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Objective Questions

Latest UP PGT Commerce Exam Question (Objective Questions), MCQ in English

Subjects : Concerned Subject (Commerce), General Studies

Question Bank UP PGT Commerce Exam - English
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Concerned Subject (Commerce)

Question 1Single Answer
The basic principle of the double-entry system is?
  1. A
    Only credit transactions are recorded
  2. B
    Every transaction has one aspect
  3. C
    Only cash transactions are recorded
  4. D
    Every transaction has two aspects
Question 2Single Answer
The double-entry system of bookkeeping is based on?
  1. A
    Materiality concept only
  2. B
    Money measurement concept only
  3. C
    Realisation concept only
  4. D
    Dual aspect concept
Question 3Single Answer
Under the double-entry system, every debit must have?
  1. A
    A corresponding asset
  2. B
    A corresponding credit
  3. C
    A corresponding expense
  4. D
    A corresponding loss
Question 4Single Answer
The accounting equation is?
  1. A
    Assets = Liabilities + Capital
  2. B
    Assets = Liabilities − Capital
  3. C
    Capital = Assets + Liabilities
  4. D
    Liabilities = Assets + Capital
Question 5Single Answer
Which account is debited when cash is received from a debtor?
  1. A
    Capital Account
  2. B
    Debtor Account
  3. C
    Sales Account
  4. D
    Cash Account
Question 6Single Answer
Purchase of machinery for cash results in?
  1. A
    Decrease in capital
  2. B
    Increase in assets and liabilities
  3. C
    Increase in one asset and decrease in another asset
  4. D
    Increase in revenue
Question 7Single Answer
The rule for a personal account is?
  1. A
    Debit assets, credit liabilities
  2. B
    Debit what comes in, credit what goes out
  3. C
    Debit expenses, credit incomes
  4. D
    Debit the receiver, credit the giver
Question 8Single Answer
The rule for a real account is?
  1. A
    Debit the receiver, credit the giver
  2. B
    Debit what comes in, credit what goes out
  3. C
    Debit income, credit expenses
  4. D
    Debit capital, credit assets
Question 9Single Answer
The rule for a nominal account is?
  1. A
    Debit liabilities and credit assets
  2. B
    Debit the receiver, credit the giver
  3. C
    Debit what comes in, credit what goes out
  4. D
    Debit expenses and losses, credit incomes and gains
Question 10Single Answer
Salary Account is classified as?
  1. A
    Nominal account
  2. B
    Personal account
  3. C
    Real account
  4. D
    Representative personal account
Question 11Single Answer
Machinery Account is classified as?
  1. A
    Personal account
  2. B
    Nominal account
  3. C
    Real account
  4. D
    Revenue account
Question 12Single Answer
A creditor's account is generally classified as?
  1. A
    Real account
  2. B
    Personal account
  3. C
    Nominal account
  4. D
    Expense account
Question 13Single Answer
Goodwill Account is traditionally classified as?
  1. A
    Nominal account
  2. B
    Real account
  3. C
    Personal account
  4. D
    Representative personal account
Question 14Single Answer
Outstanding Salary Account is traditionally classified as?
  1. A
    Real account
  2. B
    Representative personal account
  3. C
    Nominal account
  4. D
    Cash account
Question 15Single Answer
The book in which transactions are first recorded chronologically is?
  1. A
    Trial balance
  2. B
    Ledger
  3. C
    Journal
  4. D
    Balance sheet
Question 16Single Answer
Transferring journal entries to ledger accounts is known as?
  1. A
    Journalising
  2. B
    Casting
  3. C
    Balancing
  4. D
    Posting
Question 17Single Answer
The process of recording transactions in the journal is called?
  1. A
    Journalising
  2. B
    Posting
  3. C
    Balancing
  4. D
    Casting
Question 18Single Answer
A ledger is commonly known as?
  1. A
    Principal book of accounts
  2. B
    Book of original entry only
  3. C
    Subsidiary book
  4. D
    Memorandum book
Question 19Single Answer
A trial balance is mainly prepared to check?
  1. A
    Market value of assets
  2. B
    Arithmetical accuracy of ledger postings
  3. C
    Profitability of every transaction
  4. D
    Cash availability
Question 20Single Answer
Agreement of a trial balance provides evidence primarily of?
  1. A
    Absence of every type of error
  2. B
    Arithmetical accuracy
  3. C
    Correct valuation of assets
  4. D
    Correctness of all accounting policies
Question 21Single Answer
Which error is not normally disclosed by a trial balance?
  1. A
    Wrong totaling of an account
  2. B
    Error of complete omission
  3. C
    Posting to the wrong side of an account
  4. D
    Posting an unequal amount
Question 22Single Answer
An error where a transaction is completely omitted from books is known as?
  1. A
    Error of commission
  2. B
    Error of omission
  3. C
    Compensating error
  4. D
    Error of principle
Question 23Single Answer
Purchase of machinery wrongly debited to Purchases Account is an example of?
  1. A
    Compensating error
  2. B
    Error of omission
  3. C
    Error of principle
  4. D
    Casting error
Question 24Single Answer
Errors that cancel the effects of one another are called?
  1. A
    Compensating errors
