Accountancy Test

THE HIGH RANKERS
A/162, GANGA RAM GALI MANDAWALI, DELHI-110092
ACCOUNTANCY TEST Total time 45 min *ONE MARKS FOR EACH CORRECT ANSWER.
NAME OF STUDENT CLASS DATE OF EXAMINATION CONTACT NUMBER _______________________________________ _______________________________________ _______________________________________ _______________________________________
MM. 20
TOTAL MARKS OBTAINED
1) The time period principle assumes that an organization's activities can be divided into specific time periods including: (a) Months (b) Quarters (c) years (d)All of above 2) The accounting principle that requires revenue to be reported when earned is the: (a) Matching principle (b) Revenue recognition principle (c) Accounting period principle (d) Going concern principle 3) Adjusting entries (a) Affect only income statements
Cont: 9871317077, 9015868265 Email - himanshu3189@gmail.com www.highrankers.webs.com or www.infoeduthr.webs.com
Mr.HIMANSHU RANA _____________+91-9871317077,+91-9015868265

(b) Affect only balance sheet accounts (c) Affect both income statements and balance sheet accounts (d) Affect cash flow statements 4) The recurring steps performed each accounting period, starting with analyzing and recording transactions in the journal and continuing through the post closing trial balance, is referred to as the: (a) Accounting period (b) Operating cycle (c) Closing cycle (d) Accounting cycle 5) If a company failed to make an adjusting entry at the end of its accounting period to record depreciation for this period, the omission will cause: (a) An understatement of expenses (b) An overstatement of revenues (c) An understatement of assets (d) An overstatement of liabilities 6) Which of the following assets is not depreciated? (a) Fixtures (b) Motor car (c) Land (d) Machinery 7) If furniture is bought on account, it will result into (a) Increase in asset & decrease in liability (b) Increase in liability and increase in asset (c) Decrease in asset & decrease in liability (d) Increase in liability and decrease in asset 8) Which of the following is an item of expense (a) Charges paid for installation of machinery (b) Recovery of electricity bills paid for employees (c) Payment of electricity deposit
Mr.HIMANSHU RANA _____________+91-9871317077,+91-9015868265

(d) Payment of electricity bill 9) Material was purchased for Rs. 25000 and freight was paid for Rs. 5000 for bringing it to the warehouse. Half of it was sold for Rs. 25000. The company maintains the policy of selling at 66.67% above cost. The value of closing stock will be (a) Rs. 12500 (b) Rs. 15000 (c) Rs. 20875 (d) Cant say 10) The prepaid expenses account showed an opening balance of Rs. 10000 and closing balance of Rs. 17500. The effect of this will mean (a) Decrease in profit by Rs. 10000 (b) Increase in profit by Rs. 17500 (c) Increase in profit by Rs. 7500 (d) Decrease in profit by Rs. 7500
11) The accounting profession can be divided into three major categories; specifically, the practice of public accounting, private accounting, and governmental accounting. A somewhat unique and important service of public accountants is: (a) Financial accounting. b. Managerial accounting. c. Auditing. d. Cost accounting. 12) The primary private sector agency that oversees external financial reporting standards is the: a. Financial Accounting Standards Board. b. Federal Bureau of Investigation. c. General Accounting Office. d. Internal Revenue Service. 13) Which of the following equations properly represents a derivation of the fundamental accounting equation?
Mr.HIMANSHU RANA _____________+91-9871317077,+91-9015868265

a. Assets + liabilities = owner's equity. b. Assets = owner's equity. c. Cash = assets. d. Assets - liabilities = owner's equity. 14) Wilson Company owns land which cost $100,000. If a "quick sale" of the land was necessary to generate cash, the company feels it would receive only $80,000. The company continues to report the asset on the balance sheet at $100,000. This is justified under which of the following concepts? a. The historical-cost principle. b. The value is tied to objective and verifiable past transactions. c. Neither of the above. d. Both "a" and "b". 15) Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in retained earnings? a. Net loss. b. Net income. c. Dividends. d. Investments by stockholders.
16)
Which of these items would be accounted for as an expense?
a. Repayment of a bank loan. b. Dividends to stockholders. c. The purchase of land. d. Payment of the current period's rent.
17)
Which of the following transactions would have no impact on stockholders' equity?
a. Purchase of land from the proceeds of a bank loan. b. Dividends to stockholders. c. Net loss. d. Investments of cash by stockholders.
Mr.HIMANSHU RANA _____________+91-9871317077,+91-9015868265
18)
Which of the following would not be included on a balance sheet?
a. Accounts receivable. b. Accounts payable. c. Sales. d. Cash. Owner invested cash (personal check) in his/her business. a) Debit ______________________________ b) Credit ______________________________ 20) Purchased office furniture with a check. a) Debit ______________________________ b) Credit _______________________________
19)
hi join me on FB https://www.facebook.com/himanshu3189
BY - HIMANSHU RANA (9871317077,9910002014, http://www.highrankers.webs.com/)

Accountancy Test

Uploaded by

Copyright:

Available Formats

Accountancy Test

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Accountancy Test

Uploaded by

Copyright:

Available Formats

THE HIGH RANKERS

A/162, GANGA RAM GALI MANDAWALI, DELHI-110092

TOTAL MARKS OBTAINED

Mr.HIMANSHU RANA _____________+91-9871317077,+91-9015868265

Mr.HIMANSHU RANA _____________+91-9871317077,+91-9015868265

Mr.HIMANSHU RANA _____________+91-9871317077,+91-9015868265

Which of these items would be accounted for as an expense?

Which of the following transactions would have no impact on stockholders' equity?

Cont: 9871317077, 9015868265 Email - himanshu3189@gmail.com www.highrankers.webs.com or www.infoeduthr.webs.com

Mr.HIMANSHU RANA _____________+91-9871317077,+91-9015868265

Which of the following would not be included on a balance sheet?

BY - HIMANSHU RANA (9871317077,9910002014, http://www.highrankers.webs.com/)

Cont: 9871317077, 9015868265 Email - himanshu3189@gmail.com www.highrankers.webs.com or www.infoeduthr.webs.com

You might also like

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.