DRecording, classifying, and summarizing financial transactions
Question 2Single Answer
The main objective of accounting is?
ATo provide information to the government
BTo provide financial information for decision-making
CTo maintain records for personal use
DTo calculate taxes only
Question 3Single Answer
Book-keeping is?
ARecording financial transactions systematically
BPreparation of financial statements
CInterpretation of accounts
DAuditing accounts
Question 4Single Answer
The dual aspect concept means?
AEach transaction affects only one account
BTransactions affect only liabilities
CTransactions do not affect assets
DEvery transaction has a debit and a credit
Question 5Single Answer
Accounting conventions include all except?
AConsistency
BConservatism
CMateriality
DSpeculation
Question 6Single Answer
The accounting equation is?
AAssets + Equity = Liabilities
BAssets + Liabilities = Equity
CAssets = Revenue – Expenses
DAssets = Liabilities + Equity
Question 7Single Answer
Which of the following is not a qualitative characteristic of accounting information?
ALegibility
BReliability
CComparability
DRelevance
Question 8Single Answer
Which account is credited when capital is introduced in the business?
ACapital Account
BCash Account
CRevenue Account
DLiability Account
Question 9Single Answer
The principle of conservatism in accounting suggests?
ARecording all losses immediately and gains only when certain
BOverstating profits
CIgnoring liabilities
DDeferring all losses
Question 10Single Answer
Ledger is?
AA book containing accounts of all transactions
BA book of original entry
CA document for bank reconciliation
DA type of financial statement
Question 11Single Answer
Journal is?
ABook of final accounts
BBook of prime entry
CBook of cash transactions only
DLedger of assets
Question 12Single Answer
Which of the following is an intangible asset?
AMachinery
BLand
CGoodwill
DStock-in-trade
Question 13Single Answer
Capital expenditure is?
AExpenditure on day-to-day operations
BExpenditure to acquire or improve fixed assets
CPayment of wages
DPayment of rent
Question 14Single Answer
Revenue expenditure is?
AExpenditure on assets
BExpenditure on repairs, salaries, and maintenance
CPurchase of land
DAcquisition of machinery
Question 15Single Answer
The trial balance is prepared to?
ARecord transactions
BAnalyze financial performance
CCheck arithmetical accuracy of ledger accounts
DPrepare cash flow statements
Question 16Single Answer
If total debits in trial balance exceed total credits, it indicates?
ACorrect entries
BAn error in posting or totaling
CProfit has been earned
DLoss has occurred
Question 17Single Answer
Accrual basis of accounting means?
ARecognizing revenue and expenses when cash is received or paid
BIgnoring revenues
CRecognizing revenue when earned and expenses when incurred
DIgnoring expenses
Question 18Single Answer
Cash basis of accounting recognizes transactions?
AWhen earned
BWhen incurred
CWhen cash is received or paid
DAt the year-end only
Question 19Single Answer
Depreciation is?
AAn appreciation of asset value
BA revenue expense
CAllocation of the cost of a fixed asset over its useful life
DA capital receipt
Question 20Single Answer
Straight Line Method of depreciation charges?
ASame amount of depreciation each year
BIncreasing amount each year
CDecreasing amount each year
DNo depreciation
Question 21Single Answer
Reducing balance method of depreciation charges?
ASame depreciation each year
BDepreciation on market value
CNo depreciation
DDepreciation based on declining book value
Question 22Single Answer
Prepaid expenses are?
AAssets
BLiabilities
CRevenue
DCapital
Question 23Single Answer
Outstanding expenses are?
AAssets
BLiabilities
CIncome
DCapital
Question 24Single Answer
Unearned revenue is?
ALiability
BAsset
CExpense
DEquity
Question 25Single Answer
Accounting period concept states that?
AAccounts should be prepared at the end of the business
BOnly annual statements are valid
CFinancial statements are prepared for a specific period
DAccounting is continuous
Question 26Single Answer
Business entity concept implies?
ABusiness has no legal existence
BOwner’s personal transactions are included
CBusiness and owner are separate
DAccounting is optional
Question 27Single Answer
Money measurement concept states that?
AAll transactions are recorded
BOnly quantifiable transactions are recorded
COnly cash transactions are recorded
DNon-monetary items are included
Question 28Single Answer
Matching concept in accounting ensures?
AExpenses are recorded when paid
BExpenses are matched with related revenues in the same period
CRevenues are ignored
DAssets are matched with liabilities
Question 29Single Answer
Consistency concept ensures?
