Worksheetsprinciples of accountance
Total questions: 36
Worksheet time: 18mins
General journal
Ledger accounts
Balance sheet
Specialized journals
Partial omission of a transaction
Complete omission of a transaction
Compensating errors
Deposit in transit
Trial balance is prepared to locate
Error of commission
Error of principle
Error of omission
None of these
Wages paid for construction of building are debited to wages account. It is
Error of omission
Error of commission
Error of principle
Error of compensation
Suspense account is opted when ___ does not tally
Trading account
P&L account
Balance sheet
Trial balance
Value of scrap material must be
Debited to manufacturing A/C
Credited to manufacturing A/C
Debited to P&L A/C
None of these above
Loss by theft is debited to
Manufacturing A/C
P&L A/C
Trading A/C
Balance sheet
Unearned income A/C is
An asset
A liability
An expense
An accured income
Amount received in advance is
A liability
An asset
An expenditure
A contingent liability
Computers of a firm should be classified as
Fixed asset
Current asset
Liquid asset
Fictitious asset
Assets are usually shown in the balance sheet
Unexpired cost
Replacement cost
Revalued cost
None of these
Non - trading income is
Debited to trading A/c
Credited in P &L A/c
Debited in P&L A/c
None of the above
Value of goods lost by fire must be
Credited to trading A/ C
Debited to trading A/ C
Credited to P&l A/C
None of the above
"Adjusted purchases " means adjustment of
Opening stock and closing stock with purchases
Cash purchase and credit purchases
Current year's purchases with last year's
None of these above
Balance sheet is a statement of
Financial position of the organisation
Profit
Liability
None of the above
Dividend paid is
Charge to profit
Allocation of profit
Both charge to profit and allocation out of profit
None of the above
The debts owed to the other's by the business are
Liability
Expenses
Debtors
None of the above
The following is one of the current asset
Building
Furniture
Debtors
Land
Which one of the following is intangible asset
Machinery
Goodwill
Stocks
Debtors
Assets convertible into cash easily are
Floating assets
Current assets
Fixed assets
Liquid assets
Stock is valid at
Cost price
Market price
Cost price or market price whichever is less
None of the above
Closing stock is recorded the
Balance sheet
P&l A/C
Balance sheet and trading account
None of the above
The loss on sale of motor car is debited to
P&L A/c
Motor car A/c
Depreciation a/c
Trading A/c
Marshalling of balance sheet means
The order of assets and liabilities
The totalling and arranging of assets and liabilities
Finding the balance in balance sheet
None of these
The value of closing stock should be credited to
Trading account
Sales account
P&L account
None of these
A non-trading concern perpares
P&L A/c
Trading andP&L A/c
Income & Expenditure A/c
None of these
Receipts and payments a/c is a
Real a/c
Nominal a/c
Personal a/c
None of these
Legacies are generally
Capitalised and take to B/s
Trade as income
Trade as expenditure
Trade as business income
Excess of income over expenditure is
Added to capital fund in b/s
Deducted from capital fund in b/s
A deficit
None of the above
Receipts and payments a/c is prepared
Trading concerns
Manufacturing concerns
Non trading concerns
None of the above
Subscription received in advanced is
An assets
An income
A liability
None of these above
The receipts and payments a/c records receipts and payments of
Revenue nature only
Capital nature only
Revenue as well as capital nature
None of these
A profit on the sale of furniture of a club will be taken to
Cash a/c
Receipts and payments a/c
Income and expenditure a/c
None of these above
Entrance fees are generally
Capitalised
Taken as income
Treated as liability
None of these above
Legacy is
Added to the capital fund
Shown in the income and expenditure a/c
Shown as a separate liability
None of these above
Interest receivable on investment by a club is shown on
Assets side of the balance sheet
Liabilities side of the balance sheet
Debit side of the Income & Expenditure account
None of these
