B.COM FA-1 MCQ's




Question 181 :
Under _____ method stock is valued after every transaction.

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

Question 182 :
Inventory is valued of

  1. Cost only
  2. M.V. only
  3. Cost or N.R.V. whichever is less
  4. None of the above
  

Question 183 :
Paid underwriting commission on issue of shares ` 20,000

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

Question 184 :
Following is not an inventory

  1. Spare Parts
  2. Finished Goods
  3. Raw Material
  4. WIP
  

Question 185 :
Standardisation of accounting policies is necessary to ensure.

  1. Comparability
  2. Transperancy
  3. All of the above
  4. Consistency
  

Question 186 :
Carriage inward is shown in _____ A/c.

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

Question 187 :
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 188 :
Sold Government Bonds ` 30,000

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

Question 189 :
Revenue from instalment sale is recognised when

  1. An agreement is signed
  2. Goods are delivered
  3. Initial payment is received
  4. Last instalment is paid
  

Question 190 :
Revenue from service is recognised when

  1. Service is rendered
  2. Service is to be rendered
  3. Contract of service is made
  4. None of the above
  

Question 191 :
Factory expenses are shown in _____ Account.

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

Question 192 :
AS–2 (Revised) is applicable to _____ enterprise.

  1. not all
  2. Selective
  3. None of the above
  4. all
  

Question 193 :
Revenue from cosignment is recognised when

  1. Goods are sent on consignment
  2. Goods are sold by consignee
  3. When account sale is received from the consignee
  4. When proforma invoice is sent by the consignor
  

Question 194 :
Revenue from Royalty is recognised on

  1. Cash basis
  2. Accrual basis
  3. Signing the agreement
  4. None of the above
  

Question 195 :
Inventory covers

  1. WIP in construction work
  2. Biological Assets
  3. WIP in service organisation
  4. None of the above
  

Question 196 :
Sales of each department is the basis of allocation of :

  1. Selling Expenses
  2. Advertising Expenses
  3. (a) and (b)
  4. None of the above
  

Question 197 :
Depreciation is allocated on the basis of

  1. Value of Assets
  2. Area
  3. Light points
  4. No of workers
  

Question 198 :
_____ method is suitable for perishable goods.

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

Question 199 :
_____ expenditure does not give any future benefits.

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

Question 200 :
Under _____ method balance sheet does not show stock at current price.

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

Question 201 :
_____ method assumes that stock received first is issued first.

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

Question 202 :
Accounts must be prepared as per _____.

  1. Organisation
  2. All of the above
  3. Law
  4. None of the above
  

Question 203 :
_____ method is applied when the lots of goods are not identifiable.

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

Question 204 :
As per AS–1, disclosure of accounting policies should be made

  1. At all relevant places
  2. At one place
  3. In Profit - Loss Account
  4. In Balance Sheet
  

Question 205 :
Purchased a lathe machine ` 1.50 lakhs

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

Question 206 :
Gross profit is transferred to _____ A/c.

  1. P - L A/c
  2. Capital A/c
  3. Sales A/c
  4. Purchase A/c
  

Question 207 :
Expenses regarding purchases are allocated on the basis of _____.

  1. Sales
  2. Area
  3. Purchases
  4. Time
  

Question 208 :
GAAP are included in

  1. Accounting standards
  2. Accounting rules
  3. Guidance Notes
  4. Framework of Accounting
  

Question 209 :
In valuation of inventory _____ concept is followed.

  1. Consistency
  2. Realisation
  3. Conservatism
  4. None of the above
  

Question 210 :
Following is not debited to General P - L A/c

  1. Power
  2. Audit fees
  3. Interest on bank loan
  4. None of the above
  
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