1. Usually, in a single entry system _____________.
A. Only manual accounts are maintained
B. Only cash and personal accounts are maintained
C. Only real accounts are maintained
D. Only nominal accounts are maintained
ANS: B
2. Profit can be ascertained from the incomplete records under Single entry by using ____________.
A. Only Statement of affairs method
B. Only Conversion method
C. Either Statement of affairs or conversion method
D. Neither Statement of affairs nor conversion method
ANS: C
3. If books are kept under single entry system, Credit sales are ascertained by preparing __________.
A. Total Creditors A/c
B. Credit sales A/c
C. Trading A/c
D. Total Debtos A/c
ANS: D
4. If books are kept under single entry system, Credit purchases are ascertained by preparing __________.
A. Total Creditors A/c
B. Credit sales A/c
C. Trading A/c
D. Total Debtos A/c
ANS: A
5. If books are kept under single entry system, opening stock is ascertained by preparing ___________.
A. Opening stock A/c
B. Stock register
C. Memorandum Trading A/c
D. Opening statement of Affairs
ANS: C
6. Under stock and Debtors method, Branch stock account helps to ___________.
A. Ascertain net profit / loss of the branch
B. Ascertain cost of goods sent to the branch
C. Ascertain closing stock at the branch
D. Ascertain Gross profit/loss of the branch
ANS: B
7. Branch Adjustment Account is opened __________.
A. Under debtors method, when goods are sent by HO to branch at cost
B. Under stock and debtors method, when goods are sent by HO to branch at cost
C. Under debtors method, when goods are sent by HO to branch at invoice price
D. Under stock and debtors method, when goods are sent by HO to branch at invoice price
ANS: D
8. Branch Account under debtors system is a __________.
A. Real A/c
B. Nominal A/c
C. Personal A/c
D. Representative personal A/c
ANS: B
9. When Branch 'A' sends goods to Branch 'B' in the books of Branch 'A' debit is given to
A. Sales return A/c
B. Branch B A/c
C. Head office A/c
D. Purchase return A/c
ANS: C
10. The cash and credit sales of a branch are Rs.5,000 and Rs.10,000 respectively. The amount collected from debtors is Rs.10,000. Under Debtors system the amount credited to branch will be _____
A. Rs.20,000
B. Rs.15,000
C. Rs.25,000
D. Rs.10,000
ANS: B
11. Cash received from debtors needed for the construction of cash account can be ascertained from ___________.
A. Total Creditors A/c
B. Total Debtors A/c
C. Analysis of cash book
D. Balance sheet
ANS: B
12. Closing balance of trade creditors can be ascertained from ___________.
A. Total Creditors A/c
B. Total Debtors A/c
C. Bills Payable A/c
D. Cash A/c
ANS: A
13. An estimate of assets and liabilities as on a date is called __________.
A. Balance sheet
B. Statement of affairs
C. Statement of Capital
D. Trial Balance
ANS: B
14. Bills Payable dishonoured are debited to ________ Account.
A. Bills Receivables
B. Bills Payable
C. Sundry Debtors
D. Sundry Creditors
ANS: B
15. With the available information a trader need to convert the incomplete records into complete records, it is known as _________.
A. Complete records method
B. Statement of affairs method
C. Conversion method
D. Random method
ANS: C
16. Goods are sent to the Branch at 20% margin on selling price. When Branch stocks disclose a surplus of Rs.2,000 the amount to be credited to Branch Adjustement A/c will be ________.
