Tuesday, July 23, 2019

MCQS ON BASIC CONCEPTS OF ACCOUNTING FOR UGC NET COMMERCE/MANAGEMENT


  • MCQS ON BASIC CONCEPTS OF ACCOUNTING
    UGC NET COMMERCE/MANAGEMENT
  • MCQ
  • THE LONG TERM ASSETS THAT HAVE NO PHYSICAL EXISTENCE BUT ARE RIGHTS THAT HAVE VALUE IS KNOWN AS
       I.            CURRENT ASSETS
    II.            FIXED ASSETS
 III.            INTANGIBLE ASSETS
IV.            INVESTMENTS
·         ANSWER IS iii

  • PATENTS,COPY RIGHTS AND TRADEMARKS ARE :-
       I.            CURRENT ASSETS
    II.            FIXED ASSETS
 III.            INTANGIBLE ASSETS
IV.            INVESTMENTS
·         THE ANSWER IS INTANGIBLE ASSETS
  • THE ASSETS THAT CAN BE CONVERTED INTO CASH WITH A SHORT PERIOD(LESS THAN ONE YEAR) ARE KNOWN AS :
       I.            CURRENT ASSETS
    II.            FIXED ASSETS
 III.            INTANGIBLE ASSETS
IV.            INVESTMENTS
·         THE ANSWER IS CURRENT ASSETS

  • THE LIABILITIES THAT ARE PAYABLE IN MORE THAN A YEAR AND ARE NOT BE LIQUIDATED FROM CURRENT ASSETS
       I.            CURRENT LIABILITIES
    II.            FIXED LIABILITIES
 III.            CONTINGENT LIABILITIES
IV.            ALL OF THE ABOVE
·         THE ANSWER IS FIXED LIABILITIES

  • THE DEBTS WHICH ARE TO REPAID WITH IN LESS THAN ONE YEAR IS KNOWN AS:
       I.            CURRENT LIABILITIES
    II.            FIXED LIABILITIES
 III.            CONTINGENT LIABILITIES
IV.            ALL OF THE ABOVE
·         THE ANSWER IS CURRENT LIABILITIES

  • ANY WRITTEN EVIDENCE IN SUPPORT OF A BUSINESS TRANSACTION IS CALLED
       I.            JOURNAL
    II.            LEDGER
 III.            LEDGER POSTING
IV.            VOUCHER
·         ANSWER IS VOUCHER
·         THE ACCOUNTS THAT RECORDS EXPENSES,GAINS AND LOSSES ARE :
       I.            PERSONAL ACCOUNT
    II.            REAL ACCOUNT
 III.            NOMINAL ACCOUNT
IV.            NONE OF TH ABOVE
·         THE ANSWER IS NOMINAL ACCOUNT

  • REAL ACCOUNT RECORDS
       I.            DEALING WITH CREDITORS OR DEBTORS
    II.            DEALING IN COMMODITIES
 III.            GAINS AND LOSSES
IV.            ALL OF THE ABOVE
·         ANSWER IS DEALING IN COMMODITIES
  • THE PROCESS OF ENTERING ALL TRANSACTIONS FROM THE JOURNAL TO LEDGER IS CALLED:
       I.            POSTING
    II.            ENTRY
 III.            ACCOUNTING
IV.            NONE OF THE ABOVE       THE ANSWER IS POSTING

  • THE FOLLOWING IS STATEMENT SHOWING THE FINANCIAL POSITION OF THE COMPANY ON PARTICULAR TIME:-
       I.            CASH BOOK
    II.            TRADING ACCOUNT
 III.            BALANCE SHEET
IV.            PROFIT AND LOSS ACCOUNT
·         THE ANSWER IS BALANCE SHEET
  • A STATEMENT OF REVENUE AND EXPENSES FOR SPECIFIC PERIOD OF TIME
              I.        JOURNAL
            II.        TRADING ACCOUNT
           III.        TRIAL BALANCE
           IV.        PROFIT AND LOSS ACCOUNT
            V.        BALANCE SHEET               THE ANSWER IS PROFIT AND LOSS ACCOUNT


  • WHICH OF THESE IS NOT INCLUDED AS A SEPARATE ITEM IN THE BASIC ACCOUNTING
       I.            ASSETS
    II.            REVENUES
 III.            LIABILITIES
IV.            STOCKHOLDER’S EQUITY
  • THE ACCURAL BASIS OF ACCOUNTING RECORDS REVENUE WHEN THEY ARE:
       I.            COLLECTED
    II.            EARNED
 III.            CONTRACTED
IV.            READILY AVIALABLE FOR USE

  • A BUSINESS FIRM IS SEPARATE AND DISTINCT FROM ITS OWNERS IS THE ASSUMPTIONS UNDER WHICH OF THE FOLLOWING ACCOUNTING CONCEPT
       I.            BUSINESS ENTITY
    II.            GOING CONCERN ENTITY
 III.            MONEY MEASURING ENTITY
IV.            ACCOUNTING PERIOD CONCEPT
   V.            NONE OF THE ABOVE
·         THE RIGHT ANSWER IS BUSINESS ENTITY

  • ASSUMPTIONS OF ACCOUNTING ENTITY OR BUSINESS ENTITY CONCEPT IS APPLICABLE FOR WHICH OF THE FOLLOWING  BUSINESS:-
       I.            SOCIETIES
    II.            JOINT STOCK COMPANIES
 III.            CORPORATIONS
IV.            PARTNERSHIP FIRMS
   V.            ALL OF THE ABOVE

