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Commerce · all questions

Accounting
practice.

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Q2521

Open question
A trader maintains his books of accounts on Single Entry basis. His books of accounts show that his total purchases during the year were Rs. 90,000 of which he returned goods worth Rs. 10,000. His credit sales were Rs. 50,000 and cash sales were Rs. 80,000 of the total sales goods returned were Rs. 30,000. Closing stock is Rs. 12,000. He sells his goods at cost plus  His opening stock is:

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Q2522

Open question
Acceptances, endorsements and obligations on behalf of a customer will be shown as . . . . . . . . in the balance sheet of a company.

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Q2523

Open question
Under the accrual concept, which one of the following will not be shown as an asset/liability in the balance sheet of an entity?

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Q2524

Open question
The amount of depreciation under straight line method vis-a-vis written down value method, when the rate of depreciation is same, would be:

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Q2525

Open question
Match List-I with List-II and select the correct answer using the options given below the list:
List-I List-II
a. Compensating errors 1. Not recording a business transaction
b. Errors of omission 2. Charging a Revenue item to capital
c. Errors of principle 3. Writing a debit item on the credit side and a credit item on the debit side of equal amount
d. Errors of commission 4. Posting a correct amount to a wrong account

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Q2526

Open question
Which of the following are prepared by the organisations keeping only incomplete accounting records?
I. Cash book
II. Customer's Accounts
III. Expenses Accounts
IV. Day Books
Choose the correct answer using the options given below:

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Q2527

Open question
Contingent liability is shown in the balance sheet because of:

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Q2528

Open question
Admission fee income should be . . . . . . . .

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Q2529

Open question
If on 1st January 1983 a plant is purchased for Rs. 1,20,000, its estimated life is ten years and its salvage value is Rs. 10,000 under which one of the following method would the 1983 depreciation be the largest?

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Q2530

Open question
The main purpose of preparing a bank reconciliation statement is . . . . . . . .

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Q2531

Open question
Profit and loss account of business shows the:

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Q2532

Open question
Assets appearing in the book but having no value are known as:

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Q2533

Open question
A cultural club discloses that subscriptions received during a particular accounting period as per receipts and payments account amount to Rs. 57,360. Subscription outstanding (opening and closing) was Rs. 4,800 and Rs. 6,000 respectively. Subscription received in advance (opening balance and closing balance) amounted to Rs. 3,600 and Rs. 2,160 respectively. The amount to be posted to income and expenditure account would be

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Q2534

Open question
Match List-I with List-II and select the correct answer using the options given below the lists:
List-I List-II
a. Preliminary expense 1. Capital expenditure
b. Travelling expenses of the salesman 2. Revenue expenditure
c. Profit on sale of a part of the business building 3. Capital gain
d. Nazrana paid on the purchase of land for business 4. Deferred revenue

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Q2535

Open question
A person named in the negotiable instrument to whom or to whose order the money in the instrument is directed to be paid is called as the:

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Q2536

Open question
Del Credere commission is allowed to the consignee to bear:

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Q2537

Open question
Subscriptions amounting to Rs. 7,500 appear on the credit side of income and expenditure account after adjusting subscriptions out standing Rs. 600 and subscriptions received in advance Rs. 450. The amount of subscriptions to be shown in the receipts and payments account for the same year will be:

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Q2538

Open question
Advanced tax paid by a banking company is shown as . . . . . . . . in the Balance Sheet.

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Q2539

Open question
Interest received on special fund investments will be added to . . . . . . . . fund in the balance sheet.

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Q2540

Open question
Redemption of preference shares should not be regarded as reduction of . . . . . . . . capital of the company.

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