MCQ FINANCIAL ACCOUNTING PART 6

MULTIPLE CHOICE QUESTION FOR CMA INTERMEDIATE GROUP FIRST (MCQ – FINANCIAL ACCOUNTING PART 6)

  • Canteen expenses are apportioned among departments in the proportion of
    • Departmental floor space
    • Departmental direct wages
    • Departmental sales
    • Departmental No. of employees
  • Both cash and credit transactions are recorded, on the basis of
    • Accounting Period Concept
    • Going Concern Concept
    • Business Entity Concept
    • Accrual Concept
  • Which of the following book is both a journal and a ledger?
    • Cash Book
    • Sales Day Book
    • Bills Receivable Book
    • Journal Proper
  • Interest received in advance account is a
    • Nominal Account
    • Real Account
    • Artificial Personal Account
    • Representative Personal Account
  • Shiva draws a bill on Sanat on 25th October, 2018 for 90 days, the maturity date of the bill will be
    • 27th January, 2019
    • 26th January, 2019
    • 25th January, 2019
    • 28th January, 2019
  • Peeru and Simu entered in the business of buy and sale of food grain for a period of one year and sharing the profit in the ratio of 3:2, this agreement is a
    • Partnership
    • Consignment
    • Joint-venture
    • Lease
  • At the end of the year 2017-18, Prepaid Insurance Premium `7,500 appeared in the Trial Balance, it will be shown
    • only in Profit & Loss Account.
    • only in Balance Sheet.
    • both in Profit & Loss Account and in Balance Sheet.
    • not in Both in Profit & Loss Account and in Balance Sheet.
  • Contingent Liability would appear
    • on the liabilities side of the Balance Sheet.
    • on the assets side of the Balance Sheet.
    • as a note in the Balance Sheet.
    • None of the above
  • Debtors Ledger Adjustment Account is opened in the
    • Debtors Ledger
    • Creditors Ledger
    • General Ledger
    • Both Creditors Ledger and General Ledger
  • Generally sacrifice ratio is concerned with the situation of
    • Admission of a new partner
    • Retirement of a partner
    • Dissolution of firm
    • Conversion of firm into company
  • Which of the following is a resource owned by the business with the purpose of using it for generating future profits?
    • Loan from Bank
    • Owner’s Capital
    • Trade Mark
    • All of the above
  • Chandu & Co.’s Account is a
    • Real Account
    • Nominal Account
    • Representative Personal Account
    • Artificial Personal Accounts
  • Purchase of a laptop for office use wrongly debited to Purchase Account. It is an error of
    • Omission
    • Commission
    • Principle
    • Misposting
  • Which of the following term is most suitable for writing off Patent?
    • Depletion
    • Amortization
    • Depreciation
    • All of the above
  • Memorandum Joint Venture Account is prepared when
    • the separate set of books is maintained for Joint Venture.
    • each Co-venturer keeps records of all transactions.
    • each Co-venturer keeps records of their own transactions only.
    • All of the above cases

YOU CAN FIND MCQ FINANCIAL ACCOUNTING TEST SERIES ON CMAINDIAGROUP.COM – COMING SOON
FOR PREVIOUS MCQ FINANCIAL ACCOUNTING PART 6
https://cmaindiagroup.com/mcq-financial-accounting-part-7/

For CMA Inter Study Notes Pls Click on Following Link.
https://pnautiyal.blogspot.com/2020/04/cma-inter-study-notes_18.html

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