BBI Foundational Course 1 MCQ's




Question 331 :
Debit balance on Suspense Account is shown on _____ side of Balance Sheet.

  1. Asset
  2. principle
  3. Error of Commission
  4. None of the above
  

Question 332 :
IASC was formed on _____.

  1. 31-03-2017 12.00.00 AM
  2. 01-04-2016 12.00.00 AM
  3. 01-07-2005 12.00.00 AM
  4. None of the above
  

Question 333 :
Generally _____ items are sold on hire purchase basis.

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

Question 334 :
When a transaction is omitted from the books of accounts, it is called as an error of _____.

  1. rectification
  2. Omission
  3. Commission
  4. None of the above
  

Question 335 :
Two sided errors originate in the _____ _____.

  1. Journal
  2. Subsidiary books
  3. Suspense
  4. None of the above
  

Question 336 :
_____ method is applied when the lots of goods are not identifiable.

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

Question 337 :
AS 25 deals with _____ _____.

  1. Borrowing Cost
  2. Interim financial Reporting
  3. Earning per share
  4. None of the above
  

Question 338 :
The money received in excess of called up amount is credited to _____.

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

Question 339 :
Capital employed for valuation of goodwill is equal to

  1. Average capital employed in business.
  2. Capital employed at the end of the year.
  3. Capital employed at the beginning of the year.
  4. Intangible capital employed.
  

Question 340 :
A company can issue _____ classes of shares.

  1. One
  2. Three
  3. two
  4. All of the above
  

Question 341 :
Which concept implies that amount paid or payable for acquisition of asset should be recorded at cost?

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

Question 342 :
Erection of a gas boiler to replace the old

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

Question 343 :
The date of implementation of IFRS is _____.

  1. 01-07-2005 12.00.00 AM
  2. 01-04-2016 12.00.00 AM
  3. 31-03-2017 12.00.00 AM
  4. None of the above
  

Question 344 :
Sales - _____ = Gross Profit.

  1. Gross Profit
  2. Profit - Loss Account
  3. Cost of goods sold
  4. All of the above
  
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