MULTIPLE CHOICE QUESTION FOR CMA INTERMEDIATE GROUP FIRST (MCQ – FINANCIAL ACCOUNTING PART 9)
- The cost of a Fixed Assets of a business has to be written off over its
- Natural Life
- Accounting Life
- Physical Life
- Estimated Economic Life
- Receipts and Payments Account records
- Only revenue nature receipts
- Only capital nature receipts and payment
- Only revenue nature receipts and payments
- Both the revenue and capital nature receipts and payments
- Excess of minimum rent over royalty is known as
- Maximum rent
- Excess workings
- Short workings
- Deficiency of actual royalty
- If any transaction is not recorded in the primary books the same is recorded in
- Journal Proper
- Sales Day Book
- Cash Book
- None of the above
- Which of the following is not a feature of Trial Balance
- It is a list of debit and credit balances which are extracted from various ledger accounts;
- It does not prove arithmetical accuracy which can be determined by audit;
- It is not an account. It is only a statement of account;
- All the transactions are primarily recorded in this book, hence it is the primary book of entry.
- The person in whose favour the bill is endorsed is known as .
- Endorsee
- Drawee
- Drawer
- None of the above
- Which of the following is/ are the basic features of a Joint Venture
- The profit or loss on joint venture is shared between the co-venturers in the agreed ratio;
- The co-venturers may or may not contribute initial capital;
- The JV is dissolved once the purpose of the business is over;
- All of the above.
- The following account has a credit balance
- Plant and Equipment A/c
- Purchase Returns A/c
- Purchase A/c
- None of the above
- When Sales = $3,60,000, Purchase = $ 3,20,000, Opening Stock = $68,000 and rate of the Gross Profit is 20% on cost, the Closing Stock would be
- (a) $1,00,000
- (b) $44,000
- (c) $46,000
- (d) None of the above
- As per AS – 1, which of the following is not a Fundamental Accounting Assumptions?
- Conservatism
- Going Concern
- Consistency
- Accrual
- Name the book in which, entries are recorded on the basis of debit notes issued.
- Sales book
- Purchase Book
- Sales Return Book
- Purchase Return Book
- Name the principle involved in the classification of Assets as Fixed and Current
- Cost Principle
- Going Concern Principle
- Matching Principle
- Prudence Principle
- If a fixed amount is withdrawn on the first day of every month of calendar year by a partner in partnership firm, then for what period the interest on the total amount of drawings will be calculated?
- 4.5 months
- 5.5 months
- 6.5 months
- 7.5 months
YOU CAN FIND MCQ FINANCIAL ACCOUNTING TEST SERIES ON CMAINDIAGROUP.COM – COMING SOON
FOR PREVIOUS MCQ FINANCIAL ACCOUNTING PART 9
https://cmaindiagroup.com/mcq-financial-accounting-part-7/
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