A. Rs.2,000
B. Rs.333
C. Rs.1,600
D. Rs.400
ANS: D
17. In Branch Accounts, Depreciation on branch assets under debtors system is ___________.
A. Not shown separately in branch A/c
B. Shown in Branch A/c
C. Not accounted
D. Shown in the Profit & loss A/c of head office
ANS: A
18. Stock reserve in relation to cloaing stock appears ___________.
A. On the credit side of branch A/c
B. On the debit side of branch A/c
C. On the debit side of Profit & loss A/c
D. On the credit side of profit & loss A/c
ANS: B
19. Which of the following statement is True ?
A. The income, expenses, assets and liabilities of an independent branch can be ascertained only by HO
B. Purchase of fixed assets by branch on credit will be recorded in the branch A/c kept under the Debtor method
C. Receipts from branch debtors are not recorded in the Branch account kept under the Debtor method.
D. Under stock and debtors method, branch stock A/c is opened in order to ascertain net profit/loss of branch
ANS: C
20. Which of the following statement is False
A. Consignor is the owner of the consignment A/c
B. Del-credere commission is allowed by consignor to protect himself for bad debt
C. Proportionate consignor's expenses is added up with consignment stock
D. All proportioante consignee's expenses will be added up for valuation of consignment stock
ANS: D
21. If total stock is Rs.50,000; the value of policy is Rs.70,000 and the entire stock is lost, the claim will be for _________.
A. Rs. 70,000
B. Rs. 35,714
C. Rs. 50,000
D. Rs. 60,000
ANS: C
22. The Balancing figure in Memorandum Trading A/c prepared by a trader who has lost goods in fire indicates ___________.
A. Gross profit on stock lost
B. Estimated closing stock as on date of fire
C. Value of fire insurance policy
D. Amount of claim to be made from Insurance company
ANS: B
23. If there are any damaged or obsolete items in stock lost by fire, the Memorandum Trading A/c _____________.
A. Should show only the normal items
B. should have two amount columns on each side for Normal items and Abnormal items
C. Should show only the abnormal items
D. should have only one amount columns on either side for Normal items and Abnormal items
ANS: B
24. If there are damaged or absolete items in stock lost by fire, the amount of loss will be ___________.
A. Equal to the Cost of normal items
B. Equal to the Cost of Abnormal items
C. Equal to the Cost of Normal items ANS: Cost of abnormal items
D. Equal to the Cost of Normal items - Cost of abnormal items
ANS: C
25. On loss of goods by fire, a trader can claim compensation for __________.
A. The cost of actual physical stock destroyed by fire less salvage, if any
B. The market value of actual physical stock destroyed by fire.
C. The cost of book stock on date of fire.
D. The cost of actual physical stock destroyed or the cost of book stock on date of fire as per stock records whichever is lower.
A. Only manual accounts are maintained
B. Only cash and personal accounts are maintained
C. Only real accounts are maintained
D. Only nominal accounts are maintained
ANS: B
2. Profit can be ascertained from the incomplete records under Single entry by using ____________.
A. Only Statement of affairs method
B. Only Conversion method
C. Either Statement of affairs or conversion method
D. Neither Statement of affairs nor conversion method
ANS: C
3. If books are kept under single entry system, Credit sales are ascertained by preparing __________.
A. Total Creditors A/c
B. Credit sales A/c
C. Trading A/c
D. Total Debtos A/c
ANS: D
4. If books are kept under single entry system, Credit purchases are ascertained by preparing __________.
A. Total Creditors A/c
B. Credit sales A/c
C. Trading A/c
D. Total Debtos A/c
ANS: A
5. If books are kept under single entry system, opening stock is ascertained by preparing ___________.
A. Opening stock A/c
B. Stock register
C. Memorandum Trading A/c
D. Opening statement of Affairs
ANS: C
6. Under stock and Debtors method, Branch stock account helps to ___________.
A. Ascertain net profit / loss of the branch
B. Ascertain cost of goods sent to the branch
C. Ascertain closing stock at the branch
D. Ascertain Gross profit/loss of the branch
ANS: B
7. Branch Adjustment Account is opened __________.
A. Under debtors method, when goods are sent by HO to branch at cost
B. Under stock and debtors method, when goods are sent by HO to branch at cost
C. Under debtors method, when goods are sent by HO to branch at invoice price
D. Under stock and debtors method, when goods are sent by HO to branch at invoice price
ANS: D
8. Branch Account under debtors system is a __________.
A. Real A/c
B. Nominal A/c
C. Personal A/c
D. Representative personal A/c
ANS: B
9. When Branch 'A' sends goods to Branch 'B' in the books of Branch 'A' debit is given to
A. Sales return A/c
B. Branch B A/c
C. Head office A/c
D. Purchase return A/c
ANS: C
10. The cash and credit sales of a branch are Rs.5,000 and Rs.10,000 respectively. The amount collected from debtors is Rs.10,000. Under Debtors system the amount credited to branch will be _____
