Accounting Test
| Description: Fundamentals Commerce Useful for Commerce Students, SET, UGC and other exams | |
| Number of Questions: 25 | |
| Created by: Avani Handa | |
| Tags: ACC Multiple Questions ACC Commerce Students SET UGC Financial Accounting Accounting Principles and Accounting Equation Subsidiary books or books of original entry Cash Books Bills of Exchange Basic Accounting Procedures-Journal Banking Transactions and Bank Reconciliation Statement Depreciation |
When Interest is received on Sinking Fund Investment method, which of the following accounts will be credited?
(i) Interest on Sinking Fund Investment account
(ii) Sinking Fund account
(iii) Bank account
Directions: Choose the correct option for the given question.
IASC stands for
Directions: Choose the correct option for the given question.
Banking companies are arranging their figures in the nearest thousands according to
Directions: Choose the correct option for the given question.
In which of the following ledger 'Sales return account ' is created?
Directions: Choose the correct option for the given question.
Particular partnership is lacking
Directions: Choose the correct option for the given question.
Deposited cheque dishonoured will be recorded in
Directions: Choose the correct option for the given question.
Which of the following subsidiary books is opened for recording machinary purchased on credit?
Directions: Choose the correct option for the given question.
Purchase return account is transferred to purchase account by passing
Directions: Choose the correct option for the given question.
Total creditors account prepared in
Directions: Choose the correct option for the given question.
Which of the following transactions will not be entered in bill receivable account?
Directions: Choose the correct option for the given question.
Credit sales are considered as revenue according to
Directions: Choose the correct option for the given question.
Who is the authority for setting Accounting Standards in India?
Directions: Choose the correct option for the given question.
Master ledger is also known as
Directions: Choose the correct option for the given question.
Which of the following transactions doesn't require journal entry?
Directions: Choose the correct option for the given question.
Which of the following transactions attracts contra entry in the three column cash book?
Directions: Choose the correct option for the given question.
Which among the following is not considered for depreciable cost?
Directions: Choose the correct option for the given question.
Which of the following will not be entertained in Endorsee's book?
Directions: Choose the correct option for the given question.
Which of the following methods for providing depreciation considers interest?
Directions: Choose the correct option for the given question.
A machinery is depreciating under Sum of the Year Digit Method. Depreciation of 3rd year was Rs.2,000/-. What was the original cost of machinery assuming that the estimated life of machinery was 4 years?
Directions: Choose the correct option for the given question.
Journal Proper is maintained for recording
Directions: Choose the correct option for the given question.
Which of the following transactions are not entertained in amended cash book in relation to the preparation of bank reconciliation statement?
Directions: Choose the correct option for the given question.
Outstanding payments are recorded in the books of accounts by way of passing
Directions: Choose the correct option for the given question.
Debit balance of pass book is
Directions: Choose the correct option for the given question.
Which of the following transactions is not entered in the amended cash book?
Directions: Choose the correct option for the given question.
Cheque deposited in personal account was entered in business account and dishonour entry was also passed in same account. This will create