AChanging accounting methods frequently
BUse of same accounting policies from period to period
CRecording cash transactions only
DIgnoring prior errors
Question 30Single Answer
Materiality concept allows?
AOmitting liabilities
BRecording only significant revenues
CIgnoring insignificant items
DOverstating assets
Question 31Single Answer
Historical cost principle states that assets are recorded at?
AMarket value
BOriginal purchase cost
CBook value
DLiquidation value
Question 32Single Answer
Going concern concept assumes that?
AAssets have no value
BBusiness will be closed soon
CBusiness will continue indefinitely
DLiabilities are ignored
Question 33Single Answer
Real accounts relate to?
AAssets and liabilities
BIncome and expenses
CCapital only
DDrawings only
Question 34Single Answer
Personal accounts relate to?
AIndividuals, firms, and organizations
BLiabilities
CAssets
DRevenue accounts
Question 35Single Answer
Nominal accounts relate to?
ACapital and assets
BRevenue, gains, and losses
CLiabilities only
DDebtors and creditors
Question 36Single Answer
Opening entry records?
AAll transactions of the year
BClosing balances
COpening balances of assets, liabilities, and capital
DOnly cash transactions
Question 37Single Answer
Closing entry is made to?
ARecord liabilities only
BRecord assets only
CTransfer balances of nominal accounts to capital account
DPrepare cash book
Question 38Single Answer
Capital introduced by owner is recorded as?
ADebit capital account
BDebit revenue account
CDebit cash account only
DCredit capital account
Question 39Single Answer
Drawings by the owner are recorded as?
ADebit capital account
BCredit capital account
CDebit asset account
DCredit expense account
Question 40Single Answer
Purchase of goods on credit is recorded in?
ACash account
BPurchase account
CExpense account only
DPurchase account and creditor account
Question 41Single Answer
Sale of goods on credit is recorded in?
ASales account and debtor account
BCash account only
CRevenue account only
DPurchase account only
Question 42Single Answer
Discount allowed is a?
AExpense
BRevenue
CAsset
DLiability
Question 43Single Answer
Discount received is a?
AExpense
BRevenue
CAsset
DLiability
Question 44Single Answer
Bad debts are?
ARevenue expenditure
BCapital expenditure
CAsset
DLiability
Question 45Single Answer
Provision for doubtful debts is created to?
AIncrease profits
BReduce liabilities
CAccount for probable losses on debtors
DIncrease assets
Question 46Single Answer
Purchase returns are?
AReduction of purchases
BRevenue income
CCapital receipt
DLiability
Question 47Single Answer
Sales returns are?
AReduction of sales
BRevenue income
CAsset
DLiability
Question 48Single Answer
Cash book serves the purpose of?
AFinancial statements only
BJournal only
CLedger only
DJournal and ledger
Question 49Single Answer
Petty cash book records?
AAll cash receipts
BBank transactions only
CSmall day-to-day payments
DCredit transactions
Question 50Single Answer
Bank reconciliation statement is prepared to?
ACorrect cash book errors
BPrepare ledger
CRecord transactions
DMatch bank balance as per cash book with passbook
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A.B.S.T
Question 51Single Answer
Specific-purpose accounts include?
AConsignment, Joint venture
BCapital, Revenue
CDebtors, Creditors
DCash, Bank
Question 52Single Answer
Consignment account is maintained to record?
AFixed assets
BPurchase of goods for self
CCash transactions only
DGoods sold by consignee on behalf of consignor
Question 53Single Answer
Joint venture accounting requires?
ARecording joint transactions of all parties
BSeparate accounts for each partner
CCash book only
DLedger only
Question 54Single Answer
Single-entry system lacks?
ALedger accounts
BDouble aspect of transactions
CCash book
DBoth a and b
Question 55Single Answer
Accounting for non-trading concerns focuses on?
ARecording receipts and payments for service or charitable purpose
BProfit determination
CAsset valuation only
DLiabilities only
Question 56Single Answer
Accumulated depreciation is?
AContra asset
BAsset
CLiability
DExpense
Question 57Single Answer
The objective of preparing final accounts is?
ATo record daily transactions
BTo reconcile bank statements
CTo maintain petty cash
DTo ascertain financial performance and position
Question 58Single Answer
Trading account is prepared to?
AAscertain net profit
BDetermine gross profit or loss
CRecord capital transactions
DRecord cash transactions
Question 59Single Answer
Profit and loss account shows?