A. Rs.20,000
B. Rs.15,000
C. Rs.25,000
D. Rs.10,000
ANS: B
11. Cash received from debtors needed for the construction of cash account can be ascertained from ___________.
A. Total Creditors A/c
B. Total Debtors A/c
C. Analysis of cash book
D. Balance sheet
ANS: B
12. Closing balance of trade creditors can be ascertained from ___________.
A. Total Creditors A/c
B. Total Debtors A/c
C. Bills Payable A/c
D. Cash A/c
ANS: A
13. An estimate of assets and liabilities as on a date is called __________.
A. Balance sheet
B. Statement of affairs
C. Statement of Capital
D. Trial Balance
ANS: B
14. Bills Payable dishonoured are debited to ________ Account.
A. Bills Receivables
B. Bills Payable
C. Sundry Debtors
D. Sundry Creditors
ANS: B
15. With the available information a trader need to convert the incomplete records into complete records, it is known as _________.
A. Complete records method
B. Statement of affairs method
C. Conversion method
D. Random method
ANS: C
16. Goods are sent to the Branch at 20% margin on selling price. When Branch stocks disclose a surplus of Rs.2,000 the amount to be credited to Branch Adjustement A/c will be ________.
A. Rs.2,000
B. Rs.333
C. Rs.1,600
D. Rs.400
ANS: D
17. In Branch Accounts, Depreciation on branch assets under debtors system is ___________.
A. Not shown separately in branch A/c
B. Shown in Branch A/c
C. Not accounted
D. Shown in the Profit & loss A/c of head office
ANS: A
18. Stock reserve in relation to cloaing stock appears ___________.
A. On the credit side of branch A/c
B. On the debit side of branch A/c
C. On the debit side of Profit & loss A/c
D. On the credit side of profit & loss A/c
ANS: B
19. Which of the following statement is True ?
A. The income, expenses, assets and liabilities of an independent branch can be ascertained only by HO
B. Purchase of fixed assets by branch on credit will be recorded in the branch A/c kept under the Debtor method
C. Receipts from branch debtors are not recorded in the Branch account kept under the Debtor method.
D. Under stock and debtors method, branch stock A/c is opened in order to ascertain net profit/loss of branch
ANS: C
20. Which of the following statement is False
A. Consignor is the owner of the consignment A/c
B. Del-credere commission is allowed by consignor to protect himself for bad debt
C. Proportionate consignor's expenses is added up with consignment stock
D. All proportioante consignee's expenses will be added up for valuation of consignment stock
ANS: D
21. If total stock is Rs.50,000; the value of policy is Rs.70,000 and the entire stock is lost, the claim will be for _________.
A. Rs. 70,000
B. Rs. 35,714
C. Rs. 50,000
D. Rs. 60,000
ANS: C
22. The Balancing figure in Memorandum Trading A/c prepared by a trader who has lost goods in fire indicates ___________.
A. Gross profit on stock lost
B. Estimated closing stock as on date of fire
C. Value of fire insurance policy
D. Amount of claim to be made from Insurance company
ANS: B
23. If there are any damaged or obsolete items in stock lost by fire, the Memorandum Trading A/c _____________.
A. Should show only the normal items
B. should have two amount columns on each side for Normal items and Abnormal items
C. Should show only the abnormal items
D. should have only one amount columns on either side for Normal items and Abnormal items
ANS: B
24. If there are damaged or absolete items in stock lost by fire, the amount of loss will be ___________.
A. Equal to the Cost of normal items
B. Equal to the Cost of Abnormal items
C. Equal to the Cost of Normal items ANS: Cost of abnormal items
D. Equal to the Cost of Normal items - Cost of abnormal items
ANS: C
25. On loss of goods by fire, a trader can claim compensation for __________.
A. The cost of actual physical stock destroyed by fire less salvage, if any
B. The market value of actual physical stock destroyed by fire.
C. The cost of book stock on date of fire.
D. The cost of actual physical stock destroyed or the cost of book stock on date of fire as per stock records whichever is lower.
ANS: A
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