More from Dr. Amol Thakre

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© In accounting an Economic event is referred, to as, , a) Cash b) Bank statement, , c) Transaction d) Exchange of money, , Answer: c) Transaction, , © Bookkeeping mainly concerns with which part, of accounting process?, , a) Analysing, b) Preparing financial statements, ce) Recording financial information, , d) Auditing the books of accounts, , Answer: c) Recording financial information, , * If transaction is totally omitted from the, books, it is called?, , a) Error of commission, b) Error of principle, ce) Error of recording, , d) Error, of omission, , Answer: d) Error of omission, , « Suspense account is not used in which of the, following case?, , a) Before trial balance, b) After trial balance, c) Before final account, , d) None of above, , Answer: b) After trial balance, , * Failure to differentiate between capital and, revenue expenditures so this error is called?, , a) Error of omission, , b) Compensation error, , c) Error of principles

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b) Compensation error a, , 4, , , , c) Error of principles, d) None of them, , wer: c) Error of principles, , ———~’Which account is generally used for, , rectification of errors?, a) Memorandum account, b) Adjustment account, ce) Rectification account, d) Suspense’s account, Answer: d) Suspense’s account, , * Any written evidence in support of a business, transaction is called, , a) Journal b) Ledger, c) Ledger posting d) Voucher, Answer: d) Voucher, , “ The accounts that records expenses, gains, and losses are, , a) Personal accounts, b) Real accounts, c) Nominal accounts, d) None.of the above, Answer: c) Nominal accounts, “* The process of recording is done, a) Two times a year, b) once a year, c) Frequently during the accounting period, d) At the end of a accounting period, , Answer: c) Frequently during the accounting, period, , “ General journal is a book of entries., a) First b) Original, c) Secondary d) Generic, , Answer: b) Original, , “* Discount allowed is a kind of deduction from

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Answer: b) Original, , * Discount allowed is a kind of deduction from, , a) Account payable, 5 b) Account receivable, ‘c) Cash account, , d) Discount account, , , , Answer: b) Account receivable, , “ The other name of journal is, , , , a) Ledger b) T account, , c) Day book d) Cash book, Answer: c) Day book, * Discount allowed is, , a) Expense of business, , b) Income of business, , c) Loss of business, , d) Abnormal loss of business, Answer: a) Expense of business, , “ Transferring entries from journal to ledger, account is commonly known as, , a) Recording b) Transferring, c) Posting d) Entry making, Answer: c) Posting, , “ If credit side of a bank account is greater than, the debit side, it indicates which of the, , following?, a) Bank overdraft b) Cash at bank, c) Bank balance d) Current Asset, Answer: a) Bank overdraft, ° will be credited if goods are given as, charity., a) Cash b) Charity, c) Purchases d) Sales, , Answer: c) Purchases, , * Which of the following is known as the base, , Diss smaameiwbunne: toate te ak

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Answer: c) Purchases, , * Which of the following is known as the base, for preparing trial balance?, , a) Journal b) Cash account, c) Ledger account d) Balance sheet, | 6 fuer c) Ledger account, * The normal balance of capital accountis___., a) Credit balance, b) Debit balance, c) Cash balance, d) Neither debit nor credit balance, Answer: a) Credit balance, *» The normal balance of liability account is __., a) Debit balance, b) Credit balance, c) Cash balance, d) Neither debit nor credit balance, Answer: b} Credit balance, , *» Calculate the amount of cash if: Total assets =, Rs.10,000 Total liabilities = Rs. 10,000 Total, Capital = Rs. 5000., , a) Rs. 6000 b) Rs.10,000, c) Rs. 5000 d) Rs. 1000, Answer: c) Rs. 5000, , ** If the total liabilities of a business decrease by, Rs. 5,000 what will be the effect on total, , asset? (Assuming the amount of capital, remain same)., , a) Remain constant, , b) Decrease by Rs. 5000, , c) Increase by Rs. 5000, , d) Increase by Rs. 10,000, Answer: b) Decrease by Rs. 5000

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||__ weneteR.2017_, , Z == main objective of financial accounts is, , a) Calculation of profit, b) Comparison of final statements, c) Calculation of ratios, d) All the above, Answer: d) All the above, < Accounting is, a) Formation of rules, b) Recording transactions, c) An art, _ qd) All the above, Answer: d} All the above, , Received a promissory note for Rs. 25,000, from Arun but entered in the bills payable, book. If debit Total of trial balance is, Rs. 3,25,000 then the credit total will be, , °, , e,, oe, , , , a) Rs. 3,00,000 b) Rs. 3,25,000, c) Rs. 3,50,000 d) Rs. 3,75,000, Answer: c) Rs, 3,50,000, , _% An item of Rs. 3,500 relating to prepaid, , insurance account was omitted to be brought, forward. If credit total of trial balance of Rs., 25,000 than the debit total will be, , a) Rs. 25,000 b) Rs. 28,500, c) Rs. 21,500 d) Rs. 32,000, , Answer: c) Rs. 21,500, , || SUMMER-2018 ], , * The rent paid to the landlord be credited to