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Saturday, 11 May 2019

Financial Accounting MCQs page 16


300.        Accommodation bills are generally for
(a)  Genuine trade reasons
(b)   For mutual financial accommodation
(c)  To help augment money supply
(d)  All the three

301.        Which of these is not true about a promissory note
(a)   Unconditional promise
(b)  Crossing
(c)   Certainty of amount
(d)   Payee to a certain person

302.        Drawee means a person who -
(a)  Makes the order
(b)  Accepts it
(c)  Takes the payment on due date
(d)  Creditor


303.        Retirement of a bill of exchange means
(a)  Cancellation of bill
(b)   Premature payment of bill
(c)   Discounting of bill
(d)   Endorsement of bill

304.        Early payment of a Bill of Exchange is known as
(a)   Retirement
(b)   Renewal
(c)   Discount
(d)   Endorsement

305.        On early retirement of a B/E who suffers loss of interest -
(a)   Drawee
(b)   Drawer
(c)   Payee
(d)   None

306.         Sudhir of Simla consigned 100kg of vegetables to D of Delhi for ' 1500. He spent ' 75 on transportation. 10kg were found unfit for resale due to weather conditions and
of the remaining 85 kg were sold for ' 1675. Find the value of closing stock.
(a)  ' 87.50 (b)  ' 75.00 (c)  ' 80.00 (d)  ' 90.00

307.         Sudhir of Simla consigned 100kg of vegetables to D of Delhi for ' 1500. He spent ' 75 on transportation. 10kg were found stolen during transit and of the remaining 85
kg were sold for ' 1675. Find the value of closing stock.
(a)  ' 87.50




(b)  ' 78.75 (c)  ' 80.00 (d)  ' 90.00

308.        Loss of goods in transit is borne by
(a)  Consignee
(b)  Consignor
(c)   Both (a) and (b) proportionately
(d)   Insurance company

309.        A consignor is entitled to ——————
(a)   Profit on consignment
(b)  Commission on Sales
(c)   Reimbursement of expenses
(d)   Interest on capital

310.        A consignee is entitled to -----------
(a)  Commission on sales
(b)   Reimbursement of the expenses
(c)   Del credere commission
(d)  All of these

311.        Consignment Account is a ----A/c
(a) Personal (b) Nominal (c)   Real
(d)   Dummy


312.        Which of these is a normal loss
(a)   Loss in weight due to weather conditions
(b)  Shortage during transit
(c)   Breakage during handling
(d)   Loss in value due to market conditions

313.        Del credere commission is allowed to
(a)  Consignee
(b)  Consignor
(c)  Agent of consignee
(d)   Debt collection agency

314.        Balance left in Consignment A/c shows
(a)   Profit or loss on consignment (b)  Stock lying with the consignee (c)  Stock lying with the debtors
(d)  Stock awaiting approval

315.        If the consignee is allowed del credere commission, then he bears
(a)  All sales promotion expenses




(b)   Loss due to bad debts
(c)   Loss due shortage of goods
(d)  All routine expenses in connection with the goods

316.         On 1st April 2013 Abhay of Patna consigned goods costing '7500 to Bhola of Ranchi at a proforma invoice price of 25% profit on sales. The Consignment A/c will be credited for stock loading by -
(a)  ' 2500
(b)  ' 1875
(c)  ' 2000
(d)  ' 1500

317.        As per Partnership Act, which of these rights are available to a partner
(a)   Bonus
(b)  Salary
(c)   Commission
(d)   Equal profit

318.        What does the balance in Memorandum Joint Venture A/c shows
(a)   Profit or Loss
(b)  Closing Stock
(c)   Balance due from other Co-venturer
(d)   Difference in Trial Balance

319.        Which of these is not a part of double entry system
(a)  Joint Bank A/c
(b)  Memorandum A/c
(c)   Joint Venture A/c
(d)  Joint Venture with other co-venturer A/c

320.        Loss on Joint venture is —
(a)  Credited to Profit and Loss A/c
(b)   Debited to co-venturers capital A/c
(c)   Credited to Capital Fund A/c
(d)   Debited to Suspense A/c

321.        Stock left over taken by a Co- venturer is
(a)   Debited to Joint Venture A/c (b)  Credited to Co-venturer A/c (c)   Credited to Joint Venture A/c (d)  Credited to Joint Bank A/c

322.        Joint Bank A/c is a
(a)   Nominal A/c (b)   Personal A/c (c)   Real A/c
(d)   Dummy A/c
323.        Joint Venture is a ——
(a)   Personal A/c




(b)   Nominal A/c
(c)   Real A/c
(d)  Memorandum A/c

324.        Joint Venture with ......(another co-venturer) A/c is a
(a)   Personal A/c (b)   Nominal A/c (c)   Real A/c
(d)  Memorandum A/c

325.        Which of these is not a feature of a Joint venture
(a)  Continuing business
(b)   No firm name
(c)   Partners called co-venturer
(d)   Partnership for limited purpose

326.        Which of these accounts are not opened in a joint venture
(a)  Stock reserve
(b)  Joint bank A/c
(c)   Joint venture A/c
(d)  Co-venturers personal A/c

327.        Profit or loss on joint venture business is shared by the co-venturers ——
(a)   Equally
(b)   In the ratio of capital contributed
(c)   In the agreed upon ratio
(d)  A per seniority

328.        Professional bodies of which of the following countries is not a founding member of
IASC —
(a) Australia (b)          India (c)   Japan
(d)          USA

329.        Professional bodies of which of these countries are founding member of IASC
(a)       UK
(b)  Canada
(c)   Germany
(d)  All the three

330.        Professional bodies of how many countries founded IASC in 1973
(a)  8 (b)  9 (c)     7
(d)       10






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