BBI Foundational Course 1 MCQ's




Question 61 :
AS 6 deals with _____.

  1. Depreciation
  2. Impairment of assets
  3. Presentation
  4. None of the above
  

Question 62 :
A Drawings account is closed by transferring the balance to the _____ account.

  1. Capital
  2. Assets
  3. Closing Capital
  4. None of the above
  

Question 63 :
All items of income are shown on the credit side of the _____ Account.

  1. Gross Loss
  2. Gross Profit
  3. Profit - Loss A/c
  4. None of the above
  

Question 64 :
(Opening Stock + Purchases + Direct Expenses + Gross Profit) - Sales gives _____.

  1. Gross Profit
  2. Closing Capital
  3. Closing Stock
  4. None of the above
  

Question 65 :
Hire purchase price is _____ than cash price.

  1. Buyer
  2. Customer
  3. Higher
  4. None of the above
  

Question 66 :
A person whose assets are lesser than his liabilities.

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

Question 67 :
Excess of credit side over debit side of a Profit - Loss Account represents _____.

  1. Net Profit
  2. Assets
  3. Gross Profit
  4. None of the above
  

Question 68 :
What is called monetary value of reputation?

  1. Goodwill
  2. copy rights
  3. medium term
  4. None of the above
  

Question 69 :
Cost of removal of stock from one place to another place.

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

Question 70 :
Closing stock is entered in a Trading Account on the _____ side.

  1. Gross Profit
  2. Credit side
  3. Debit side
  4. All of the above
  

Question 71 :
Excess of expenditure over income is _____.

  1. Revenue
  2. Deficit
  3. Capital Fund
  4. None of the above
  

Question 72 :
There are two types of standards _____ and _____.

  1. Consolidated financial statement
  2. Recommendatory, Mandatory
  3. Inventory Valuation
  4. None of the above
  

Question 73 :
Goodwill may be valued on _____ of a partner.

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

Question 74 :
The account which shows actual receipts and payments is _____.

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

Question 75 :
Goodwill has _____ value.

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

Question 76 :
The amount received in excess of face value of shares is called _____.

  1. securities premium
  2. general reserve
  3. All of the above
  

Question 77 :
_____ _____ _____ is followed when there are fluctuations in prices.

  1. WAM
  2. FIFO
  3. LIFO
  4. All of the above
  

Question 78 :
Amount / goods withdrawn from business for personal use is called as ______.

  1. drawings
  2. goods
  3. intangible
  4. All of the above
  

Question 79 :
The part of uncalled capital, which a company decides to call only in case of liquidation is called _____.

  1. paid up capital
  2. reserve capital
  3. uncalled capital
  4. None of the above
  

Question 80 :
The goods remaining unsold are

  1. Stock
  2. purchases
  3. hares
  4. None of the above
  

Question 81 :
Rectification entries are passed in the _____.

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

Question 82 :
The first reporting date as per IFRS_____.

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

Question 83 :
_____ is a dealings between two or more persons.

  1. Property
  2. Goods
  3. Transaction
  4. None of the above
  

Question 84 :
Excess of income over expenditure is _____.

  1. Balance Sheet
  2. Surplus
  3. Revenue
  4. None of the above
  

Question 85 :
Depreciation Account is a _____ Account.

  1. Nominal
  2. Real
  3. Personal
  4. Valuation
  

Question 86 :
Fictitious assets are

  1. intangible
  2. convertible into cash
  3. tangible
  4. All of the above
  

Question 87 :
In valuation of inventory _____ concept is followed.

  1. Perpetual
  2. Realisation
  3. FIFO
  4. None of the above
  

Question 88 :
Depreciation is derived from a Latin word _____.

  1. Depretium
  2. Depreciation
  3. Deprica
  4. Deprecial
  

Question 89 :
Employee stock options outstanding appear in Balance Sheet under _____.

  1. equity
  2. general reserve
  3. Forfeited Shares
  4. None of the above
  

Question 90 :
All the _____ assets depreciate.

  1. fixed
  2. current
  3. floating
  4. intangible
  
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