BBI Foundational Course 1 MCQ's




Question 271 :
The obligation which is payable within one year is a _____ liability.

  1. expenses
  2. fictitious
  3. current
  4. All of the above
  

Question 272 :
The account to which the difference in the trial balance is transferred is the _____ account.

  1. Sales Return
  2. Suspense
  3. Assets
  4. All of the above
  

Question 273 :
Money received along with application or allotment of shares is credited to _____ Account.

  1. over subscription
  2. calls in advance
  3. Share Application
  4. None of the above
  

Question 274 :
_____ indicates merely a temporary decrease or increase in value.

  1. Market Value
  2. Cost
  3. Realisable Value
  4. Mark up Value
  

Question 275 :
Recovery of bad debts during the year ` 3,500

  1. Revenue receipt
  2. Capital receipt
  3. Deferred revenue expenditure
  4. None of the above
  

Question 276 :
The profit on re-issue of forfeited shares is credited to _____.

  1. calls in advance
  2. capital reserve
  3. uncalled capital
  4. All of the above
  

Question 277 :
A person to whom the amount is payable.

  1. Debtor
  2. Creditor
  3. Bad Debts
  4. None of the above
  

Question 278 :
Interest = Hire purchase price – _____ _____.

  1. Down Payment
  2. Hire vendor
  3. Cash price
  4. None of the above
  

Question 279 :
Bank Reconciliation Statement is prepared to reconcile the difference in _____ and _____.

  1. Journal Proper
  2. Bank Reconciliation Statement
  3. Bank Balance as per Cash Book and Pass Book Balance
  4. All of the above
  

Question 280 :
_____ expenditure is non-recurring.

  1. Capital
  2. Providing services
  3. Surplus
  4. None of the above
  

Question 281 :
For the purpose of reconciliation only the _____ column of the Cash Book is to be considered.

  1. Overdraft
  2. Journal Proper
  3. Bank
  4. None of the above
  

Question 282 :
Book-Keeping is an _____ of recording transactions in a systematic manner.

  1. Journal
  2. Ledger
  3. art
  4. None of the above
  

Question 283 :
Excess of expenses over revenue is

  1. Loss
  2. income
  3. Profit
  4. None of the above
  

Question 284 :
Liability of shareholders is _____.

  1. limited
  2. owers
  3. premium
  4. None of the above
  

Question 285 :
Normal advertising expenditure

  1. Revenue expenditure
  2. capital expenditure
  3. deferred revenue expenditure
  4. All of the above
  

Question 286 :
The shares offered to existing shareholders are called _____ shares.

  1. general reserve
  2. discount
  3. right shares
  4. None of the above
  

Question 287 :
Hire charges of a special machine ` 20,500

  1. Revenue expenditure
  2. Capital expenditure
  3. Deferred revenue expenditure
  4. None of the above
  

Question 288 :
Received on account of issue of debentures ` 4,00,000

  1. Revenue receipt
  2. Capital receipt
  3. Deferred revenue expenditure
  4. None of the above
  

Question 289 :
_____ expenditure is non-recurring.

  1. Capital
  2. D.R. Expenses
  3. Revenue
  4. None of the above
  

Question 290 :
In _____ method, stock is valued at oldest rate.

  1. LIFO
  2. FIFO
  3. Weighted Average
  4. None of the above
  

Question 291 :
_____ _____ is initial payment.

  1. Down Payment
  2. Cash Price
  3. Hire vendor
  4. None of the above
  

Question 292 :
Which system enables ascertainment of financial position?

  1. Double Entry System
  2. Single Entry System
  3. Cash System
  4. Credit System
  

Question 293 :
_____ receipts are shown in Balance Sheet.

  1. Capital
  2. Revenue
  3. D.R. Expenses
  4. None of the above
  

Question 294 :
Total Assets are = _____.

  1. Total Liabilities + Capital
  2. Net Profit
  3. Closing Capital
  4. All of the above
  

Question 295 :
A company receiving amount less than face is called issue of shares at _____.

  1. over subscription
  2. discount
  3. Share Application
  4. All of the above
  

Question 296 :
In _____ method, Balance Sheet shows current cost of stock.

  1. Weighted Average
  2. FIFO
  3. LIFO
  4. All of the above
  

Question 297 :
Direct deposits by customers are entered in the Pass Book on the _____ side.

  1. Credit
  2. Less
  3. Debit
  4. None of the above
  

Question 298 :
Under _____ inventory system, stock is valued by physical stock taking.

  1. Perpetual
  2. Periodic
  3. Physical
  4. None of the above
  

Question 299 :
Under _____ system, amount of depreciation changes every year.

  1. WDV
  2. written down value
  3. fluctuating
  4. constant
  

Question 300 :
Under _____ method closing inventory is valued at latest rate.

  1. Weighted Average
  2. LIFO
  3. FIFO
  4. All of the above
  
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