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Introduction to accounting Test - 9

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Introduction to accounting Test - 9
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Weekly Quiz Competition
  • Question 1
    1 / -0

    Single entry system is also known as

    Solution

    every transaction in single entry system has only one effect. only pesonal and real account are there in single entry system. nominal account is not there.

  • Question 2
    1 / -0

    Following are the advantages of Double entry system except

    Solution

    in double entry system trial balance can be made easily.

  • Question 3
    1 / -0

    Researchers area of interest is

    Solution

    researchers try to forecast the fututre profits

  • Question 4
    1 / -0

    Which of the following statement is False

    Solution

    financial statements helps in inter firm and intra firm comparisons.

  • Question 5
    1 / -0

    If sale is Rs.21,000 and cost of goods sold is 15,000, what is the actual profit:

    Solution

    sale - cost will give us the profit i e 21000-15000=6000

  • Question 6
    1 / -0

    Which of the following items are regarded as Goods
    (i) Machinery purchased by X for the production of goods
    (ii) Machinery manufactured by ABC for sale
    (iii) Furniture purchased by Rohit Pal a grocery owner
    (iv) Furniture purchased by Raman a dealer in furniture Options are

    Solution

    in the ii option machinery purchased for sale so it is goods for the business. similarly furniture sold by furniture business so it will be regarded as goods

  • Question 7
    1 / -0

    Which of the following is treated as an asset?

    Solution

    accrued interest is the income which is due but not received so it becomes an asset

  • Question 8
    1 / -0

    You are a senior accountant of Ram Enterprises Limited. you would take three steps to make your company’s financial statements understandable and decision useful except

    Solution

    the accounts should be consistent with the previous years i e same method of accounts should be followed so that it is easy to compare.

  • Question 9
    1 / -0

    On 1 April 2001 Pankaj wants to buy a building for business purpose. Which of the following is the relevant information for him?

    Solution

    this information is relevant as it is of the same year and it relates to the competitors

  • Question 10
    1 / -0

    Ram 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, Rs.2, 00,000 for buying stationery item. What is the amount of capital with which he started business

    Solution

    the amount invested in the business is capital so it is 500000

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