BBI Foundational Course 1 MCQ's




Question 301 :
In _____ method, stock is over valued when the prices are rising.

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

Question 302 :
Spent on making an entrance for a cinema house 1,50,000

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

Question 303 :
Which concept provides a link between present and future?

  1. Going Concern
  2. Cost Concept
  3. Entity
  4. None of the above
  

Question 304 :
Purchase of tools for servicing.

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

Question 305 :
The commodity in which the proprietor is dealing is ______.

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

Question 306 :
Totalling of journal or ledger.

  1. Posting
  2. Casting
  3. Bad Debts
  4. None of the above
  

Question 307 :
Excess of revenue over expenses is called as _____.

  1. profit
  2. loss
  3. stock
  4. All of the above
  

Question 308 :
_____ discount is recorded in the books of accounts.

  1. cash
  2. voucher
  3. profit
  4. None of the above
  

Question 309 :
Replacement of old tyres by new one

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

Question 310 :
The maximum amount of capital which a company can raise is called _____ share capital.

  1. general reserve
  2. subscribed
  3. authorized
  4. None of the above
  

Question 311 :
Excess of H.P. price over cash price is _____.

  1. Interest
  2. Outstanding
  3. Possession
  4. None of the above
  

Question 312 :
Goodwill is not a _____ asset.

  1. Realisable
  2. Intangible
  3. Fictious
  4. None of the above
  

Question 313 :
As per _____ convention the organisation should follow the same method year after year.

  1. Disclosure concept
  2. Consistency
  3. Entity
  4. None of the above
  

Question 314 :
Which system of Book-Keeping under which records of both the aspects of transactions are recorded?

  1. Double Entry System
  2. Indian System
  3. Deshi System
  4. Hybrid System
  

Question 315 :
A _____ cheque can not be paid at the counter.

  1. credit memo
  2. crossed
  3. cash receipt
  4. None of the above
  

Question 316 :
The total capital of a company is divided into small parts of same value is called _____.

  1. general reserve
  2. shares
  3. deducted
  4. All of the above
  

Question 317 :
AS 28 deals with _____ _____ _____.

  1. Presentation
  2. Earning per share
  3. Impairment of assets
  4. None of the above
  

Question 318 :
Initial amount paid on signing the agreement is called _____ _____.

  1. Possession
  2. Interest
  3. Down Payment
  4. None of the above
  

Question 319 :
Super profit is

  1. Excess of future maintainable profit over normal profit.
  2. Average profit.
  3. Normal profit.
  4. Abnormal profit.
  

Question 320 :
In the case of an overdraft, the bank column of the Cash Book will show a _____ balance.

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

Question 321 :
_____ is a fund established for specific purpose.

  1. Revenue
  2. Trading A/c
  3. Income - Exp. A/c
  4. None of the above
  

Question 322 :
_____ expenditure is recurring.

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

Question 323 :
A person whose assets are greater than his liabilities.

  1. Insolvent
  2. Solvent
  3. Goods
  4. None of the above
  

Question 324 :
AS 21 deals with _____ _____ _____.

  1. Borrowing Cost
  2. Interim financial Reporting
  3. Consolidated financial statement
  4. None of the above
  

Question 325 :
Intangible assets which cannot be converted into cash are called as _____ assets.

  1. Profit-making
  2. non-profit making
  3. fictitious
  4. All of the above
  

Question 326 :
Books of accounts can be produced as an _____ in a court of law.

  1. evidence
  2. Debtor
  3. Creditor
  4. None of the above
  

Question 327 :
The amount of depreciation goes on decreasing under _____ method.

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

Question 328 :
The amount of capital that a company asks its members to pay is called _____ capital.

  1. uncalled capital
  2. general reserve
  3. called-up
  4. None of the above
  

Question 329 :
Depreciation = Cost of the Asset less ______ / Estimated Working Life.

  1. Scrap Value
  2. Reduced Value
  3. Zero Value
  4. Increased Value
  

Question 330 :
Normal profit is decided on the basis of _____ _____ of return.

  1. Normal Rate
  2. Admission
  3. Super Profit
  4. None of the above
  
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