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1. An entry of Rs.600 was wrongly posted to wages account instead of machinery account, as wages are to be capitalized it is an error of :
1. Omission 2. Commission
3. Principle 4. Clerical error
2. A customer’s cheque returned dishonoured is recorded in :
1. purchase return book 2. Sales return book
3. cash book 4. Journal
3. The main purpose of preparing a trial balance is :
1. to prepare a summary of all the balance
2. to compare the debit balance with credit balance
3. to locate all types of errors
4. to check the arithmetic accuracy of the ledger accounts
4. Which of the following errors is revealed by trial balance ?
1. wrong amount entered in the book of original entry
2. wrong amount entered in a ledger account
3. complete omission of an entry from the book of original entry
4. all of the above
5. Which of the following errors will cause the trial balance to be out of balance ?
1. the total of the purchase book is Rs.1,000 short
2. goods received back from Mahesh, Rs.250 have not been entered in the returns inward book
3. a purchase of Rs.25 from Gopal and Co. has been entered in the purchase book as Rs.251.
4. none of these
6. Which of the following errors are revealed by the trial balance ?
1. treating an expense as an asset
2. posting an amount on the correct side but in the wrong account
3. compensating errors
4. none of these
7. Cash sales of Rs.2,520 was posted as 2,250 the rectifying entry will be –
1. Cash a/c – Dr.170 – To Sales a/c – 170
2. Suspense a/c – Dr.170 – To Sales a/c – 170
3. Cash a/c – Dr.170 – To Suspense a/c – 170
4. None of these
8. Purchased goods for the personal use of the proprietors Rs.1,300, debited to purchase account, the rectifying entry will be :
1. Suspense a/c – Dr. 1,300 – To Purchase a/c – 1,300
2. Drawing a/c – Dr.1,300 – To Cash a/c – 1,300
3. Drawing a/c – Dr. 1,300 – To Purchase a/c – 1,300
4. None of these
9. The difference between trial balance where to put :
1. Personal a/c 2. Impersonal a/c
3. nominal a/c 4. Suspense a/c
10. If trial balance on the debit side is short, then :
1. Suspense a/c need not be opened
2. Suspense a/c is opened with debit short balance
3. Suspense a/c is opened with credit balance
4. None of these
11. If trial balance is short on credit side :
1. open the suspense a/c with debit balance
2. open the suspense a/c with credit balance
3. need not to open account
4. none of these
12. Rs.100 received from Ravi , Shiva had been posted to Raju Shiva account. … will be rectified entry :
1. Raju Shiva a/c – Dr. 1000 – To Ravi Shiva a/c – 100
2. Suspense a/c – Dr.100 – To Shiva a/c – 100
3. Raju a/c – Dr.100 – To Ravi a/c – 100
4. None of these
13. The balance of the petty cash is :
1. an expense 2. An income
3. an asset 4. None of these
14. Fixed assets are :
1. kept in the business for use over a long time for earning income
2. meant for resale
3. meant for conversion into cash as quickly as possible
4. none of these
15. Goodwill is :
1. a current asset 2. Intangible assets
3. tangible asset 4. Fixed assets
16. Current liabilities are such obligations which are to be satisfied :
1. within one year 2. Within two year
3. Within three year 4. More than five years
17. Which is the following is the current liabilities ?
1. creditors 2. Bills payable a/c
3. unclaimed dividend 4. All of the above
18. Out of the following, the example of a current asset is :
1. surrender value of life insurance policy 2. Discount on debenture
3. bill receivable 4. None of these
19. Stock is :
1. a current assets 2. Intangible assets
3. included in the category of fixed assets 4. None of these
20. Profit and loss account is :
1. personal account 2. Real account
3. nominal account 4. None of these
21. Profit and Loss account shows :
1. financial position of the concern 2. Net profit earned
3. the net gross profit earned 4. The gross profit earned
22. Trading account shows :
1. gross profit 2. Cost of goods sold
3. gross loss 4. All the above
23. GP = net sales - ?
1. net purchase 2. Gross expenses
3. cost of goods sold 4. None of these
24. Closing stock is valued at :
1. cost 2. Market value
3. cost or market price which ever is lower 4. All the above
25. Manufacturing account is prepared :
1. to ascertain the profit or loss on the goods purchased
2. to ascertain the cost of the manufactured goods
3. to show the sale proceeds from the goods produced during the year
4. none of these
26. Goods purchased were for Rs.12,000 and goods remain unsold Rs.2,000. In such a case, the cost of goods sold will be :
1. Rs.2,000 2. Rs.14,000 3. Rs.10,000 4. Rs.12,000
27. Opening stock is Rs.5,000 wage were Rs.2,500 and goods purchased Rs.20,000 net sales is Rs.15,000 closing stock is Rs.20,000, than what is the value of gross profit ?
1. Rs.7,000 2. Rs.5,000 3. Rs.7,500 4. Rs.12,000
28. Opening stock Rs.10,000 purchases (net) Rs.75,000 direct expenses Rs.5,000, closing stock Rs.15,000 and sales (net) Rs.1,00,000. The value of cost of goods sold will be :
1. Rs.70,000 2. Rs.75,000 3. Rs.60,000 4. Rs.72,000
29. Above mentioned example the value of gross profit is :
1. Rs.20,000 2. Rs.22,000 3. Rs.29,000 4. Rs.25,000
30. Manufacturing Account concern to … A/c
1. Profit and loss a/c 3. Trading a/c
3. Both 1 and 2 4. None of these
ANSWERS
1.3 2.3 3.4 4.2 5.1 6.4 7.2 8.3 9.4 10.2 11.2 12.1 13.3 14.1 15.2 16.1 17.4 18.3 19.1 20.3 21.2 22.3 23.3 24.3 25.2 26.3 27.3 28.2 29.4 30.2
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