MCQs BSNL (JAO)
1. In order to determine the amount of sales, to which of the following records one should refer?
(a) Sales book
(b) Sales account
(c) Journal
(d) Total debtors account
Ans. c
2. Which of the following errors are revealed by trial balance?
(a) Omission of an amount from the trial balance
(b) Posting of the wrong amount
(c) Wrong totalling of the book of original entry
(d) None of these
Ans. c
3. Which of the following errors will not cause the trial balance to be out of balance?
(a) Rs. 310 for goods sold, was posted to the credit of charges
(b) Purchases returns book for December 1978 was overcast by Rs. 220
(c) Sales book carried forward Rs. 2400 instead of Rs. 2004
(d) All of these
Ans. d
4. An invoice of Rs. 560 is entered in the sales book as Rs. 650. The total of the debit side of the trial balance is Rs. 21.440. Assuming no other error what is the total of the credit side of the trial balance?
(a) Rs. 21,240
(b) Rs. 21,350
(c) Rs. 21,330
(d) None of these
Ans. b
5. Which of the following books should be used to record purchase of a type writer on account?
(a) Cash books
(b) Purchase book
(C) Sales book
(d) Journal
Ans. b
6. Petty cash system is designed
(a) to meet the needs of small businesses
(b) to cover small and miscellaneous income
(c) to cover the small expenditure to be paid in cash
(d) to cover both small incomes and expenditures
Ans. c
7. Trial balance is a proof that
(a) every transaction is recorded twice
(b) no error remains in the books of accounts
(c) books are authentically and correctly written
(d) none of these
Ans. a
8. Assets appearing in the book but having no value are known as
(a) Wasting assets
(b) Intangible assets
(c) Current assets
(d) Fictitious assets
Ans. d
9.. Which of the following is an accounting equation
(a) Capital - Assets - Liabilities
(b) Capital - Assets - Liabilities
(c) Assets - Liabilities - Capital
(d) Liabilities - Assets – Capital
Ans. b
10. The capital in a business on Jan. 1 and Jan. 31 is Rs. 17,000 and Rs. 17,200 respectively. Investment by owner and withdrawal by owner during Jan amount to Rs. 1,000 and Rs.700 respectively. What is the net income for January?
(a) Rs. 100 (Loss)
(b) Rs. 300
(c) Rs. 200
(d) Rs. 500
Ans. a
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