B.COM FA-1 MCQ's




Question 31 :
_____ expenditure is shown in the Balance Sheet on asset side.

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

Question 32 :
Retail method of inventory valution is

  1. Sales less gross profit
  2. Cost plus net profit
  3. Sales plus gross profit
  4. Sales less net profit
  

Question 33 :
Revenue from sale of goods arises when

  1. Goods are sold out
  2. Goods are delivered
  3. Goods are depatched
  4. None of the above
  

Question 34 :
Under _____ inventory system, stock is valued on the basis of stores ledger.

  1. both (b) - (d)
  2. Periodic
  3. None of the above
  4. Perpetual
  

Question 35 :
Cost of electric power should be apportioned over different departments according to :

  1. H.P. of motors
  2. No. of light points
  3. Cost of machines
  4. None of the above
  

Question 36 :
_____ receipts are shown in Balance Sheet.

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

Question 37 :
AS _____ deals with disclosure of accounting policies.

  1. GAAP
  2. AS 1
  3. ASB
  4. None of the above
  

Question 38 :
Interest on drawings is credited to _____ Account.

  1. Balance Sheet
  2. Trading
  3. Profit - Loss
  4. All of the above
  

Question 39 :
Following is the example of accounting policy

  1. Realisation
  2. Accrual
  3. Accounting period
  4. Recognition of profit on contract
  

Question 40 :
As per AS, goods and services produced and kept aside for specific projects should be valued at

  1. Contract price
  2. Net realisable value
  3. Identified individual cost
  4. Pre-placement cost
  

Question 41 :
In _____ method, stock is valued at current rate.

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

Question 42 :
Different firms follow _____ policies.

  1. Same
  2. leagal
  3. None of the above
  4. Different
  

Question 43 :
Depreciation is _____ in nature.

  1. capital
  2. None of the above
  3. deferred revenue expenditure
  4. revenue
  

Question 44 :
The factors to be considered while selecting accounting policies include '

  1. Morale of staff
  2. Materiality
  3. Liquidity
  4. Inflation
  

Question 45 :
Revenue from sale of goods is recognised when

  1. Sale is made
  2. Collection is made from debtors
  3. Goods are produced
  4. None of the above
  

Question 46 :
Revenue from interest is recognised when

  1. Interest is received
  2. Loan is repaid
  3. Interest accrues on time basis
  4. When loan is taken
  

Question 47 :
Gross profit is transferred to _____ Account.

  1. Profit - Loss Account
  2. Balance Sheet
  3. Trading
  4. None of the above
  

Question 48 :
Spent on umbrellas to employees ` 5,000

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

Question 49 :
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 50 :
As per AS–1, any change in accounting policy

  1. Should be disclosed
  2. Should not be disclosed
  3. Requires permission from ICAI
  4. Requires permission from the Government
  

Question 51 :
Accounting policies are

  1. Prescribed by AS–1
  2. Same for all the organisations
  3. Change from concern to concern
  4. Laid down by law
  

Question 52 :
Departmental Net Profit is transferred to _____.

  1. Trading A/c
  2. Balance Sheet
  3. None of the above
  4. General P - L A/c
  

Question 53 :
_____ method assumes that stock received last is issued first.

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

Question 54 :
Accounting policies are not _____ for all organisations.

  1. Compulsory
  2. Different
  3. None of the above
  4. Same
  

Question 55 :
Cost of Inventory should include

  1. Import duties
  2. Taxes
  3. Canriage
  4. All of the above
  

Question 56 :
Documentation charges regarding purchase of building is a _____ expenditure.

  1. revenue
  2. deferred revenue expenditure
  3. capital
  4. None of the above
  

Question 57 :
There is need of _____ to accounts.

  1. Report
  2. Data
  3. notes
  4. None ot the above
  

Question 58 :
If standards are not followed, the _____ has to make a disclosure in the accounting report in case of failure.

  1. Manager
  2. Employee
  3. auditor
  4. None of the above
  

Question 59 :
Goodwill is not a _____ asset.

  1. fictitious
  2. fixed
  3. current
  4. None of the above
  

Question 60 :
Under perpetual inventory system inventory is valued

  1. Continuously
  2. Periodically
  3. Annually
  4. Quarterly
  
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