Accounts Practiceset

Correct Answer
Question Answer Number 1 Answer Number 2 Answer Number 3 Answer Number 4

Number
Accounting can be classified
Financial Accounting and Financial Accounting and cost accounting and
into two broad categories, None of these 1
cost accounting Management Accounting Management Accounting
viz,
Accounting consists of Cost and income for Company’s tax liability for a Financial conditions of an
All of these 4
information on managers particular year institution
Accounting is the language

Government Public Trade Business 2
of
The terms accounting and

book keeping are classified Same Different Opposite None of these 4
as
Modern system of
Single entry system Double entry system British system None of these 2
bookkeeping is
Double entry system of

bookkeeping involves at One accounts Two accounts Three Accounts None of these 2
least
The process of recording

financial data up to trial Book keeping Classifying Summarizing Analyzing 1
balance is
Methodical
Explanation of meaning and
Concerned with preparation and Systematic analysis of classification of data
Interpretation means significance of the data in 1
presentation of classified data recorded data given in Financial
Financial Statements
Statemen
The main function of Provide informational basis for Classify and record business
Record economic data All of these 4
Accounting is to action transactions
Patents, Copyrights and

Current assets Fixed assets Intangible assets All of the above 3
Trademarks are
Bookkeeping provides the: Primary information Secondary information Final information None of these 1
One of these are not

external users of financial Creditors Investors Managers Government 3
information
The following is not a type of

Short term Current Fixed Long term 3
liability
The sales income (Credit and

Cash) of a business during a Transactions Sales returns Turnover Purchase returns 3
given period is called
In journal, the business

Same day Next day Once in a week Once in a month 1
transaction is recorded -
The following is (are) the

Purchase journal Sales journal Cash journal All of these 4
type(s) of Journal
All of following are Assets

Goodwill Furniture Outstanding Salary Closing Stock 3
except
Which of the following is an

identifiable non-monetary
Tangible asset Intangible Asset Floating Assets None of the above 2
asset without physical
substance?
Which of the following Assets- Liabilities >

Assets- Capital > Liabilities Liabilities + Capital = Assets Liabilities + Capital < Assets 2
statement is correct Capital
In income measurement &

reorganization of assets &
Periodicity, accrual, Going concern, cost, Going concern,
liabilities which of the Cost, accrual, matching 1
matching Realization periodicity, reliability
following concepts goes
together
All companies in the same Any accounting
Consistency with reference Accounting methods &
Industry should use Income & assets have not been method can be
to application of accounting procedures shall be followed 3
identical accounting overstated followed as per
procedures means uniform basis year after year
procedures convenience
Which accounting concept
specifies the practice of
Cost Realization Going concern Matching 4
crediting closing stock to the
trading account
Amount spent to increasing
the earning capacity is a Capital Revenue Deferred revenue Capital Loss 1
______ expenditure
The proprietor of the
business is treated as
Money measurement Cost Entity Dual aspect 3
creditor for the capital
introduced by him due
Entry for the two aspects of Entry in two aspects of

Double Entry means Entry at two dates All of these 3
books transaction
_______ states that assets

accounting equation financial equation statements none of these 1
equal liabilities plus capital.
The concept of
separate entity is applicable
Sole proprietorship Corporation Partnership All of these 4
to which of following types
of businesses
A trader has made a sale of

Rs.75,500 out of which cash
sales amounted to
Rs.25,500. He showed trade Going concern Cost Accrual Money measurement 3
receivables on 31-3-2014 at
Rs.50,000. Which concept is
followed by him
In Accounting, Owners and

Similar entities Separate entities Dependent entities None of these 2
business are
All events of business are
Money Ethical Value Units Goods 1
measured in terms of
According to which concept,

the proprietor pays interest Accrual concept Conservatism concept Entity concept Dual Aspect concept 3
on drawings
The policy of anticipate no
profit and provide for all
Consistency Disclosure Conservatism Matching 3
possible losses arise due to
the concept of ____
Cost concept basically

Fair Market value Historical cost Realizable value Replacement cost 2
recognizes ____
As per the Matching

concept, Revenue –______ = Expenses Liabilities Assets None of these 1
Profit
Journals are Primary entry Secondary entry Tertiary entry None of these 1
Accountancy and Finance

