Question:

On receipt of goods from the consignor the consignee debits which of these accounts?

A.

Purchase account

B.

Goods account

C.

Consignor account

D.

None of the above

Answer» d. None of the above

Question:

Which one of the following is not the feature of a joint venture business?

A.

Co-venture may or may not contribute initial capital.

B.

It has limited duration

C.

It is done for specific purpose

D.

Profit or loss on joint venture is shared as per their capital ratio.

Answer» d. Profit or loss on joint venture is shared as per their capital ratio.

Question:

A cash book with discount and bank column is called as

A.

Single Column Cash Book

B.

Two Column Cash Book

C.

Three Column Cash Book

D.

Petty Cash Book

Answer» c. Three Column Cash Book

Question:

___________________does fulfill the function of both a journal and a ledger.

A.

Purchase book

B.

Cash book

C.

Sales book

D.

Bills Payable book

Answer» b. Cash book

Question:

There are 250 members in the Srikrishna Clu b where annual subscription is 500. During 2016-17, subscription received 97,500 and subscription receivable is 47,500. What amount of subscription received in advance during 2016-17?

A.

20,000

B.

25,000

C.

27,500

D.

50,000

Answer» a. 20,000

Question:

An entry of 1,560 has been debited to a Debtor’s Personal Account at 1,650. It is an errorof

A.

Omission

B.

Commission

C.

Principle

D.

Compensating

Answer» b. Commission

Question:

Cash book is a form of

A.

Ledger

B.

Journal

C.

Trial Balance

D.

All of the above

Answer» a. Ledger

Question:

Which of the following is a transaction of contra entry?

A.

Sale goods to Y 12,500

B.

Godown rent 7,000 paid by cheque.

C.

Received 12,000 in full settlement of 12,500

D.

Cash deposited to bank 9,000.

Answer» d. Cash deposited to bank 9,000.

Question:

Goods sent on consignment account is of the nature of

A.

Personal Account

B.

Nominal Account

C.

Real Account

D.

Sales Account

Answer» c. Real Account

Question:

In case of, deposited of c heque into bank but not collected, the balance is less as per________________.

A.

Cash book

B.

Pass book

C.

Pass book overdraft

D.

Both (A) and (B)

Answer» b. Pass book