Principles of Accounting MCQs and Notes

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📊 Principles of Accounting
Q. 2 oct Opening balance=200 units @Rs 15 each, 4 Oct:Purchase=500 units @Rs 10 ,5 Oct Sales=600 units.What will be Closing Inventory value (in Rs) as per LIFO Method?
  • (A) Rs 1000
  • (B) Rs 500
  • (C) Rs 8000
  • (D) Rs 1500
💬 Discuss
✅ Correct Answer: (D) Rs 1500
📊 Principles of Accounting
Q. 1 oct Opening balance=400 units @Rs 20 each, 3 Oct:Purchase=300 units @Rs 10 ,5 Oct Sales=500 units.What will be total Sales value(in Rs) as per FIFO Method?
  • (A) Rs 9000
  • (B) Rs 15000
  • (C) Rs 10000
  • (D) Rs 7500
💬 Discuss
✅ Correct Answer: (A) Rs 9000
📊 Principles of Accounting
Q. Machinery purchased on 1 Oct,2016 for 40,000.This machinery was sold on Dec 2017.Calculate the total depreciation charged on machinery till date if co charges 10% as per WDV method if accounts are closed on 31st March every year.
  • (A) 6700
  • (B) 8000
  • (C) 5000
  • (D) 4850
💬 Discuss
✅ Correct Answer: (D) 4850
📊 Principles of Accounting
Q. Cost of machine=1,90,000 Installation=10,000 Scrap=50,000 Life=6 yrs Calculate depreciation as per SLM method
  • (A) 25,000
  • (B) 23,333
  • (C) 33,333
  • (D) 21,666
💬 Discuss
✅ Correct Answer: (A) 25,000
📊 Principles of Accounting
Q. Which is true. I)Fixed installation method is recognised by income tax department. II)The amount of depreciation in WDV method remains same.
  • (A) Both I and II
  • (B) None is true
  • (C) Only II
  • (D) Only I
💬 Discuss
✅ Correct Answer: (B) None is true
📊 Principles of Accounting
Q. Where do we show Provision of bad debts in final accounts if given in adjustments?
I)Debit side of P&L
II)Credit side of P&L
III)Deduct from Debtors in Balance Sheet
IV)Add to Debtors in Balance Sheet
  • (A) I and III
  • (B) II and IV
  • (C) II and III
  • (D) I and IV
💬 Discuss
✅ Correct Answer: (A) I and III
📊 Principles of Accounting
Q. Which one is false. I)Capital Expenditure is non recurring in nature and shown in P&L account. II)Revenue expenditure is incurred to conduct day to day activities
  • (A) Both I and II
  • (B) Only I
  • (C) Only II
  • (D) None is false
💬 Discuss
✅ Correct Answer: (B) Only I
📊 Principles of Accounting
Q. If closing stock is mentioned in trial balance,Where is it shown in Final Accounts?
  • (A) Credit side of Trading A/c
  • (B) Asset side of Balance Sheet
  • (C) Both A and B
  • (D) Not shown anywhere
💬 Discuss
✅ Correct Answer: (B) Asset side of Balance Sheet
📊 Principles of Accounting
Q. refers to the order in which the various assets and liabilities are shown in the Balance Sheet.
  • (A) Grouping
  • (B) Order of permanence
  • (C) Marshalling
  • (D) Order of liquidity
💬 Discuss
✅ Correct Answer: (C) Marshalling
📊 Principles of Accounting
Q. Which of the following is not the external user of accounting information?
  • (A) Government
  • (B) Shareholders
  • (C) Tax Authorities
  • (D) Financial institutions
💬 Discuss
✅ Correct Answer: (B) Shareholders

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