  2. B
    Errors of principle
  3. C
    Errors of omission
  4. D
    Posting errors
Question 25Single Answer
A suspense account may be opened when?
  1. A
    Cash book has a debit balance
  2. B
    Trial balance does not agree
  3. C
    Gross profit is calculated
  4. D
    Closing stock is valued
Question 26Single Answer
Final accounts of a trading concern normally include?
  1. A
    Trial balance only
  2. B
    Journal and ledger only
  3. C
    Cash book only
  4. D
    Trading Account, Profit and Loss Account and Balance Sheet
Question 27Single Answer
The main purpose of a Trading Account is to determine?
  1. A
    Net profit only
  2. B
    Gross profit or gross loss
  3. C
    Cash balance
  4. D
    Working capital
Question 28Single Answer
Gross profit is transferred to?
  1. A
    Capital Account directly
  2. B
    Balance Sheet
  3. C
    Cash Account
  4. D
    Profit and Loss Account
Question 29Single Answer
Net profit is generally determined through?
  1. A
    Profit and Loss Account
  2. B
    Trading Account alone
  3. C
    Cash Book
  4. D
    Purchase Book
Question 30Single Answer
Carriage inward is generally treated as?
  1. A
    Capital loss
  2. B
    Indirect expense
  3. C
    Financial expense
  4. D
    Direct expense
Question 31Single Answer
Carriage outward is generally treated as?
  1. A
    Capital expenditure
  2. B
    Direct material cost
  3. C
    Manufacturing cost
  4. D
    Selling expense
Question 32Single Answer
Wages incurred directly in bringing goods to saleable condition are recorded in?
  1. A
    Cash Flow Statement only
  2. B
    Balance Sheet
  3. C
    Capital Account
  4. D
    Trading Account
Question 33Single Answer
Office salary is normally recorded in?
  1. A
    Balance Sheet as an asset
  2. B
    Trading Account
  3. C
    Profit and Loss Account
  4. D
    Capital Account
Question 34Single Answer
Opening stock appears on which side of the Trading Account?
  1. A
    Debit side
  2. B
    Credit side
  3. C
    Both sides
  4. D
    It never appears
Question 35Single Answer
Closing stock normally appears on which side of the Trading Account?
  1. A
    Both sides
  2. B
    Debit side
  3. C
    Credit side
  4. D
    Neither side
Question 36Single Answer
Closing stock given as an adjustment generally appears in?
  1. A
    Trial Balance only
  2. B
    Profit and Loss Account only
  3. C
    Cash Book only
  4. D
    Trading Account and Balance Sheet
Question 37Single Answer
Outstanding expenses are?
  1. A
    Income received in advance
  2. B
    Expenses paid in advance
  3. C
    Expenses incurred but not yet paid
  4. D
    Income earned but not received
Question 38Single Answer
Outstanding expenses are generally shown in the Balance Sheet as?
  1. A
    Capital
  2. B
    Current assets
  3. C
    Fixed assets
  4. D
    Current liabilities
Question 39Single Answer
Prepaid expenses are?
  1. A
    Expenses due but unpaid
  2. B
    Expenses paid in advance
  3. C
    Income earned but not received
  4. D
    Bad debts
Question 40Single Answer
Prepaid expenses are normally shown as?
  1. A
    Long-term borrowings
  2. B
    Current liabilities
  3. C
    Capital reserves
  4. D
    Current assets
Question 41Single Answer
Accrued income means?
  1. A
    Expense incurred but unpaid
  2. B
    Income received before being earned
  3. C
    Expense paid in advance
  4. D
    Income earned but not yet received
Question 42Single Answer
Income received in advance is generally treated as?
  1. A
    Asset
  2. B
    Liability
  3. C
    Expense
  4. D
    Drawings
Question 43Single Answer
Bad debts are normally treated as?
  1. A
    Asset
  2. B
    Loss
  3. C
    Liability
  4. D
    Capital receipt
Question 44Single Answer
Provision for doubtful debts is created in anticipation of?
  1. A
    Increase in sales
  2. B
    Possible loss from debtors
  3. C
    Increase in capital
  4. D
    Purchase of fixed assets
Question 45Single Answer
Depreciation represents?
  1. A
    Increase in market value of an asset
  2. B
    Allocation of depreciable amount of an asset over its useful life
  3. C
    Cash reserve for replacement
  4. D
    Increase in capital
Question 46Single Answer
Depreciation is normally charged on?
  1. A
    Debtors
  2. B
    Cash balance
  3. C
    Depreciable non-current assets
  4. D
    Closing stock
Question 47Single Answer
Which asset is generally not depreciated?
  1. A
    Machinery
  2. B
    Freehold land with an unlimited useful life
  3. C
    Furniture
  4. D
    Motor vehicle
Question 48Single Answer
Under the straight-line method, depreciation is generally?
  1. A
    Decreasing every year
  2. B
    Increasing every year
  3. C
    Equal each year when estimates remain unchanged
  4. D
    Based only on sales
Question 49Single Answer
Under the written-down value method, depreciation is charged on?
  1. A
    Carrying amount of the asset
  2. B
    Original cost only every year
  3. C
    Scrap value only
  4. D
    Market price only
Question 50Single Answer
Under the written-down value method, the depreciation amount generally?
  1. A
    Remains exactly equal every year
  2. B
    Decreases over successive years
  3. C
    Increases every year
  4. D
    Becomes zero in the second year
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