COMPUTER TRICKS, TWEAKS AND TUTORIALS: June 2012

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

17
sec(s)

Question # 1 of 20 ( Start time: 09:47:43 AM )

Total Marks: 1

When income is reduced or decreased, that amount is recorded on:

Select correct option:

	Right or debit side of the account
	Left or debit side of the account
	Left or credit side of the account
	Right or credit side of the ccount

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

s
sec(s)

Question # 2 of 20 ( Start time: 09:49:15 AM )

Total Marks: 1

A transaction in which Cash A/c and Bank A/c are involved, is recorded on both the sides of Double Column Cash Book, it is called ________________.

Select correct option:

	Rectifying Entry
	Adjusting Entry
	Contra Entry
	Closing Entry

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

ss
sec(s)

Question # 3 of 20 ( Start time: 09:50:46 AM )

Total Marks: 1

Carriage paid Rs. 50 for the newly purchased machinery if debited to carriage account will effect:

Select correct option:

	Only carriage account
	Only machinery account
	Both carriage and machinery account
	None of the given options

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

52
sec(s)

Question # 4 of 20 ( Start time: 09:52:04 AM )

Total Marks: 1

Which of the following Organization converts raw material into finished goods?

Select correct option:

	Trading concern
	Manufacturing concern
	Merchandising concern
	Service concern

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

49
sec(s)

Question # 5 of 20 ( Start time: 09:52:57 AM )

Total Marks: 1

A transaction that has been recorded in wrong account of the same class instead of being recorded in the right account, this is called:

Select correct option:

	Error of Omission
	Error of Commission
	Error of Principle
	Error of Original entry

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

ss
sec(s)

Question # 6 of 20 ( Start time: 09:54:2s AM )

Total Marks: 1

Which of the following is the best explanation of capital expenditure?

Select correct option:

	It is recurring and regular and it occurs repeatedly
	Neither an asset is acquired not the value of an asset is increased
	It does not occur again and again. It is non-recurring and irregular
	Its effect is temporary, i.e. the benefit is received within the accounting year

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

s6
sec(s)

Question # 7 of 20 ( Start time: 09:55:59 AM )

Total Marks: 1

Which of the following is NOT a characteristic of Fixed Asset?

Select correct option:

	Of long life
	To be used in the business to generate revenue
	Easily Convertible into Cash
	Not bought for the purpose of resale

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

s3
sec(s)

Question # s of 20 ( Start time: 09:57:30 AM )

Total Marks: 1

In accounting, which of the following account will be credited if the bad debts are recovered in cash?

Select correct option:

	Cash a/c
	Bad debt recovered a/c
	Doubtful debts a/c
	Provision for bad debts a/c

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

46
sec(s)

Question # 9 of 20 ( Start time: 09:5s:47 AM )

Total Marks: 1

Normally single entry book keeping is followed by the:

Select correct option:

	Small businesses only
	Governments only
	Large scale businesses only
	Both Small businesses and Governments

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

s7
sec(s)

Question # 10 of 20 ( Start time: 10:00:01 AM )

Total Marks: 1

Which transaction will cause the balance in Terry's Cash Book to be greater than his Bank Statement balance?

Select correct option:

	A cheque is drawn but not yet presented at the bank for payment
	The bank has not notified Terry about a dishonored cheque
	A credit transfer into Terry's Bank Account
	A cheque payment of Rs.101 is recorded in the Cash Book as Rs.110

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

s7
sec(s)

Question # 11 of 20 ( Start time: 10:01:22 AM )

Total Marks: 1

All of the followings are Tangible Fixed Assets Except:

Select correct option:

	Plant and Machinery
	Building
	Office equipment
	Patent

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

s7
sec(s)

Question # 12 of 20 ( Start time: 10:02:53 AM )

Total Marks: 1

Find out the missing value of an Accounting Equation with the help of given data: Bank Rs. 22,500 Other assets Rs. 1,000 Creditors Rs. s, 3s Other liabilities Rs. 9,000 Owner’s equity ?

Select correct option:

	Rs. 6,115
	Rs. 31,885
	Rs. 17,385
	Rs. 14,115

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

45
sec(s)

Question # 13 of 20 ( Start time: 10:03:33 AM )

Total Marks: 1

Which of the following is / are the particular/s of a cash book? (1) Date of transaction (2) Account title (3) Amount

Select correct option:

	1 only
	1 & 2 only
	1 & 3 only
	1, 2 & 3

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

ss
sec(s)

Question # 14 of 20 ( Start time: 10:04:36 AM )

Total Marks: 1

The third party who owes money to the business is called:

Select correct option:

	Debtor
	Creditor
	Stakeholder
	stockholder

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

s4
sec(s)

Question # 15 of 20 ( Start time: 10:06:07 AM )

Total Marks: 1

Which of the following will show in a debtor account?

Select correct option:

	Credit sales
	Cash sales
	Cash Purchase
	Discount received

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

ss
sec(s)

Question # 16 of 20 ( Start time: 10:07:39 AM )

Total Marks: 1

A sum of Rs. 50,000 was paid for customs duty and freight on machinery purchased from Japan. It is classified as:

Select correct option:

	Capital expenditure
	Revenue expenditure
	Deferred revenue expenditure
	Capital receipt

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

s2
sec(s)

Question # 17 of 20 ( Start time: 10:09:11 AM )

Total Marks: 1

Which of the following might be a reason, when a Bank Statement show greater balance then Cash Book balance at the end of specified period?

Select correct option:

	Unpresented cheques
	Unrecorded bank charges
	Uncredited cheques
	None of the given options

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

ss
sec(s)

Question # 1s of 20 ( Start time: 10:10:0s AM )

Total Marks: 1

Consider the following data: Particulars Rs. Assets 99,500 Owner's equity 50,500 Liabilities ?

Select correct option:

	Rs. 49,000
	Rs. 55,000
	Rs. 125,000
	Rs. 115,700

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

s7
sec(s)

Question # 19 of 20 ( Start time: 10:10:39 AM )

Total Marks: 1

Partner’s current accounts are opened when their capital accounts are:

Select correct option:

	Fixed
	Fluctuating
	Working Capital
	Work in progress capital

BY Rizwan hafeez

Quiz Start Time: 09:47 AM

Solved

ss
sec(s)

Question # 20 of 20 ( Start time: 10:12:10 AM )

Total Marks: 1

In balance sheet fixed assets are shown at:

Select correct option:

	Written down value (WDV)
	Cost price
	Market value
	Fair value