( Best 50+ ) Book-Keeping and Accounting MCQ
Book-keeping and accounting MCQ :- Bookkeeping and accounting are two functions which are extremely important for every business organization. In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data.
Bookkeeping and accounting may appear to be the same profession to an untrained eye. This is because both accounting and bookkeeping deal with financial data, require basic accounting knowledge, and classify and generate reports using the financial transactions. At the same time, both these processes are inherently different and have their own sets of advantages. Read this article to understand the major differences between bookkeeping and accounting.
11. A trial balance is a part of
(a) an account
(b) book of original entry
(c) a summary of accounts
(d) All of these
Ans. c
12. Sales account will have a
(a) debit balance
(b) credit balance
(c) either a debit or a credit balance
(d) no balance
Ans. b
13. Income is measured on the basis of
(a) mätching concept
(b) consistency concept
(c) cost concept
(d) None of these
Ans. a
14. Which of the following is not an intangible asset?
(a) Investment
(b) Goodwill
(c) Copyright
(d) Patent right
Ans. a
15. Santosh deposited a cheque on 25th January, 2011 for a sum of rs. 20,000. The cheque was collected on 2nd February, 2011. If the bank balance as per pass book as on 31st January, 2011 is rs. 60,000, then the balance as per cash book will be
(a) rs. 60,000
(b) rs. 40.000
(c) rs. 70,000
(d) rs. 80,000
Ans. d
16. Calculate the gross profit if rate of gross profit is 25% on sales and cost of goods sold is rs. 1,80,000.
(a) rs. 60,000
(b) rs. 36,000
(c) rs. 45,000
(d) rs. 30,000
Ans. a
17. Consider the following items.
1. Prepaid salary
2. Accrued interest (receivable)
3. Loan (short-term)
4. Bank overdraft Current liability would include
(a) 1.2, 3, 4
(b) 2, 3, 4
(c) 4, 3, 1
(d) 3 and 4
Ans.d
18. A’s trial balance contains the following information. New provision required at the end of the year rs. 10,000. Provisions for bad debts in the beginning of the year rs. 4,000. Bad debts ? 6,000. The amount to be debited to profit and loss account will be
(a) rs. 20.000
(b) rs. 8,000
(c) rs.12,000
(d) Nil
Ans. c
19. If capital at the end of the year is rs. 40,000: capital introduced during the year is rs. 30,000; drawings for the year is rs 20,000 and loss of the year is rs 60,000, then capital in the beginning of the year was
(a) rs. 90,000
(b) rs. 80,000
(c) rs. 70.000
(d) rs. 10,000
Ans. a