Same Almost same Different None of these 3
are
Which of the following is not

Building Furniture Machine Rent 4
a Real A/c
Historical cost concept

requires the valuation of an Original cost Replacement value Net realizable value Market value 1
asset at
The comparison of financial
statement of one year with
Going concern Accrual Consistency Matching 3
that of another is possible
only when ----------------
Systematic recording of Ascertainment of financial Solving tax disputes
the main objective of Ascertaining profit or loss 4
transactions position with tax authorities
accounting
Human resources will not
appear in the balance sheet Money measurement
Accrual Going concern None of these 3
according to ______ concept
concept.
Depreciation is not charged

New Asset Land Building None of the above 2
on _______________.
Economic resources of
business that expected to be
Owners Equity Liabilities Withdrawals Assets 4
of benefit in future time
referred as
The following is a statement
of revenues and expenses Trading account Trial balance Profit and loss statements Balance sheet 3
for a specific period of time
Balance sheet is a statement

Assets Liability Capital All of these 4
of
Balance sheets are prepared Daily Weekly Monthly Annually 4
The liabilities that are

payable in more than a year
Current liabilities Long term liabilities Contingent liabilities All of these 2
and are not be liquidated
from current assets
Sales day books is best Containing customers’

Part of double entry system Containing real account A list of credit sales 4
described as : account
A cheque is issued but not Amount in the cash book Amount in the cash book will
deposited in the bank yet. will be reduced but amount amount in both the book will remain be increased but amount in Amount in both the
1
What will be the effect in in the passbook would unchanged the passbook will be books will be reduced
passbook and cash book remain enhanced decreased
Non-Cash transactions are
generally recorded through journal proper ledger general journal none of these 3
________
Assets, which have physical

Tangible Assets Intangible Assets Quick Assets Current Assets 1
existence, are called
The difference of the trial
The profit and Loss
balance total could be Nominal Account The suspense account The Capital Account 2
account
adjusted by the :
Summary of balances of
ledger account is trial balance balance sheet cash flow statement none of these 1
called......................
A cash book with cash, bank
and discount column is
Single Double Triple Quadruple 3
known as _____ column
cash book
Introduction of cash by
owner is recorded on which Receipts Payments Income Expenditure 1
side of cash book?
Cash discount is allowed on

Lump sum Prompt Actual None of these 2
______ repayment of debt.
Payment of rent expenses is

recorded on which side of Receipts Payments Income Expense 2
cash book
Drawings by owner of a
business are recorded on receipts payments income expenditure 2
which side of a cash book
Purchase of Office
equipments on cash are
Payments Expenses Revenue Rent 1
recorded on which of the
following sides of a cash
Small items like, pencils,
pens, files, etc. are written
Materiality Consistency Conservatism Realization 1
off within a year according
to _ concept
A single column has which of

Bank Payments Cash Discount 3
the following main columns
Created when stockholder

Equal to the sum of assets Obligation of the entity to
Liabilities are contributed cash to company by All of these 4
plus owner’s equity outsiders
stock exchang
Trial balance is used to Income statement
Balance sheet balances Ledger accounts balances Cash flow statement balances 2
check the accuracy of balances
What is used in preparing

Specialized Journals Balance Sheet Ledger Accounts Ledger Accounts 3
trial balance
It records balances of a balance It doesn’t contribute to the It records balances of

What is the trial balance ? It is a financial statement 4
sheet accounting cycle accounts
Net Realizable Value of an The historical cost of the Its written down value as on a
Its sale value as on a particular date None of these 2
asset means asset particular date
Transfer to General Reserve Profit and Loss Appropriation

Trading Account Profit and Loss Account Balance Sheet 3
is a charge against Account
All indirect expenses are

Trading Account Profit and Loss Account Manufacturing Account None of the above 2
charged against
The aggregate of direct

material, direct labour and Product Cost Manufacturing Cost Prime Cost None of these 3
direct expenses is known as
A part of the profit
distributed to the
Reserve & Surplus Retained Earnings Dividend None of the above 3
shareholders is known as
_____
Fixed assets are held by

