F.Y B.COM
SEMESTER - I
MID SEMESTER EXAMINATION
FUNDAMENTALS OF ACCOUNT
SEPTEMBER - 2013 MCQS
(1) .............. Is not referred as one of books of original entry.
(A) Journal Proper
(B) Purchases Book
(C) Journal
(D) Ledger Book
(2) If sales price of fixed asset more than cost of the fixed asset sold, the diference is..................
(A) Revenue Profits
(B) Capital Loss
(C) Revenue Loss
(D) Capital Profits
(3) ................ Is not one of the Branches of Accounting.
(A) Book keeping
(B) Cost Accounting
(C) Financial Accounting
(D) Management Accounting
(4) On 31.3.2013, the Assets of Sahukar & Co Rs. 1,50,000 and Liabilities Rs. 40,000 Capital of the firm as on 31.3.2013 is Rs. ................
(A) Rs. 1,90,000
(B) Rs. 1,50,000
(C) Rs. 1,10,000
(D) Rs. 40,000
(5) ............... ensures the reliability of business transactions recorded in the books of accounts.
(A) Accounting Period Concept
(B) Objectivity Concept
(C) Money Measurement Concept
(D) Convention of Conservatism
(6) Cost of fixed asset becomes expenses over the periods of its use on the basis of
(A) Business Entity Concept
(B) Accounting Period Concept
(C) Money Measurement Concept
(D) Going Concern Concept
(7) As per the rules of Accounting Equation Approach, goods withdrew for own use by owner from business.
(A) Increase Assets and decrease capital (B) Decrease Assets and increase capital
(C) Decrease Assets and decrease capital
(D) Increase Assets and Increase capital
(8) In Accounting, heavy loss arising from the fire of the non insured assets is treated as
(A) Revenue Expenditure
(B) Capital Expenditure
(C) Revenue loss
(D) Deferred Revenue Expenditure
(9) International Accounting Standard Board constituted in the year
(A) 1977
(B) 2001
(C) 2011
(D) 1973
(10) Direct Materials+ Direct Labour + Direct Expenses + Factory Overheads is expressed as
(A) Prime Cost
(B) Net works Cost of Production
(C) Total Cost
(D) Gross Works Cost of Production
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