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Basic concepts of Financial Accounting by TRILOCHAN SAI

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30 Questions - Developed by:
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  • 1
    Depreciation is a process of?
  • 2
    X Ltd., purchased goods for ` 5 lakh and sold 9/10th of the value of goods for ` 6 lakh. Net expenses during the year were ` 25, 000. The company reported its net profit as ` 75,000. Which of the following concept is violated by the company?
  • 3
    Payment received from Debtor ....

  • 4
    The process of writing off intangible assets is?
  • 5
    Is shown on the liability side because of?
  • 6
    Which of the following is not a unsecured loan in Balance sheet of a Company?

  • 7
    Any profit prior to incorporation may be
  • 8
    A and B are partners sharing profits in the ratio 1:2. C is admitted and the new profit sharing ratio is 1:2:3. Sacrificing ratio is
  • 9
    ) What would be the cost of goods sold from the following details–
    Opening Stock ` 4,000
    Sales ` 45,000
    Direct Expenses ` 5,000
    Indirect Expenses ` 6,000
    Closing Stock ` 2,000
    Gross Profit ` 5,000
  • 10
    Independent Branch meant when separate account are maintained by

  • 11
    Which of the following item of cost is not a part of inventory
  • 12
    The Accounting Standard on ‘the Effect of Changes in foreign exchange rates’ is
  • 13
    Any journal entry can be derived by looking at the corresponding ledgers.
  • 14
    An increase in current assets results in
  • 15
    Pre-paid insurance premium should be classified as a
  • 16
    As per Schedule VI to the Companies Act,1956 unclaimed dividends are to be shown as

  • 17
    Realisation account is opened at the time of
  • 18
    In the hire purchase system interest charged by vendor is calculated on the basis of
  • 19
    Bad debts are apportioned among departments in the proportion of
  • 20
    The following account has a credit balance

  • 21
    Actuarial valuation relates to
  • 22
    A non-performing asset is generally referred to
  • 23
    In the case of non-profit organisation donations received by the organisation are reflected in
  • 24
    Bank Reconciliation Statement is
  • 25
    Dual concept in accounting results in the following equation
  • 26
    Under which of the following heads is claims against a Company not acknowledged as debts shown

  • 27
    Which of the following will be the highest amount
  • 28
    In partnership when a new Partner brings his share of Goodwill in cash, then the amount of such Goodwill will be credited to Partners’ capitals as per the following ratio
  • 29
    The cost of a Fixed Assets of a business has to be written off over its
  • 30
    The Receipts and Payments Account generally begins with

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