Converting into cash Generating revenue Resale None of these 2
business for _____
Amount spent to increasing

the earning capacity is a Capital Revenue Deferred revenue None of the above 1
______ expenditure
Change in the capital A/c of

proprietor may occur due to Profit earned Loss incurred Capital Introduced All of these 4
______
Inventories, cash and
Earnings on Income Liabilities on the
equivalents, and accounts Payments on Income Statement Assets on the Balance Sheet 3
Statement Balance Sheet
receivables are listed as
Value of goods withdrawn
by the proprietor for his
Capital A/c Sales A/c Drawings A/c Purchases A/c 4
personal use should be
credited to ____
A decrease in value of fixed
assets due to age is known Depreciation Accumulated Depreciation Appreciation Written down Value 1
as
Under which method the
depreciation amount
Straight line Reducing balance Sinking fund None of these 1
remains the same
throughout the life of the
________ could be
converted into cash within 1 Current assets Fixed assets Intangible assets Investments 1
year or less time.
The sales income (Credit and

Cash) of a business during a Transactions Sales Return Turnover Purchase returns 3
given period is called

Accounts Receivable Accounts Payable Sales Revenue Outstanding Expenses 3
an item of a Balance Sheet
Which of the following is Profit does not alter

Profit reduces capital Capital Can only come from Profit Profit Increases Capital 3
correct ? capital
Net profit is calculated in

Profit and Loss account Trial Balance Balance sheet Trading Account 1
the_____.
Cost of moving Plant and

machinery to a new site will Revenue Expenses Capital Expenses Administrative Expenses Operating Expenses 1
be treated as
Gross profit could be Cost of goods sold + Excess of sales over cost of Net profit - expenses of
Sales - purchase 3
defined as _____ Opening stock goods sold the period
The cost of putting goods
into a saleable condition Trading account Balance sheet Profit and loss account None of these 1
should be charged to_____.
During the preparation of
final accounts the amount of Credit side of Trading Current liability side of Balance Debit side of Profit and Loss
current assets 3
bad debt is recorded in the account sheet account
______.
The subdivision of the
journals into various books
ledger journal proper trial balance subsidiary book 4
recording transactions of
similar nature is called____.
The things of value
possessed by the trader is Merchandise Assets Stock Purchases 2
called _____
The unsold merchandise of

business on particular day is Purchase Return Stock / Inventory Bad Debts Sales Return 2
called -
Which of the following is Loose tools tangible fixed

Good are intangible asset Sundry creditors is current liabilities Capital is current asset 4
incorrect ? asset
Which of the following is

not the feature of Recording Classifying Differntiate Summarizing 3
accounting?
Whic is/are the basis of
Cash Basis Accrual Basis Hybrid or Mixed Basis all of these 4
accounting?
Increases in assets are
Debit Credit Either debit or credit None of these 1
denoted as -
Decreases in liabilities are
denoted as -
Increases in capital is
denoted as -
What is not an
advantages of a
High Speed High Reliability Reduced training cost None of the above 3
computerized accounting
system.
What are the types of a
computerized accounting Ready to use Software Customized Software Tailor-made Software All of these 4
system.
If an organisation want to
develop a computerised
accounting system
according to its need as
Ready to use Software Customized Software Tailor-made Software Any of these 3
the business of
organisation is complex.
Which software it should
opt for
What are the features of

storage of accounting instantly produces different
computerized accounting group different account All of these 4
data and on-line input reports
software?
A accounting software
Install Adapt Understand All of these 4
must be easy to ______
Sales invoices are first
The Cash Book The Purchases Journal The Sales Journal The Sales Account 3
entered in
Entered in the Purchases
Discounts received Purchases invoices Payments to suppliers Trade discounts 2
Journal are
At the balance sheet date, Simply deducted
Transferred to Transferred to Profit and
the balance on the Transferred to the Asset Account from the asset in the 4
Depreciation Account Loss Account
Depreciation Account is Balance Sheet
If we take goods for own Debit Drawings Account, Debit Purchases
Debit Drawings Account: Credit Debit Sales Account:
use from business, we Credit Purchases Account: Credit 4
Stock Account Credit Stock Account
should - Account Drawings Account
If a trial balance totals do
The Profit and Loss
not agree, the difference A Nominal Account The Capital Account A Suspense Account 4
Account
must be entered in
The amount brought in by