AGross profit only
BNet profit or loss
CCapital balance
DAsset valuation
Question 60Single Answer
Balance sheet shows?
ARevenue and expenses
BCash transactions
CFinancial position at a particular date
DTrading account details
Question 61Single Answer
Capital employed is calculated as?
AFixed assets only
BCurrent assets – current liabilities
CTotal assets – liabilities
DCash in hand
Question 62Single Answer
Current assets include?
AMachinery and land
BCash, debtors, inventory
CBuildings only
DLong-term investments
Question 63Single Answer
Current liabilities include?
ABank loan (long term)
BFixed deposits
CCreditors, outstanding expenses
DShare capital
Question 64Single Answer
Accounting standards are issued by?
ASEBI
BRBI
CICAI
DMinistry of Finance
Question 65Single Answer
The main purpose of accounting standards is?
ATax compliance
BEnsure uniformity and comparability in financial statements
CProfit maximization
DCash management
Question 66Single Answer
Financial statements are used by?
AInvestors, creditors, management
BOnly owners
COnly government
DAuditors only
Question 67Single Answer
Accounting cycle begins with?
APreparation of trial balance
BRecording opening balances
CJournal entries
DPosting to ledger
Question 68Single Answer
Cash discount is recorded in?
APurchase account
BDiscount allowed/received account
CSales account
DBank account
Question 69Single Answer
Errors of omission refer to?
AWrong posting in ledger
BErrors in balancing
CTransactions not recorded at all
DErrors in trial balance
Question 70Single Answer
Errors of commission refer to?
ATransaction not recorded
BNone of the above
CPosting to wrong account
DWrong amount recorded in correct type of account
Question 71Single Answer
Compensating errors?
ADo not affect trial balance
BAffect only assets
CAffect only liabilities
DAre recorded in ledger
Question 72Single Answer
Errors of principle occur when?
AWrong type of account is debited/credited
BRules of double entry are not followed
CTrial balance is not prepared
DCash is misappropriated
Question 73Single Answer
Capital profit is?
AProfit from trading operations
BGross profit
CRevenue profit
DProfit from non-recurring sources like sale of fixed assets
Question 74Single Answer
Revenue profit is?
AProfit from sale of fixed assets
BCapital receipt
CProfit from normal operations
DExtraordinary income
Question 75Single Answer
Nominal ledger contains?
AReal and personal accounts
BOnly personal accounts
CRevenue and expense accounts
DCash transactions only
Question 76Single Answer
Real ledger contains?
AAssets and liabilities accounts
BOnly capital accounts
CExpenses accounts
DRevenue accounts
Question 77Single Answer
Personal ledger contains?
ATrading account
BCash account
CDebtors and creditors accounts
DProfit and loss account
Question 78Single Answer
Purchase book records?
AExpenses
BCash purchases only
CSales
DAll credit purchases
Question 79Single Answer
Sales book records?
ARevenue income
BCash sales only
CAll credit sales
DCash receipts
Question 80Single Answer
Bills receivable book records?
ABills payable
BBills receivable from customers
CBills accepted by the company
DOutstanding expenses
Question 81Single Answer
Bills payable book records?
ABills receivable
BCreditors only
CCash transactions
DBills accepted by the company to pay
Question 82Single Answer
Purchase return book records?
ACash purchases returned
BRevenue expenses
CSales returns
DCredit purchases returned
Question 83Single Answer
Sales return book records?
ACash sales returned
BPurchase returns
CCredit sales returned
DBills receivable
Question 84Single Answer
Journal proper records?
ATransactions not recorded in special books
BCash transactions only
CCredit sales only
DPurchase of fixed assets only
Question 85Single Answer
Accounting for consignment includes which accounts?
AConsignment, commission, sales
BPurchase, sales only
CCash and bank only
DCapital only
Question 86Single Answer
Accounting for joint venture requires?
ASeparate books for each party or memorandum method
BOnly ledger posting
CCash book only
DNo accounting required
Question 87Single Answer
The main principle of partnership accounts is?
APersonal transactions included
BSeparate entity and capital accounts for each partner
COnly cash transactions recorded
DLedger accounts not maintained
Question 88Single Answer
Goodwill in partnership is?
ARevenue income
BCapital contribution
CLiability
DAsset of the firm
Question 89Single Answer
Average due date method is used for?
ACalculating due date for multiple payments
BCalculating depreciation
CCash book balancing
DProfit calculation
Question 90Single Answer
Single column cash book records?
