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WorksheetsCA ICAI -1
Total questions: 13
Worksheet time: 3mins
Suspense Account is used :
To tally/match the trial balance
To avoid delay in preparation of Financial statement
To compensate the Errors
To detect the Errors
Trade Payables include
Debtor & Biils Receivable
Creditor & Bills Payable
Patent & Copyright
Expenses Payable
Choose the odd one out.
Masterheads
Patent
Purchased Goodwill
Self Generated Goodwill
Assets are held in the business for the purpose of
Resale
Conversion into cash
Earning Revenue
Let out
Purchase of Machinery for Cash
Decreases Total Assets
Decreases Fixed Assets
Retains Total Assets unchanged
Decreases Current Asset
Rent paid to Landlord is credited to
Landlord's Account
Rent Account
Cash Account
Drawings Account
In case of debt becoming bad, the amount should be credited to
Trade Receivables Account
Trade Payables Account
Bad Debt Account
Cash Account
Which Account is the odd one out?
Furniture & Fixtures
Land & Building
Inventory & spares
Plant & Machinery
The technique of finding net balance of an account after considering the totals of both debits & credits appearing in the account is known as
Posting
Purchase
Arithmatically accuracy Test
Balancing of an Account
Ledger book is popularly known as
Secondary book of Accounts
Principal book of Accounts
Subsidiary Book of Accounts
Duplicate Book of Accounts
At the end of the Accounting year all the nominal accounts of the ledger book are
Balanced but not transferred to profit & loss account
Not balanced and also the balance is not transferred to the profit & loss account
Balanced and the balance is transferred to Balance Sheet
Not Balanced and their balance is transferred to the profit & loss account.
What is Capital Employed?
Assets minus Liabilities
Assets Plus Liabilities
Assets minus Current Liabilities
Equity Plus Working Capital
Inventory does not include
Stores and spares
work-in-progress
Loose Tools
Livestock
