Top 150+ Solved Computerized Accounting Software MCQ Questions Answer
Q. Which accounting concept satisfy the valuation criteria
a. Going concern, Realization, Cost
b. Going concern, Cost, Dual aspect
c. Cost, Dual aspect, Conservatism
d. Realization, Conservatism, Going concern.
Q. A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?
a. Going concern
b. Cost
c. Accrual
d. Money measurement
Q. In which of the following cases, accounting estimates are needed?
a. Employs benefit schemes
b. Impairment of losses
c. Inventory obsolescence
d. All of the above
Q. Diwali advance given to an employee is
a. Revenue Expenditure
b. Capital Expenditure
c. Deferred Revenue Expenditure
d. Not an Expenditure
Q. The process of recording financial data upto trial balance is
a. Book keeping
b. Classifying
c. Summarizing
d. Analyzing
Q. Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on sale is
a. Capital & transferred to capital reserve
b. Revenue & transferred to P & L a/c c)
c. Capital & transferred to P & L a/c
d. Revenue & tr
Q. In income measurement & recognition of assets & liabilities which of the following concepts goes together ?
a. Periodicity, Accural, Matching
b. Cost, Accural, matching
c. Going concern, cost, Realization
d. Going concern, Periodicity, Reliability
Q. Interpretation means
a. Explanation of meaning and significance of the data in Financial Statements.
b. Concerned with preparation and presentation of classified data
c. Systematic analysis of recorded data
d. Methodical classification of data given in Financial Statements.
Q. A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated?
a. Money measurement
b. Conservatism
c. Consistency
d. None of these
Q. Which of the following is wrong?
a. All real and personal accounts are transferred to balance sheet
b. Nominal accounts are transferred to P & L account
c. Each account is opened separately in ledger
d. Rent is a personal account, outstanding rent is nominal account
Q. What is root cause for financial accounting
a. Stewardship accounting
b. Social accounting
c. Management accounting
d. Human resource accounting
Q. If nothing is given in the financial statements about the three accountingassumptions then it is to be treated as it
a. Is assumed that it is not followed
b. Is assumed to be followed
c. Is assumed to be followed to some extent
d. None of the above
Q. The proprietor of the business is treated as creditor for the capital introduced by him dueto_____ concept.
a. Money measurement
b. Cost
c. Entity
d. Dual aspect
Q. Fixed assets are held by business for _____
a. Converting into cash
b. Generating revenue
c. Resale
d. None of the above