owner of the business Capital Drawing Cash None of these 1
should be credited to?
When any entry is made

on the both sides of cash General entry Double entry Compound entry Contra Entry 4
book is called as?
How much kind of Cash
1 2 3 4 4
book?
A company issues check
to pay account payable. Increase assets and Increase assets and decrease Decrease assets and Increase assets and
3
The effect of the liabilities liabilities liabilities stockholder's equity
transaction is to -
A check received and paid
Bank column of the cash Both the cash and bank
into the bank on the same Cash column of the cash book None of above 1
book column of the cash book
date is recorded in the -
The transaction will be
Cash withdrew from bank Check received from customer Cash withdrew from bank
treated as a contra entry None of these 3
for personal use and deposited for office use
when -
Which of the following The transaction will be
Received cash for Salman Credit sales of Rs.
item is not included in the treated as a contra entry Sales of Rs.5,000 4
Rs. 2,000 22,000
Cash Book? when -
The type of account with a
An Asset An Expenses Drawing Revenue 4
normal credit balance is?
Which one of the
following account would
Account Payable Cash Owner Equity Bank Loan 2
usually have a debit
balance?
Which account has
Owner Equity Purchase Purchase returns Discount received 2
usually debit balance?
A Trial balance which Shows that there must be Shows that the arithmetic Shows that there is
shows equal totals for more than one error Shows that the bookkeeping is correct, but errors may only one error within
3
both debit and credit within the bookkeeping system is free of errors still be present in the the bookkeeping
columns? system bookkeeping system system
Which of the following
accounts normally has Wages Outstanding Motor vehicles Prepaid Rent Return Inwards 1
credit balance?
Why does a business To calculate the profit and To check the cash and bank To check the arithmetical To show the financial
3
prepare a Trial Balance? loss balance accuracy of the ledgers position
A Trial balance is a
Real Account Nominal Account Personal Account None of these 4
______.
Equal to the sum of Created when stockholder
Obligation of the entity to
Liabilities are ______. assets plus owner’s contributed cash to company by All of these 3
outsiders
equity? stock exchanges
All of following are
Wages Rent Payable Salaries Carriage 2
Expenses except?
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bwubca19134@brainwareuniversity.ac.in 22 Mar 3 1:15 PM
bwubca19161@brainwareuniversity ac in 30 Mar 3 1:15 PM
FULL NAME
36 responses
VIVEK KUMAR
Bipin jaiswal
Prasun Baishnab
SUKDEB SAHU
Kaustav Roy
Prity Chandra
Abha prasad
SATYAM PRIYADARSHI
DHRUBA MAHAPATRA
FULL STUDENT CODE

36 responses
BWU/BCA/19/134
BWU/bca/19/129
BWU/BCA/19/135
BWU/BCA/19/138
BWU/ BCA/19/146
BWU/BCA/19/133
BWU/BCA/19/149
BWU/BCA/19/137
BWU/BCA/19/161
Wages is
31 / 36 correct responses
✓ Direct Expense 31 (86.1%)
Indirect Expense 5 (13.9%)
0 10 20 30 40
Office Telephone expense is

Direct Expense 6 (16.7%)
✓ Indirect Expense 30 (83.3%)
0 10 20 30
Wages & Salaries is

0 10 20 30 40
Office Furniture will appear in

Trading account 6 (16.7%)
Profit & Loss Account 2 (5.6%)
✓ Balance Sheet 28 (77.8%)
0 10 20 30
Purchase will appear in

✓ Trading account 28 (77.8%)
Balance Sheet 3 (8.3%)
0 10 20 30
Purchase return is
✓ Income 24 (66.7%)
Expense 9 (25%)
Asset 3 (8.3%)
0 5 10 15 20 25
Opening stock is
Direct Income 3 (8.3%)
0 10 20 30 40
Closing Stock is
✓ Direct Income 25 (69.4%)
Direct Expense 4 (11.1%)
0 5 10 15 20 25
Sales will appear in

