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FAR A Test 1

Authored by Trinley Paldon

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University

Used 3+ times

FAR A Test 1
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Manan, a bank lending officer, is studying the financial statements of Vault, a proprietorship selling dry fruits. She notes in her review that rent expense includes rent for the proprietor’s home.

True

False

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The following entries have been passed by a student. You have to state whether these entries are correctly passed. If not so, pass the correct journal entries.

Freight account Rs. 1000

           To cash account       Rs. 1000

(being freight paid)

3.

FILL IN THE BLANK QUESTION

3 mins • 1 pt

Manan, a bank lending officer, is studying the financial statements of Vault, a proprietorship selling dry fruits. She notes in her review that rent expense includes rent for the proprietor’s home.

Justify the statement using the Accounting Principle.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1.       The amount of salary paid to Suresh should be debited to:

the account of Suresh

Salaries account

Cash account

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sales made to Reetha for cash should be debited to:

Cash account

Reetha account

Sales account

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is primarily responsible for the maintenance of accounting records?. i.Chief executive officer, ii. Chief financial officer, iii. Controller, iv. Treasurer.

Chief executive officer

Chief financial officer

Controller

Treasurer

7.

OPEN ENDED QUESTION

3 mins • 1 pt

  On June 3, 2024, Apman and Tenru started Crescendo Limited, a concert-booking service as equal shareholders with a total share capital of Rs. 100,000. Each of them contributed Rs. 40,000 and agreed to contribute the balance when called. On August 12, 2024, the company had Rs. 150,000 in cash and Rs. 180,000 in unpaid bills. On that date, Apman had personal cash of Rs. 90,000 and owed Rs. 50,000 on a personal bank loan. Tenru had personal cash of Rs. 30,000 and owed Rs. 22,000 on a personal bank loan. i. Are Apman and Tenru solvent or insolvent?

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