WorksheetsAccounting For Managers Quiz 1
Total questions: 25
Worksheet time: 13mins
Which of the following is not a Branch of Accounting
Financial Accounting
Money Accounting
Cost Accounting
Management Accounting
As discussed in the class, Profit and Loss account is like a photograph of a person
True
False
The reason we create Bad debt Reserve in the books of accounts is due to the
Materiality Concept
Convention of Consistency
Realisation Concept
Convention Conservatism
If the cost Price is Rs. 36000 and Profit is 10% on Selling Price then the selling price will be ---
(a)
When the accountant shows false information in financial statement to lure the investors it is known as
Mercantile Accounting
Window Dressing
Money Measurement Concept
None of the above
Which one of the following is not a limitation of Financial Accounting
It ignores qualitative aspects
Window Dressing
It ignores quantitative aspects
It ignores Price level changes
According to the Dual Aspect Concept
Capital + Assets = Liability
True
False
Amortization is depreciation of intangible assets
True
False
There is a prescribed format for preparation of Management Accounting which is known as GAAP
True
False
Capital is the money invested by the owner of the business. But it is shown in the liability side of Balance sheet because of
Conservatism Concepts
Separate Entity Concept
Cost Concept
Going Concern Concept
Transactions and events that cannot be measured in money terms are not recorded in the books of accounts. It is due to Money Measurement Concept.
True
False
The system of recording transactions based on Dual Aspect Concept is known as (a) .
The rule “Debit all expenses and losses and credit all gains and incomes” is applicable to Personal Account
True
False
What is the type of Drawings Account?
(a) Personal
(b) Real
(c) Nominal
Expenses
In Accounting, Goods is defined as:
(a) Items which purchased for own consumption.
(b) Items which are purchased for charity.
(c) Items which are purchased for resale.
(d) Items without any defect.
Personal Accounts are related to Individuals, Banks, Companies, etc.
True
False
The rule ‘Debit what comes in Credit what goes out’ is applicable to:-
(a) Personal Account
(b) Real Account
(c) Nominal Account
(d) Liability Account
Creditors are the (a) users of accounting.
Management is the (a) users of accounting.
Double entry system has two aspects_______and _________
(a)
Goods purchased on credit from Ram should be recorded as:
Purchase A/c Dr. To Cash A/c
Purchase A/c Dr. To Ram A/c
Ram A/c Dr. To Purchase A/c
Cash A/c Dr. To Purchase A/c
Owner withdrew goods for personal use. The entry will be:
Drawings A/c Dr. To Purchases A/c
Purchases A/c Dr. To Drawings A/c
Drawings A/c Dr. To Cash A/c
Capital A/c Dr. To Purchases A/c
Which of the following transactions will not require a journal entry?
Goods purchased on credit
Cash received from debtor
Goods destroyed by fire
Signing an agreement to buy goods in the future
If the Assets of a business are ₹80,000 and Liabilities are ₹30,000, then Capital will be:
₹1,10,000
₹50,000
₹80,000
₹30,000
Which of the following transactions will reduce both Assets and Capital?
Cash paid to creditors
Goods withdrawn by the proprietor for personal use
Goods purchased on credit
Commission received in cash