AOnly bank transactions
BOnly cash receipts and payments
CCash and bank
DCredit sales
Question 91Single Answer
Double column cash book records?
ACash only
BBank only
CCash and bank
DDebtors and creditors
Question 92Single Answer
Triple column cash book includes columns for?
ACash, bank, and sales
BCash, bank, and discount
CCash, purchase, and sales
DBank, capital, and assets
Question 93Single Answer
Petty cash system is used for?
ASmall recurring payments
BLarge transactions
CCredit purchases
DInvestments
Question 94Single Answer
Imprest system of petty cash means?
ACash without limit
BPetty cashier has fixed amount reimbursed periodically
CCash is only bank deposits
DCash is only for creditors
Question 95Single Answer
Contra entry in cash book is recorded when?
AOnly cash receipts
BOnly credit transactions
CCash deposited into bank or withdrawn from bank
DOnly payments to creditors
Question 96Single Answer
Accounting Standards in India are issued by?
ARBI
BSEBI
CICAI
DMinistry of Finance
Question 97Single Answer
The main objective of Accounting Standards is?
ATax computation
BProfit maximization
CCash management
DUniformity and comparability in financial statements
Question 98Single Answer
Indian Accounting Standards (Ind AS) are converged with?
AIFRS
BUS GAAP
CASB
DCompanies Act 1956
Question 99Single Answer
IFRS stands for?
AInternal Financial Regulatory Standards
BIndian Financial Reporting Standards
CInternational Fund Reporting System
DInternational Financial Reporting Standards
Question 100Single Answer
The adoption of IFRS aims to?
AReduce financial reporting
BAchieve global comparability
CReplace accounting entirely
DEliminate taxation
Question 101Single Answer
AS 1 relates to?
ADepreciation Accounting
BValuation of Inventories
CDisclosure of Accounting Policies
DRevenue Recognition
Question 102Single Answer
AS 2 deals with?
ACash Flow Statements
BValuation of Inventories
CLeases
DBorrowing Costs
Question 103Single Answer
AS 3 prescribes guidelines for?
ACash Flow Statements
BAccounting Policies
CAccounting for Fixed Assets
DRevenue Recognition
Question 104Single Answer
AS 4 provides guidance on?
ARevenue Recognition
BContingencies and Events Occurring After Balance Sheet Date
CDepreciation
DInventories
Question 105Single Answer
AS 5 deals with?
ACash Flow Statements
BLeases
CBorrowing Costs
DNet Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
Question 106Single Answer
AS 6 was replaced by?
AAS 11
BAS 10
CAS 20
DAS 9
Question 107Single Answer
AS 7 provides guidance on?
AAccounting Policies
BDepreciation
CConstruction Contracts
DInventories
Question 108Single Answer
AS 9 prescribes rules for?
ARevenue Recognition
BEmployee Benefits
CInventories
DFixed Assets
Question 109Single Answer
AS 10 covers?
AAccounting for Borrowing Costs
BAccounting for Leases
CAccounting for Fixed Assets
DCash Flow Statements
Question 110Single Answer
AS 11 provides guidelines for?
ARevenue Recognition
BAccounting for Foreign Exchange Transactions
CDepreciation
DInventories
Question 111Single Answer
AS 12 deals with?
ALeases
BAccounting for Government Grants
CRevenue Recognition
DFixed Assets
Question 112Single Answer
AS 13 relates to?
ACash Flow Statements
BAccounting for Investments
CLeases
DEmployee Benefits
Question 113Single Answer
AS 14 prescribes accounting for?
ALeases
BForeign Currency Transactions
CAmalgamations
DRevenue
Question 114Single Answer
AS 15 deals with?
AFixed Assets
BBorrowing Costs
CInventories
DEmployee Benefits
Question 115Single Answer
AS 16 covers accounting for?
ABorrowing Costs
BRevenue
CLeases
DAmalgamations
Question 116Single Answer
AS 17 provides guidance for?
ADepreciation
BRevenue Recognition
CSegment Reporting
DInventories
Question 117Single Answer
AS 18 deals with?
ABorrowing Costs
BCash Flow Statements
CRelated Party Disclosures
DConstruction Contracts
Question 118Single Answer
AS 19 relates to?
ALeases
BRevenue Recognition
CProvisions, Contingent Liabilities and Contingent Assets
DInventories
Question 119Single Answer
AS 20 deals with?
AEarnings Per Share
BCash Flow Statements
CRevenue Recognition
DFixed Assets
Question 120Single Answer
AS 21 covers accounting for?
