is the goods purchased on credit i e 250000

  • Question 5
    1 / -0

    Ram started a business and purchased a machinery for Rs.2,00,000 and Stock for Rs.50,000; after this his cash balance is Rs.4,50,000. What was the total capital invested by him in the beginning?

    Solution

    the total capital invested = machinery+goods+cash=2,00,000+50,000+4,50,000= 7,00,000

  • Question 6
    1 / -0

    The concept of 'Double Entry System' was developed by :

    Solution

    it was developed in the year in 1494

  • Question 7
    1 / -0

    Accounting is which stage of Accountancy?

    Solution

    first step in accountancy is book keeping and second stage is accounting

  • Question 8
    1 / -0

    The first step of Accounting is :

    Solution

    the first step in accounting is to identify business transactions which can be measured in terms of money

  • Question 9
    1 / -0

    In the following which is not the branch of Accounting?

    Solution

    statistics is not a branch of accounting. it includes cost accounting financial accounting and management accounting

  • Question 10
    1 / -0

    Book-Keeping is which stage of Accountancy?

    Solution

    book keeping is the first stage of accounting as it includes recording and classifying

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