BBI Foundational Course 1 MCQ's




Question 91 :
If the application is not accepted the money received should be _____.

  1. capital reserve
  2. refunded
  3. retained
  4. All of the above
  

Question 92 :
Depreciation is charged at a certain rate on _____ _____ of the asset.

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

Question 93 :
Double Entry Book-keeping enables us to check the _____ accuracy of the books of accounts.

  1. arithmetical
  2. algebric
  3. geometric
  4. scientific
  

Question 94 :
Under _____ stock taking stock is valued periodically.

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

Question 95 :
Under _____ method it is assumed that stock received first is issued first.

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

Question 96 :
_____ receipts are shown as income in Profit - Loss Account.

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

Question 97 :
Opening stock is entered in a Trading Account on the _____ side.

  1. Credit side
  2. Debit side
  3. Gross Profit
  4. None of the above
  

Question 98 :
Spent to get a licence to run the factory ` 60,000

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

Question 99 :
_____ method assumes that stock received last is issued first.

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

Question 100 :
A debit balance of the Pass Book represents _____.

  1. Bank Pass Book
  2. Credit Balance
  3. Overdraft
  4. None of the above
  

Question 101 :
Depreciation = Cost of Asset less Scrap Value/______of Asset

  1. Scrap Value, Economic Life
  2. Life
  3. Span
  4. Cost
  

Question 102 :
AS 20 deals with _____ _____ _____.

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

Question 103 :
AS 1 deals with _____ _____.

  1. Inventory Valuation
  2. Accounting policies
  3. Consolidated financial statement
  4. None of the above
  

Question 104 :
As per _____ _____ concept financial results are ascertained every year.

  1. Accounting period
  2. Cost Concept
  3. Money measurement
  4. None of the above
  

Question 105 :
Transactions which are expressed in terms of money are called as _____ transactions.

  1. monetary
  2. Conservatism
  3. Cost Concept
  4. None of the above
  

Question 106 :
Discount which is recorded in the books of accounts is

  1. trade discount
  2. cash discount
  3. quantity discount
  4. All of the above
  

Question 107 :
Wages paid for installation of machinery is a _____ expenditure.

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

Question 108 :
AS 9 deals with _____ _____.

  1. Revenue Recognition
  2. Presentation
  3. Earning per share
  4. None of the above
  

Question 109 :
Under _____ System, the amount of depreciation remains constant every year.

  1. Fixed Instalment
  2. Reducing
  3. WDV
  4. Cash
  

Question 110 :
_____ _____ is made when payment of expenses is made.

  1. cash memo
  2. payment voucher
  3. cash receipt
  4. None of the above
  

Question 111 :
In case of commission charged by the Bank without the knowledge of the trader, the bank balance of the Cash Book will be _____ than that of the Pass Book.

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

Question 112 :
_____ _____ _____ is used for depositing cash into Bank.

  1. cash receipt
  2. credit memo
  3. pay in slip
  4. None of the above
  

Question 113 :
Benefit of revenue expenditure is accrued during the current year only.

  1. Current year
  2. more than one year
  3. two year
  4. None of the above
  

Question 114 :
The Bank balance in the Pass Book differs from the bank balance in the Cash Book when a cheque is issued but not _____ in the Bank.

  1. Credit Balance
  2. presented
  3. Overdraft
  4. None of the above
  

Question 115 :
The object of providing depreciation is to set aside a certain sum every year to _____ that asset when it is unserviceable.

  1. replace
  2. recharge
  3. recast
  4. reallocate
  

Question 116 :
Wages paid for installation of machinery should be debited to _____ Account.

  1. Sales A/c
  2. Cash A/c
  3. Machinery Account
  4. None of the above
  

Question 117 :
Assets held for immediate conversion into money are known as _____ assets.

  1. Closing Capital
  2. Current
  3. Trial Balance
  4. All of the above
  

Question 118 :
A Capital Account is shown in the balance sheet on the _____ side.

  1. Balance sheet
  2. Net Profit
  3. Liabilities
  4. None of the above
  

Question 119 :
A _____ is issued for payment through Bank.

  1. cash receipt
  2. cheque
  3. voucher
  4. None of the above
  

Question 120 :
_____ _____ is issued when cash is received.

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