MULTIPLE CHOICE QUESTION FOR CMA INTERMEDIATE GROUP FIRST (MCQ – FINANCIAL ACCOUNTING )
- Which of the following is of capital nature?
- Commission on purchases
- Cost of repairs
- Rent of factory
- Wages paid for installation of machinery
- Outward Invoice issued is a source document of
- Purchase Book
- Sales Book
- Return Inward Book
- Return Outward Book
- A resource owned by the business with purpose of using it for generating future profit, is known as
- Capital
- Asset
- Liability
- Surplus
- As on 31st March, 2017 debtors and additional bad debts are $ 8,00,000 and $ 10,000 respectively. If the provision for bad debts is made at 5% on debtors then amount of such provision will be
(a) $40,000
(b) $50,000
(c) $39,500
(d) $40,500
- Income and Expenditure Account is a
- Nominal Account
- Real Account
- Personal Account
- Artificial Personal Account
- Creditors ledger adjustment account is opened in
- General Ledger
- Debtors Ledger
- Creditors Ledger
- Either (b) or (c)
- Receipts and Payments account is a
- Nominal Account
- Real Account
- Personal Account
- Artificial Personal Account
- If an employee of the business files a legal suit on business, it is considered in the books as
- Legal Expense
- Liability
- Contingent Asset
- Contingent Liability
- At the end of the accounting year the capital expenditures are shown in the
- assets side of the Balance Sheet.
- liabilities side of the Balance Sheet.
- debit side of the Profit and Loss A/c.
- credit side of the Profit and Loss A/c.
- Which of the following is not a method of charging depreciation?
- Sinking Fund Method
- Sum of years Digit Method
- Working hours Method
- Asset’s Life-cycle Method
- If average inventory is $1,25,000 and closing inventory is $10,000 less than opening inventory then the value of closing inventory will be
(a) $1,35,000
(b) $ 1,15,000
(c) $ 1,30,000
(d) $ 1,20,000
- The Accommodation bill is drawn
- to finance actual purchase or sale of goods.
- to facilitate trade transmission.
- when both parties are in need of funds.
- None of the above
- Balance of X’s account in creditors ledger is transferred to X’s account in debtors ledger, in this case
- X’s account in debtors ledger will be debited.
- X’s account in creditors ledger will be debited.
- Suspense account will be debited.
- None of the above
- Ground rent or surface rent means
- Minimum rent
- Maximum royalty payable
- Minimum royalty payable
- Fixed rent payable in addition to minimum rent
- Accounting standard in India are issued by
- Government of India
- Reserve Bank of India
- The Institute of Chartered Accountants of India
- The Institute of Accounting Standard of India
YOU CAN FIND MCQ FINANCIAL ACCOUNTING TEST SERIES ON CMAINDIAGROUP.COM – COMING SOON
For CMA Inter Study Notes Pls Click on Following Link.
https://pnautiyal.blogspot.com/2020/04/cma-inter-study-notes_18.html
