Q.1 Financial accounting looks for the interests of
a) Investors
b) Employees
c) Suppliers
d) Both investers and suppliers
Q.2 Financial Statement prepared by the organisation comprises
a) Profitability Statement
b) Balance Sheet
c) Both
d) None of above
Q.3 Computation of income as per the law and filling the tax return and pay tax is
a) Taxation
b) Cost Control Procedure
c) Audit
d) Accounting
Q.4 Which of them have some similiarities ?
a) Financial Accounting & Managment Accounting
b) Cost Accounting and Managment Accounting
c) Financial Accounting & Cost Accounting
d) None of the above
Q.5 Conceptual framework of Financial,Costing and Managment Accounting implies
a) General principles of the preparation of accounting information
b) Planning and control of enterprise operation
c) Ascertainment of cost and calculation of profitability of individual products,departments and branches etc
d) Analysing the interpritation of financial data
e) All of the above
Q.6 Financial Statement of business at any targeted time in terms of assets and liabilities
a) Book Keeping
b) Profitability Statement
c) Balance Sheet
d) Audit
Q.7 Financial Accounting considers the transactions
a) in terms of money
b) important from business point of view
c) not in terms of money
d) All of the above
Q.8 Systematic recording of business transactions in books of account is
a)Auditing
b)Book Keeping
c) Financial Accounting
d) Balance Sheet
Q.9 Recording of expenditures of the organization in a systematic manner
a) Financial Accounting
b) Balance Sheet
c) Cost Accounting
d) Book Keeping
Q.10 Cost Audit makes it mandatory for companies faling under certain class of industries to maintain cost accounting records and also get them audited from as independent CA.This rule is
a) Section 209.1.d
b) Section 901.4.b
c) Section 902.2.b
d) Section 809.1.c
Q.11 When an owner credits or debits any amount,he can not put that transaction in financial account records of organisation.This is know as
a) Money Measurment Concept
b) Cost Concept
c) Business Entity Concept
d) Conservatism
Q.12 While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value.This is know as
a) Business Entity Concept
b) Conservatism
c) Cost Concept
d) Money Measurment Concept
Q.13 In financial accounting records the entities whose monitary value is not known are not entered.This concept is
a) Double Entry Book Keeping Method
b) Cost Concept
c) Objectivity
d) Money Measurment Concept
Q.14 Cost of asset should always be equal to the cost of the liabilities.This concept is
a) Double Entry Bookkepping
b) Matching Concept
c) Consistency
d) Money Measurment Concept
Q.15 Businessman always see business running for an indefinite period.This concept is
a) Accounting Period Concept
b) Money Measurment Concept
c) Consistency
d) Going Concern Concept
Q.16 The Financial record should always be published in a definite time period according to
a) Accounting Period Concept
b) Cost Concept
c) Money Measurment Concept
d) Consistency
Q.17 Revenue earned during a financial period should be counter checked according to
a) Accounting Period Concept
b) Cost Concept
c) Matching Concept
d) Dual Aspect Concept
Q.18 Price of Asset or liabilities owned by the business should be recorded according to their original price not the present market value.This concept is
a) Conservatism
b) Cost Concept
c) Materiality
d) Money Measurment Concept
Q.19 Revenue needs to be recorded in books of account so that there won't be any confusion.This follows the rule
a) Accrual Concept
b) Double Entry Bookkeeping
c) Objectivity
d) Going Concern Concept
Q.20 Incomes and expenditures need to be recorded in books of account as and when there is any transaction not waiting till their payment.This concept is known as
a) Accrual Concept
b) Double Entry Bookkeeping
c) Objectivity
d) Money Measurment Concept
Q.21 Accounting Policies and Procedures onces decided should not be changed till any sound reason is there.This is know as
a) Accrual Concept
b) Conservatism
c) Business Entity Concept
d) Consistency
Q.22 Comapring the cost of the entities and then deciding expenditures for which entity should be written in financial record is a concept of
a) Money Measurment Concept
b) Matching Concept
c) Materiality
d) Cost Concept
Q.23 Accounting System used for the organizations not earning any profit is
a) Accrual System
b) Cash System
c) Mercantile System
d) Non-profitary System
Q.24 Which type of expenditure is shown in asset side of Balance sheets ?
a) Capital Expenditure
b) Reffered Revenue Expenditure
c) Revenue Expenditure
d) None of the above
Q.25 Which type of expenditure affects the Profitability Statement ?
a) Revenue
b) Capital
c) Reffered Revenue
d) All of the above
Q.26 Which type of expenditure is done for making assets ?
a) Revenue
b) Reffered Revenue
c) Capital
d) All of the above
Q.27 In which type of expenditure the organization recieves return during the same period they paid for ?
a) Revenue
b) Capital
c) Reffered Revenue
d) All of the above
Q.28 Which is a Personal Account ?
a) Account of customer
b) Salary Account
c) Telephone Expenses Account
d) Trade Market Account
Q.29 Which is a Nominal Account ?
a) Goodwill Account
b) Machinery Account
c) Account of the supplier
d) None of the above
Q.30 Which is a Real Account ?
a) Land Account
b) Building Account
c) All of the above
d) None of the above
Q.31 The reduction in the value of the fixed assets which can arise due to time factor is
a) Discount
b) Depreciation
c) Reduction
d) None of the above
Answers :
1.d
2.c
3.a
4.b
5.e(not sure)
6.c
7.d
8.c
9.c
10.a
11.c
12.b
13.d
14.a
15.d
16.a
17.c
18.b
19.c
20.a
21.d
22.c
23.b
24.b
25.a
26.c
27.a
28.a
29.d
30.c
31.b
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