Trading account - Debit side 5 (13.9%)
✓ Trading account - Credit side 31 (86.1%)
PL - Debit Side 0 (0%)
0 10 20 30 40
Sales return is a
Income 7 (19.4%)
✓ Expense 27 (75%)
Asset 0 (0%)
Liability 2 (5.6%)
0 10 20 30
From Trading account we can calculate

✓ Gross Profit/Gross Loss 32 (88.9%)
Net Profit 4 (11.1%)
Net Loss 0 (0%)
0 10 20 30 40
From Profit & Loss Account we can get

Net Loss 1 (2.8%)
✓ Both of the above 29 (80.6%)
None of the above 0 (0%)
0 10 20 30
Rent received is an
Expense 4 (11.1%)
✓ Income 31 (86.1%)
Both of the above 1 (2.8%)
0 10 20 30 40
Carriage will appear in

0 10 20 30
Direct Income - Direct Expense = ??

Gross Loss 2 (5.6%)
✓ Gross Profit 29 (80.6%)
0 10 20 30
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bwubca19128@brainwareuniversity.ac.in 12 Apr 14 4:33 PM
bwubca19138@brainwareuniversity ac in 20 Apr 14 4:33 PM
NAME
32 responses
FARHAT SURMA
Joy Das
SANCHITA CHOWDHURY
DHRUBA MAHAPATRA
Kaustav Roy
SANDIP CHAKRABORTY
SATYAM PRIYADARSHI
Prasun Baishnab
SUKDEB SAHU
STUDENT CODE
32 responses
BWU/BCA/19/128
BWU/BCA/19/127
BWU/BCA/19/136
BWU/BCA/19/161
BWU/BCA/19/146
BWU/BCA/19/151
BWU/BCA/19/137
BWU/BCA/19/135
BWU/BCA/19/138
We can create a group company in Tally with only one company

True 6 (18.8%)
✓ False 26 (81.3%)
0 10 20 30
To add a new column in Balance Sheet, we need to press __

Alt+E 0 (0%)
Alt+N 5 (15.6%)
✓ Alt+C 27 (84.4%)
0 10 20 30
If the member companies have furniture account with opening balance of Rs.75500 &
Rs.24500, the group company will have opening balance of Rs.__
✓ 100000 28 (87.5%)
50000 2 (6.3%)
200000 2 (6.3%)
0 10 20 30
The shortcut key for optional voucher is

Alt+L 3 (9.4%)
✓ Ctrl+L 28 (87.5%)
Alt+V 1 (3.1%)
0 10 20 30
To create a group company in Tally, we need to open at least _ companies

1 6 (18.8%)
✓2 26 (81.3%)
3 0 (0%)
0 10 20 30
If we pass any entry through Optional Voucher, it will effect the balance sheet
True 6 (18.8%)
✓ False 26 (81.3%)
0 10 20 30
The shortcut key for sale bill is

F7 1 (3.1%)
✓ F8 31 (96.9%)
F9 0 (0%)
0 10 20 30 40
The shortcut key for purchase bill is

F7 0 (0%)
F8 1 (3.1%)
✓ F9 31 (96.9%)
0 10 20 30 40
In case of sale, the discount is called

✓ DISCOUNT ALLOWED 29 (90.6%)
DISCOUNT RECEIVED 1 (3.1%)
BOTH OF THE ABOVE 2 (6.3%)
0 10 20 30
In case of Purchase, the discount is known as

DISCOUNT ALLOWED 2 (6.3%)
✓ DISCOUNT RECEIVED 29 (90.6%)
BOTH OF THE ABOVE 1 (3.1%)
0 10 20 30
32 responses
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32 responses
Bipin jaiswal
Prasun Baishnab
Prity Chandra
Ayush Agarwal
Rahul Kr Ram
SANDIP CHAKRABORTY
SATYAM PRIYADARSHI
DHRUBA MAHAPATRA
MOULI MANDAL
FULL STUDENT CODE

32 responses
bwu/bca/19/129
BWU/BCA/19/135
BWU/BCA/ 19/ 133
BWU/BCA/19/140
BWU/BCA/19/142
BWU/BCA/19/151
BWU/BCA/19/137
BWU/BCA/19/161
BWU/BCA/19/171
We can export a balance sheet in tally in __