  • UNDER WHICH OF THE FOLLOWING KINDS OF BUSINESS CONCEPTS IT IS ASSUMED THAT THE ORGANIZATION WILL LAST FOR A LONG TIME
       I.            ACCOUNTING ENTITY
    II.            GOING CONCERN ENTITY
 III.            ACCOUNTING PERIOD
IV.            NONE OF THE ABOVE
·         DISTINCTION BETWEEN AN EXPENDITURE WHOSE BENEFIT WILL BE FOR LONG PERIOD AND WHOSE BENEFIT  FOR SHORT PERIOD OF SAY UP TO ONE YEAR
       I.            ACCOUNTING ENTITY
    II.            GOING CONCERN ENTITY
 III.            MONEY MEASURING ENTITY
IV.            ACCOUNTING PERIOD CONCEPT

  • ACCOUNTING PROCEDURES AND ACCOUNTING PRACTICES SHOULD REMAIN SAME FROM YEAR TO YEAR UNDER WHICH OF THE FOLLOWING ACCOUNTING PRINCIPLE
       I.            DUAL ASPECT PRINCIPLE
    II.            MATERIALITY
 III.            TIMELINESS
IV.            CONSISTENCY PRINCIPLE
   V.            CONSERVATISM

  • WHEN A MACHINERY IS PURCHASED FOR CASH THE CASH BALANCE IS REDUCED AND TO THE EXTENT, AMOUNT OF MACHINERY AS AN ASSET IS RECORDED. THIS IS DONE TO FOLLOW WHICH OF THE FOLLOWING
       I.            DUAL ASPECT PRINCIPLES
    II.            MATERIALITY PRINCIPLE
 III.            TIMELINESS PRINCIPLE
IV.            CONSISTENCY PRINCIPLE
·         RULES OF REVENUE RECOGNITION DETERMINE THAT THE EARNING PROCESS SHOULD BE EITHER COMPLETE OR NEAR COMPLETION UNDER
       I.            MATERIALITY CONCEPT
    II.            HISTORICAL RECORD
 III.            REALIZATION CONCEPT
IV.            DUAL ASPECT CONCEPT

  • UNDER WHICH CONVENTIONS OF ACCOUNTING,THE CONTINGENT LIABILITIES ARE SHOWN AS FOOT NOTE OR EXPLANATORY NOTES IN THE BALANCE SHEET OF  A FIRM:
       I.            CONVENTION OF FULL DISCLOSURE
    II.            CONVENTION OF MATERIALITY
 III.            CONVENTION OF CONSERVATISM
IV.            CONVENTION OF CONSISTENCY
  •  VALUATION OF STOCK IS DONE BY A BUSINESS FIRM AT COST PRICE OR MARKET PRICE WHICHEVER IS LOWER BASIS UNDER
       I.            CONVENTIONS OF FULL DISCLOSURE
    II.            CONVENTION OF MATEIRALITY
 III.            CONVENTION OF CONSERVATISM
IV.            CONVENTION OF CONSISTENCY

  • A BUSINESS FIRM CREATES PROVISIONS AGAINST DOUBTFUL DEBT UNDER WHICH OF THE FOLLOWING CONVENTIONS
       I.            CONVENTIONS OF FULL DISCLOSURE
    II.            CONVENTION OF MATEIRALITY
 III.            CONVENTION OF CONSERVATISM
IV.            CONVENTION OF CONSISTENCY
  • THE CONCEPT THAT RECOGNIZES THE DISTINCTION BETWEEN RECEIPT OF CASH AND THE RIGHT TO RECEIVE THE CASH IS CALLED:
       I.            ACCRUAL CONCEPT
    II.            CASH CONCEPT
 III.            MATERIALITY CONCEPT
IV.            FULL DISCLOSURE CONCEPT




  • ANTICIPATE NO PROFITS AND PROVIDE FOR ALL POSSIBLE LOSSES. THIS IS ESSENCE OF WHICH OF THE FOLLOWING ACCOUNTING PRINCIPLES
       I.            MATERIALITY PRINCIPLE
    II.            DUAL ASPECT PRINCIPLE
 III.            CONSERVATISM PRINCIPLE
IV.            CONSISTENCY PRINCIPLE
·         THE BUSINESS TRANSACTIONS ARE RECORDED DATE WISE TO CREATE PROPER RECORD OF ALL THE TRANSACTIONS. THIS IS A PART OF WHICH OF THE FOLLOWING:
       I.            REALIZATION CONCEPT
    II.            MATERIALITY CONCEPT
 III.            HISTORICAL RECORD CONCEPT
IV.            ACCOUNTING PERIOD CONCEPT

  • PROFIT IS A LIABILITY FOR A ORGANIZATION AND LOSS IS AN ASSET UNDER WHICH OF THE FOLLOWING CONCEPTS
       I.            BUSINESS ENTITY CONCEPT
    II.            HISTORICAL RECORD CONCEPT
 III.            DUAL ASPECT
IV.            ACCOUNTING PERIOD CONCEPT
·         THE ACCOUNTING EQUATION ASSET=CAPITAL +LIABILITY IS PART OF WHICH OF THE FOLLOWING CONCEPT
       I.            HISTORICAL RECORD CONCEPT
    II.            DUAL ASPECT
 III.            ACCOUNTING PERIOD CONCEPT
IV.            DUAL ASPECT CONCEPT






No comments:

Post a Comment