Goodwill is not a fictitious asset.

Question

Goodwill is not a fictitious asset.

A. True

B. False

Correct Answer :

A. True

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Trial Balance is prepared after the preparation of Profit and Loss Account.

A. True

B. False

Discuss this answer

If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.

A. True

B. False

Discuss this answer

Depreciation is not charged on _______________.

B. Land

Discuss this answer

Wages and Salaries is a charge against

Discuss this answer

A part of the profit distributed to the shareholders is known as

Discuss this answer

Copyright is an example of

B. Asset

Discuss this answer

The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The depreciation amount under Straight Line Method is

Discuss this answer

The balance in the Cash Book represents net income.

A. True

B. False

Discuss this answer

The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is

Discuss this answer

Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.

A. True

B. False

Discuss this answer

The life span of a company is dependent on the life span of the

Discuss this answer

An expense incurred to keep the machine in working condition is a capital expenditure.

A. True

B. False

Discuss this answer

The account which can never have a credit balance is

A. Bank

B. Cash

C. Debtor

Discuss this answer

Any type of error affects the agreement of Trial Balance.

A. True

B. False

Discuss this answer

Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.

Discuss this answer

All indirect expenses are charged against

Discuss this answer

The accounts of a company may be maintained using Single Entry System of Book Keeping also.

A. True

B. False

Discuss this answer

The basic unit of measurement of the accounting system is ______________.

A. Money

C. Weight

Discuss this answer

Sale of Office Furniture should be credited to Sales Account.

A. True

B. False

Discuss this answer

Cash payments are recorded on the _______________ of the Cash Book.

Discuss this answer

All events are transactions but all transactions are not events.

A. True

B. False

Discuss this answer

Contingent liability is an ascertained liability but its amount and due date are indeterminate.

A. True

B. False

Discuss this answer

E. & O.E.

Discuss this answer

Fixed Assets are stated in the balance sheet at their market value.

A. True

B. False

Discuss this answer

Depreciation cannot be provided in case of loss, in a financial year.

A. True

B. False

Discuss this answer

Cash is an example of

Discuss this answer

Expenditure, which result in acquisition of permanent assets, is a capital expenditure.

A. True

B. False

Discuss this answer

Which of the following events is not a transaction?

Discuss this answer

All credit sales are recorded in

Discuss this answer

Choose the odd one out

A. Wages

C. Sales

Discuss this answer

Answer 1

A. New assets

Answer 2

C. Building

Answer 3

D. None of the above

Answer 4

A. Trading Account

Answer 5

B. Profit and Loss Account

Answer 6

C. Profit and Loss Appropriation Account

Answer 7

D. Balance Sheet

Answer 8

A. Reserve & Surplus

Answer 9

B. Retained Earnings

Answer 10

C. Dividend

Answer 11

D. Net Profit

Answer 12

A. Real Account

Answer 13

C. Intangible Asset

Answer 14

D. All of the above

Answer 15

A. Rs.57,000

Answer 16

B. Rs.59,500

Answer 17

C. Rs.54,500

Answer 18

D. Rs.50,000

Answer 19

A. Rs.60,000

Answer 20

B. Rs.54,000

Answer 21

C. Rs.48,600

Answer 22

D. Rs.43,740

Answer 23

A. Owner(s) of the company

Answer 24

B. Promoter of the company

Answer 25

C. Managing Director of the company

Answer 26

D. None of the above

Answer 27

D. Creditor

Answer 28

A. (i),(ii),(iii),(iv)

Answer 29

B. (ii),(iii),(iv),(i)

Answer 30

C. (ii),(iv),(i),(iii)

Answer 31

D. (ii),(iv),(iii),(i)

Answer 32

A. Trading Account

Answer 33

B. Profit and Loss Account

Answer 34

C. Manufacturing Account

Answer 35

D. None of the above

Answer 36

B. Finance

Answer 37

D. None of the above

Answer 38

A. Debit side

Answer 39

B. Credit side

Answer 40

C. Both sides

Answer 41

D. Any one side

Answer 42

A. Errors & Omissions Expected

Answer 43

B. Error & Omission Expected

Answer 44

C. Errors & Omissions Entered

Answer 45

D. Errors & Omissions Excepted

Answer 46

A. Personal Account

Answer 47

B. Real Account

Answer 48

C. Nominal Account

Answer 49

D. Both (a) and (b)

Answer 50

A. Mr. Employer paid salary of Rs.9,000 to Mr. Employee.

Answer 51

B. Rahul sold his bicycle to Rohan for Rs.600.

Answer 52

C. Abhijeet gifted a book, priced at Rs.800, to Amit.

Answer 53

D. None of the above.

Answer 54

A. Sales Day Book

Answer 55

B. Sales Credit Book

Answer 56

C. Sales Day Account

Answer 57

D. Sales Day Register

Answer 58

B. Stationery

Answer 59

D. Furniture

Goodwill is not a fictitious asset.

Correct Answer :

Show all Accounts Fundamental MCQ

Related Questions

Trial Balance is prepared after the preparation of Profit and Loss Account.

If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.

Depreciation is not charged on _______________.

Wages and Salaries is a charge against

A part of the profit distributed to the shareholders is known as

Copyright is an example of

The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The depreciation amount under Straight Line Method is

The balance in the Cash Book represents net income.

The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is

Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.

The life span of a company is dependent on the life span of the

An expense incurred to keep the machine in working condition is a capital expenditure.

The account which can never have a credit balance is

Any type of error affects the agreement of Trial Balance.

Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.

All indirect expenses are charged against

The accounts of a company may be maintained using Single Entry System of Book Keeping also.

The basic unit of measurement of the accounting system is ______________.

Sale of Office Furniture should be credited to Sales Account.

Cash payments are recorded on the _______________ of the Cash Book.

All events are transactions but all transactions are not events.

Contingent liability is an ascertained liability but its amount and due date are indeterminate.

E. & O.E.

Fixed Assets are stated in the balance sheet at their market value.

Depreciation cannot be provided in case of loss, in a financial year.

Cash is an example of

Expenditure, which result in acquisition of permanent assets, is a capital expenditure.

Which of the following events is not a transaction?

All credit sales are recorded in

Choose the odd one out

Also checkout

Goodwill is not a fictitious asset.

Correct Answer :

Show all Accounts Fundamental MCQ

Related Questions

Trial Balance is prepared after the preparation of Profit and Loss Account.

If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.

Depreciation is not charged on _______________.

Wages and Salaries is a charge against

A part of the profit distributed to the shareholders is known as

Copyright is an example of

The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The depreciation amount under Straight Line Method is

The balance in the Cash Book represents net income.

The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is

Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.

The life span of a company is dependent on the life span of the

An expense incurred to keep the machine in working condition is a capital expenditure.

The account which can never have a credit balance is

Any type of error affects the agreement of Trial Balance.

Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing of Accounts; (iv) Ledger Posting.

All indirect expenses are charged against

The accounts of a company may be maintained using Single Entry System of Book Keeping also.

The basic unit of measurement of the accounting system is ______________.

Sale of Office Furniture should be credited to Sales Account.

Cash payments are recorded on the _______________ of the Cash Book.

All events are transactions but all transactions are not events.

Contingent liability is an ascertained liability but its amount and due date are indeterminate.

E. & O.E.

Fixed Assets are stated in the balance sheet at their market value.

Depreciation cannot be provided in case of loss, in a financial year.

Cash is an example of

Expenditure, which result in acquisition of permanent assets, is a capital expenditure.

Which of the following events is not a transaction?

All credit sales are recorded in

Choose the odd one out

Also checkout

Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.