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PUNJAB PATWARI Lecture - 10 · PUNJAB PATWARI EXAMINATION Acccounts Lecture - 10 . MCQS Q . In...
Transcript of PUNJAB PATWARI Lecture - 10 · PUNJAB PATWARI EXAMINATION Acccounts Lecture - 10 . MCQS Q . In...
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PUNJAB PATWARI EXAMINATION
AcccountsLecture - 10
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MCQS Q . In depreciation calculation, the useful life of a fixed asset is:
A) a certain figure
B) an estimate
C) a predetermined figure for all fixed assets
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MCQSQ. Depreciable amount + Residual value of a fixed asset =?
A) Depreciation expenses
B) Accumulated depreciation
C) Cost of the fixed asset
D) Future economic benefits of a fixed asset
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MCQSQ.Cost of a fixed asset – Accumulated depreciation expenses of the fixed asset=?
A) Book value of a fixed asset
B) Market value of a fixed asset
C) Historical cost of a fixed asset
D) Recoverable amount of a fixed asset
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MCQS
Q.Depreciation applies to
A wasting assets
B.fixed asset
C.intangiable asset
D. Buildings
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MCQSWages paid Rs. 21,000 for installation of new machinery is ____:
a) Capital expenditure
b) Revenue expenditure
c) Deferred revenue expenditure
d) Discharge of liab
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MCQSDiscount allowed by creditors is shown on credit sides:
a) Trading account
b) Profit and loss account
c) Debtor account
d) Creditor account
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MCQSObsolescence in asset is called due to:
a) Newly invented machinery
b) Change in time
c) Both a and b
d) Intangible asset
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MCQS
Goods taken by owner for domestic use are:
a) Capital b) Drawing
c) Liability d) Debts
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MCQS
Accountancy Records:
a) Monetary items b) Non Monetary items
c) Both of the above d) None of these
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MCQS
Overdraft of Pass Book means:
a) Debit Balance b) Credit Balance
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MCQS
Trial Balance is a Statement:
a) True b) False
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MCQSContra Entry has:
a) Single Effect b) Double Effect
c) Nil Effect d) Both a and b above
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MCQSCash purchase of goods from Charan, should be debited to:
a) Charan’s account b) Cash account
c) Purchase account d) Stock account
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MCQS In trial balance, cash in hand will indicate:
a) A debit balance b) a credit balance
c) It could be any d) none of the above
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MCQSClosing stock is recorded in
a) Balance sheet and trading account
b) Balance sheet only
c) Profit and loss account only
d) None of the above
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MCQSIn straight line method, depreciation is provided at equal amount:
a) True b) False
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MCQS
Direct Expenses comes in:
a) Trading Account b) P&L Account
c) Balance Sheet d) None of these
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MCQSQ.5 which of the following is the main causes of depreciation
A. Wear and tearB. Economic factorsC. Time factorsD. All of the above
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MCQSCost of goods sold is:
a) Sales – GP
b) Opening Stock (+) Net Purchases (+) Direct Exp. (-) Closing Stock
c) Both of these d) None of these
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MCQSIndirect Expenses comes in
a) Trading Account
b) P&L
c) Balance Sheet
d) None
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MCQS
All incomes appear in:
a) Debit side of P&L
b) Credit side of P&L
c) Both of these
d) None of these
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MCQS
Nominal accounts relate to:
a) Assets b) Liabilities
c) Customers d) Expenses and incomes
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MCQSQ 6 asset cost Rs 10000 establishment charges Rs 5000, asset life 10 years, Depreciation will be
A 1500
B. 2000
C. 1000
D. 500
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MCQS
Assets have _____balance.
a) Debt b) Credit
c) Both d) None
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MCQSLiabilities have ______ balance.
a) Debit
b) Credit
c) Both
d) None
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MCQSCredit note is prepared in case of:
a) Sale Return
b) Purchase return
c) Cash sale
d) Credit sale