B.

Tech Open Elective

Basics of Accounting (CM1490)
Quiz I (Internal Assessment)
Time:- 20 Min. Marks:- 10

1) Which amongst the following is odd one:

a. Furniture
b. Land and Building
c. Stock of raw material
d. Plant and machinery

2) Patents are:

a. Intangible Fixed Assets

b. Tangible Fixed Assets
c. Current Assets
d. Long term Liabilities

3) All the following have debit balance except one. That account is ______.

a. Wages
b. Debtors
c. Stock
d. Bills payable

4) Drawings are deducted from:

a. Purchase
b. Sale
c. Net Profit
d. Capital

5) Trial Balance is prepared to:

a. Check the arithmetical accuracy of accounts

b. Calculate profits and losses
c. Determining business performance
d. Assessing the financial status

6) Cost of Goods sold can be calculated by:

a. Opening Stock + Purchase – Purchase Return + Direct Exp. – Closing Stock

b. Sales – Sales return + Direct Exp.
 c. Assets = Liability + Capital
d. None of the above

7) Bills Receivable is a:

a. Current Asset
b. Current Liability
c. Fixed Asset
d. Short Term Liability

8) Sales Return will be recorded on which side of a Trail Balance:

a. Dr
b. Cr
c. Not Recorded
d. Shown as a deduction from amount of sales

9) Net Loss is _________ to capital appearing in the Balance Sheet:

a. Added
b. Deducted
c. Not Adjusted
d. None of the above

10) Salary and Wages are debited to:

a) Trading A/c
b) P&L A/c
c) Manufacturing A/c
d) Capital A/c