PDF 1 (3.1%)
MS EXCEL 2 (6.3%)
XML 0 (0%)
✓ ALL OF THE ABOVE 29 (90.6%)
0 10 20 30
We can create a ledger in tally without mentioning the group

True 4 (12.5%)
✓ False 28 (87.5%)
0 10 20 30
Outstanding Expenses is a
Liability 3 (9.4%)
Current Asset 2 (6.3%)
Expense 3 (9.4%)
✓ Current Liability 24 (75%)
0 5 10 15 20 25
In a balance sheet, if both the sides are not equal, we can give Suspense Account
True 10 (31.3%)
✓ False 22 (68.8%)
0 5 10 15 20 25
In accounting we can have "Goods Account" in the books

True 9 (28.1%)
✓ False 23 (71.9%)
0 5 10 15 20 25
We can create a ledger in tally without giving the opening balance

✓ True 25 (78.1%)
False 7 (21.9%)
0 5 10 15 20 25
We can delete Cash Ledger in tally

✓ True 25 (78.1%)
False 7 (21.9%)
0 5 10 15 20 25
To export any report in tally, the shortcut key is

ALT+X 1 (3.1%)
✓ ALT+E 27 (84.4%)
CTRL+E 4 (12.5%)
ALT+C 0 (0%)
0 10 20 30
Tally is developed by
Tally Pvt. Ltd 2 (6.3%)
Tally Solutions Ltd 2 (6.3%)
✓ Tally Solutions Pvt. Ltd. 27 (84.4%)
None of above 1 (3.1%)
0 10 20 30
You can open multiple companies in tally and can work on them in a single screen
✓ Yes 24 (75%)
No 4 (12.5%)
Maybe 4 (12.5%)
0 5 10 15 20 25
32 responses
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bwubca19134@brainwareuniversity.ac.in 12 Mar 10 10:16 AM
FULL NAME
32 responses
Kaustav Roy
Jecko Maity
Bipin jaiswal
Ayush agarwal
SUKDEB SAHU
Mriganka Ghosh
Abha Prasad
Shrabonti Oraon
Prasun Baishnab
FULL STUDENT CODE

32 responses
BWU/BCA/19/146
BWU/BCA/19/143
BWU/ BCA/19/ 129
BWU/BCA/19/140
BWU/BCA/19/138
BWU/BCA/19/139
BWU/BCA/19/149
BWU/BCA/19/132
BWU/BCA/19/135
In trail balance, the two sides are

✓ Debit & Credit 24 (75%)
Income & Expenses 6 (18.8%)
Asset & Liabilities 2 (6.3%)
0 5 10 15 20 25
cash is known as
Fixed Asset 1 (3.1%)
✓ Liquid Asset 28 (87.5%)
Income 3 (9.4%)
0 10 20 30
In Balance Sheet, we record

Opening Stock 1 (3.1%)
✓ Closing Stock 20 (62.5%)
Both of the above 11 (34.4%)
0 5 10 15 20
Wages & Salaries will appear in

Balance sheet 1 (3.1%)
Profit & Loss account 8 (25%)
✓ Trading Account 23 (71.9%)
0 5 10 15 20 25
If income side is greater in Trading account, then we have

Net Profit 2 (6.3%)
✓ Gross Profit 28 (87.5%)
Actual Profit 2 (6.3%)
0 10 20 30
If income side is greater in Profit & Loss account, then we have

✓ Net Profit 29 (90.6%)
Gross Profit 3 (9.4%)
0 10 20 30
Reserve will appear in __ side of balance sheet

Income 6 (18.8%)
Asset 3 (9.4%)
✓ Liability 23 (71.9%)
0 5 10 15 20 25
If we purchase something from Mr. A in credit, Mr. A is our

Debtor 6 (18.8%)
Asset 0 (0%)
✓ Creditor 26 (81.3%)
0 10 20 30
Carriage will appear in

✓ Trading account 24 (75%)
0 5 10 15 20 25
For any payment entry in Tally, we need to press

F4 2 (6.3%)
✓ F5 30 (93.8%)
F6 0 (0%)
0 10 20 30
32 responses
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FULL NAME
32 responses
JOY DAS
VIVEK KUMAR
Kaustav Roy
Prasun Baishnab
ABHA PRASAD
Prity Chandra
RAHUL KR RAM
Bipin jaiswal
ARIJIT DEY
FULL STUDENT CODE

