Fundamentals of Accounting MCQs
P
Q 1. At the time of preparation of financial accounts, balance of Bad Debts Recovered Account will be transferred to
R
Q 2. Which of the following account(s) is (are) maintained in the joint venture when separate set of books are maintained?
R
Q 3. A purchased goods costing 2,60,000 for joint venture with B. B sold a major part of the goods at cost plus 25% on cost, for 2,50,000. Balance of goods were taken over by B at cost less 10%. Find out profit/loss on Joint Venture.
R
Q 4. X sends out certain goods to Y, costing 1,50,000 at cost plus 25% on invoice price. ¾ of the goods were sold by R at 1,76,000. Commission 5% upto invoice value a nd 10% of any surplus above invoice value. The amount of commission will be
G
Q 5. X sends out goods to Y, costing 3,60,000. Goods are to be sold at cost plus 25% on sales. The consignor asked consignee to pay an advance for an amount equivalent to 60% of sales value. The amount of advance will be
G
Q 6. At the en d of the accounting year bills receivable discounted were 32,000 would be shown
V
Q 7. At the time of dishonor of an endorsed bill, which account would be credited by the drawee?
V
Q 8. When credit balance as per pass book is the starting point of a Bank Reconciliation Statement then bank charges are
S
Q 9. From the following details ascertain the adjusted bank balance as per Cash Book – overdraft as per Cash Book 1,60,000; cheque received entered twice in the Cash Book 10,000; credit side of bank column cash short by 1,000; bank charges amounting to 400 entered twice:
R