Quiz - Rakesh & Akhilesh
Authored by Sachin Murali
Other
University
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Due date is calculated by adding days of grace:
Due date is calculated by adding days of grace:
4 Days
3 Days
It depends on the period of the bill
It is as mutually decided by the parties
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Arun and Anand were friends and in need of funds. On 1-1-2006 Arun drew a bill of for Rs 200,000 for 3 months on Anand. On 4-1-2006 Arun got the bll discounted at 10% pa. and remitted halt of the proceeds to Anand. The cheque sent to Anand is for
INR 1,00,000
INR 90,000
INR 97,500
INR 95,000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Arun accepted Anand's bill for Rs.120,000 on 4-4-2006 for two months. This was discounted by Anand at 12% p.a. The discounted proceeds is:
Arun accepted Anand's bill for Rs.120,000 on 4-4-2006 for two months. This was discounted by Anand at 12% p.a. The discounted proceeds is:
INR 1,17,600
INR 2,400
INR 14,400
INR 3,600
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Bank Account Dr. 3,920
Bank Account Dr. 3,920
Discount Account Dr. 80
To Bills Receivable Account 4,000
If the above bill is for 2 months the annual rate of discount is
10%
12%
2%
8%
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Amortization refers to writing off:
Amortization refers to writing off
Wasting assets
Intangible asset
Tangible assets
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the first year depreciation amount by straight line method, as compared to diminishing balance method will be
Higher
Lower
Same
None of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
M/s R & Co. purchased four machines for Rs. 50.000 each. His accounting year ends on 31st March. Depreciation (@20% on original cost has been charged to profit and loss account. What is the estimated life of the machine:
M/s R & Co. purchased four machines for Rs. 50.000 each. His accounting year ends on 31st March. Depreciation (@20% on original cost has been charged to profit and loss account. What is the estimated life of the machine:
5 year
4 Year
6 Year
3 Year
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