( 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.
41. The bank charged rs. 1,000 as bank charges from a client and communicates the same to him. The accountant records it in the bank account in the books. Later on the bank realises that the charges were wrongly charged and reverses the same but forgot to communicate the same to the client. If the accountant is starting with bank balance as per bank account in books, what will be the treatment in bank reconciliation to arrive at bank balance as per bank statement?
(a) Reduce rs. 1.000
(b) Add rs. 1.000
(c) Add rs. 2,000
(d) No treatrnent
Ans. b
42. Return inwards are deducted from
(a) purchase
(b) sales
(c) return outwards
(d) closing stock
Ans. b
44. Rent of proprietor’s house paid from account on cash will
(a) decrease the profit
(b) increase the protit
(c) reduce the capital of business
(d) reduce the cash as well as capital of the business
Ans. d
45. Opening stock understated by ? 20,000 and closing stock overstated by ? 25,000. The net profit is
(a) overstated by rs. 5,000
(b) overstated by rs. 45.000
(c) understated by rs. 5,000
(d) understated by rs. 45.000
Ans. b
46. Bill at sight has a grace period of
(a) 1 day
(b) 2 days
(c) 3 days
(d) None of these
Ans. d
47. When a bill is endorsed, credit is given to
(a) bill receivable account
(b) endorsee’s account
(c) acceptor’s account
(d) None of these
Ans. a
48. Cash sales rs. 50,000, credit sales rs. 3,50,000, sales returns rs. 50,000. Out of rs. 3,50,000, goods costing rs. 40,000 were sent on approval basis for rs. 50,000 and the approval is not yet received, then the net sales are
(a) rs. 3,50,000
(b) rs. 3,25.000
(c) rs. 3,20,000
(d) rs. 300,000
Ans. d
49. Bank charges rs 5,000 are debited twice in the pass book. Then what should be done in bank reconciliation statement if overdraft as per cash book is the starting point?
(a) rs. 5,000 must be deducted
(b) rs. 5,000 must be added
(c) rs.10,000 must be deducted
(d) rs. 10,000 must be added
Ans. b
