MCQ FINANCIAL ACCOUNTING PART 9

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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