Saturday 11 May 2019
Financial Accounting MCQs page 16
May 11, 2019
Professional
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