MULTIPLE CHOICE QUESTION FOR CMA INTERMEDIATE GROUP FIRST (MCQ – FINANCIAL ACCOUNTING PART 7)
- Survey expenses for marine insurance claim must be
- Added to claim;
- Added to legal charges;
- Added to administrative charges;
- None of the above.
- A profit on sale of furniture of a club will be taken to
- Cash Account;
- Receipts and Payment Account;
- Income and Expenditure Account;
- Profit and Loss Account.
- Realization Account is a:
- Representative Personal Account;
- Artificial Personal Account;
- Real Account;
- Nominal Account.
- Bank shows the provision for income tax under the head
- Contingency Accounts;
- Other liabilities and provisions;
- Contingent liabilities;
- Borrowings.
- Bank Reconciliation Statement is:
- Ledger Account
- Part of cash book
- A separate statement
- A subsidiary of Journal
- Income & Expenditure A/c shows subscriptions $10,000; Subscriptions accrued in the beginning of the year and at the end of the year were $1,000 and $1,500 respectively. The figure of subscription received appear in receipts and payments account will be:
- (a) $9,500
- (b) $10,000
- (c) $10,500
- (d) $12,000
- A non-performing asset is:
- Money at call and short notice.
- Cash balance with bank
- An asset that ceases to generate income
- None of the above
- Which of the following is not a Qualitative characteristicof Financial Statement?
- Cost Principle
- Understandability
- Relevance
- Reliability
- Name the book in which, entries are recorded on the basis of credit notes issued.
- Sales Book
- Purchase Book
- Sales Return Book
- Purchase Return Book
- Exception to consistency principle is
- Cost Principle
- Going Concern Principle
- Matching Principle
- Prudence Principle
- The balance in consignment account shows
- Amount receivable from consignee
- Amount payable to consignee
- Profit/ loss on consignment
- Closing stock with consignee
- Provision for bad debts is
- Real Account
- Nominal account
- Personal account
- None of the above
- Due to retrospective effect on revision of salary of employees, the arrears of salary relating to past years, payable in current year is
- Prior – period item
- Extra – ordinary item
- Ordinary item requiring separate disclosure
- Contingent item
- Discount given in the Sales – Invoice itself is
- Cash discount
- Trade discount
- Rebate
- Allowance
YOU CAN FIND MCQ FINANCIAL ACCOUNTING TEST SERIES ON CMAINDIAGROUP.COM – COMING SOON
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