32 responses
BWU/BCA/19/127
BWU_BCA_19_134
BWU/BCA/19/146
BWU/BCA/19/135
BWU/BCA/19/149
BWU/BCA/19/133
BWU/BCA/19/142
BWU/bca/19/129
BWU/BCA/19/166
We use Suspense Account in

P/L Account 5 (15.6%)
✓ Trial Balance 23 (71.9%)
0 5 10 15 20 25
If debit Side total is Rs.55000 & credit side total is Rs.57500 in a trial balance, the Suspense
Account amount will be Rs.??
✓ Rs.2500 in debit side 27 (84.4%)
Rs.2500 in credit side 5 (15.6%)
Rs.3500 in debit side 0 (0%)
0 10 20 30
In a trial balance, if both the sides are equal, we do not need to use suspense account
✓ True 30 (93.8%)
False 2 (6.3%)
0 10 20 30
Gross Loss will appear in

Trial Balance 4 (12.5%)
0 10 20 30
From profit & loss account, we will transfer net profit to Trading account. The statement is
True 7 (21.9%)
✓ False 25 (78.1%)
0 5 10 15 20 25
Carriage will be recorded in

Profit & Loss account 3 (9.4%)
0 10 20 30
Patent is a
Tangible asset 3 (9.4%)
✓ Intangible asset 26 (81.3%)
Liability 3 (9.4%)
0 10 20 30
Direct Income - Direct Expense = ??

Net profit 4 (12.5%)
✓ Gross profit 27 (84.4%)
Net Loss 1 (3.1%)
0 10 20 30
Indirect income - Indirect Expense = ??

✓ Net profit 27 (84.4%)
Gross profit 5 (15.6%)
Net Loss 0 (0%)
0 10 20 30
Capital is always __
Debited 5 (15.6%)
✓ Credited 26 (81.3%)
None of the above 1 (3.1%)
0 10 20 30
Opening stock will appear in

Profit & loss account 5 (15.6%)
0 5 10 15 20 25
Purchase Return is an
✓ Income 23 (71.9%)
Expense 9 (28.1%)
Asset 0 (0%)
0 5 10 15 20 25
Sales return will appear in

balance sheet 3 (9.4%)
0 10 20 30
In Tally, at the time of creating a company, we can select "State"

✓ Yes 30 (93.8%)
No 2 (6.3%)
0 10 20 30
An account with name "State Bank of India", will come under which group in Tally?
Real Account 4 (12.5%)
Asset 4 (12.5%)
✓ Bank Accounts 24 (75%)
0 5 10 15 20 25

Accounts Practiceset

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Correct Answer

Question Answer Number 1 Answer Number 2 Answer Number 3 Answer Number 4

Accounting is the language

The terms accounting and

Double entry system of

The process of recording

Patents, Copyrights and

One of these are not

The following is not a type of

The sales income (Credit and

In journal, the business

The following is (are) the

All of following are Assets

Which of the following is an

Which of the following Assets- Liabilities >

In income measurement &

Entry for the two aspects of Entry in two aspects of

_______ states that assets

A trader has made a sale of

In Accounting, Owners and

According to which concept,

Cost concept basically

As per the Matching

Accountancy and Finance

Which of the following is not

Historical cost concept

Depreciation is not charged

Balance sheet is a statement

Balance sheets are prepared Daily Weekly Monthly Annually 4

The liabilities that are

Sales day books is best Containing customers’

Assets, which have physical

Cash discount is allowed on

Payment of rent expenses is

A single column has which of

Created when stockholder

What is used in preparing

It records balances of a balance It doesn’t contribute to the It records balances of

Transfer to General Reserve Profit and Loss Appropriation

All indirect expenses are

The aggregate of direct

Fixed assets are held by

Amount spent to increasing

Change in the capital A/c of

The sales income (Credit and

Which of the following is not

Which of the following is Profit does not alter

Net profit is calculated in

Cost of moving Plant and

The unsold merchandise of

Which of the following is Loose tools tangible fixed

Which of the following is

What are the features of

The amount brought in by

When any entry is made

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Questions Responses 36 Total points: 30

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