ADepreciation
BConsolidated Financial Statements
CCash Flow Statements
DBorrowing Costs
Question 121Single Answer
AS 22 provides guidance on?
AAccounting for Taxes on Income
BRevenue Recognition
CInventories
DSegment Reporting
Question 122Single Answer
AS 23 relates to?
AAmalgamations
BAccounting for Investment in Associates
CLeases
DEmployee Benefits
Question 123Single Answer
AS 24 deals with?
ARevenue Recognition
BCash Flow Statements
CDiscontinuing Operations
DBorrowing Costs
Question 124Single Answer
AS 26 covers accounting for?
AFixed Assets
BInventories
CIntangible Assets
DRevenue
Question 125Single Answer
AS 28 provides guidance on?
AImpairment of Assets
BRevenue Recognition
CBorrowing Costs
DLeases
Question 126Single Answer
AS 29 deals with?
AProvisions, Contingent Liabilities and Contingent Assets
BFinancial Reporting of Government Grants
CFinancial Instruments
DFinancial Reporting of Leases
Question 127Single Answer
Convergence with IFRS in India began formally in?
A2000
B2007
C2010
D2015
Question 128Single Answer
Ind AS 1 deals with?
AInventories
BPresentation of Financial Statements
CRevenue Recognition
DCash Flow Statements
Question 129Single Answer
Ind AS 2 covers?
AFixed Assets
BLeases
CInventories
DBorrowing Costs
Question 130Single Answer
Ind AS 7 prescribes?
AStatement of Cash Flows
BRevenue Recognition
CFixed Assets
DLeases
Question 131Single Answer
Ind AS 8 deals with?
AAccounting Policies, Changes in Accounting Estimates and Errors
BRevenue Recognition
CInventories
DLeases
Question 132Single Answer
Ind AS 10 relates to?
AEvents After the Reporting Period
BRevenue Recognition
CLeases
DCash Flow Statements
Question 133Single Answer
Ind AS 12 covers?
AFixed Assets
BInventories
CLeases
DIncome Taxes
Question 134Single Answer
Ind AS 16 deals with?
ACash Flow Statements
BBorrowing Costs
CProperty, Plant and Equipment
DRevenue
Question 135Single Answer
Ind AS 17 was replaced by?
AInd AS 115
BInd AS 116
CInd AS 18
DInd AS 19
Question 136Single Answer
Ind AS 19 covers?
AEmployee Benefits
BLeases
CBorrowing Costs
DInventories
Question 137Single Answer
Ind AS 20 relates to?
AInventories
BAccounting for Government Grants and Disclosure of Government Assistance
CBorrowing Costs
DRevenue Recognition
Question 138Single Answer
Ind AS 21 deals with?
ARevenue Recognition
BThe Effects of Changes in Foreign Exchange Rates
CInventories
DLeases
Question 139Single Answer
Ind AS 23 covers?
AEmployee Benefits
BFixed Assets
CRevenue
DBorrowing Costs
Question 140Single Answer
Ind AS 24 relates to?
AInventories
BRelated Party Disclosures
CLeases
DBorrowing Costs
Question 141Single Answer
Ind AS 33 deals with?
AFixed Assets
BCash Flow Statements
CEarnings Per Share
DBorrowing Costs
Question 142Single Answer
Ind AS 34 covers?
ALeases
BFixed Assets
CInterim Financial Reporting
DBorrowing Costs
Question 143Single Answer
Ind AS 36 provides guidance on?
AImpairment of Assets
BInventories
CBorrowing Costs
DCash Flow Statements
Question 144Single Answer
Ind AS 37 deals with?
ALeases
BProvisions, Contingent Liabilities and Contingent Assets
CBorrowing Costs
DRevenue
Question 145Single Answer
Ind AS 38 covers?
ALeases
BInventories
CFixed Assets
DIntangible Assets
Question 146Single Answer
Ind AS 40 relates to?
ARevenue Recognition
BLeases
CCash Flow Statements
DInvestment Property
Question 147Single Answer
Ind AS 101 deals with?
AFirst-time Adoption of Indian Accounting Standards
BRevenue Recognition
CFixed Assets
DLeases
Question 148Single Answer
Ind AS 102 provides guidance on?
AInventories
BShare-based Payment
CBorrowing Costs
DCash Flow Statements
Question 149Single Answer
Ind AS 105 relates to?
ALeases
BBorrowing Costs
CRevenue Recognition
DNon-current Assets Held for Sale and Discontinued Operations
