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WorksheetsFINANCIAL ACCOUNTING II
Total questions: 40
Worksheet time: 3600secs
Name
Class
Date
1.
1 . Credit purchases should be ascertained from___________account.
a)
Total Creditors
b)
Total Debtors
c)
Cash
d)
Credit
2.
2 . Credit sales should be ascertained from ___________account.
a)
Total Creditors A/c
b)
Total Debtors A/c
c)
Cash
d)
Credit
3.
3 . Del credere commission is calculated at a certain percentage on __________
a)
Total sales
b)
Credit sales
c)
Cash sales
d)
Credit purchase
4.
4 . ___________is send by consignor to consignee.
a)
Invoice
b)
Proforma invoice
c)
Bill
d)
Account sale
5.
5 . Surplus commission is calculated on___________
a)
sale price
b)
invoice price
c)
surplus price realised
d)
purchase price
6.
6 . Invoice price is always higher than____________
a)
market price
b)
cost price
c)
book value
d)
proforma invoice
7.
7 . Which of the following statement is false?
a)
Discount allowed to customer is recorded in Branch Account.
b)
Loading is a difference between invoice price and cost price.
c)
Goods distributed as free samples should be credited to trading account.
d)
Depreciation on branch fixed assets is not recorded in branch account under Debtor system.
8.
8 . An account sale is sent by __________
a)
Consignee to Consignor
b)
Consignor to Consignee
c)
Debtors to Creditor
d)
Creditor to Debtors
9.
9 . Collection from Customers can be ascertained from___________
a)
Branch Account
b)
Cash A/c
c)
Branch Debtors A/c
d)
Branch Creditors A/c
10.
10 . Branch account under debtors system is ___________
a)
personal account
b)
real Account
c)
nominal account
d)
none of these
11.
11 . Loss by theft is___________
a)
normal loss
b)
conginges loss
c)
abnormal loss
d)
No profit no loss
12.
12 . Which of the following statements is True?
a)
Memorandum Trading Account is prepared to find of credit sales.
b)
A consignee is allowed to sell goods on cash basis only.
c)
Invoice price always equal to selling price.
d)
Goods sent on consinment are the property of the consignor.
13.
13 . Which of the following statements is True?
a)
Consignment is a sale between the consignor and the consignee.
b)
Insurance avoids loss due to fire.
c)
In Conginment Accounting, Sale Account and Account Sales are synonymous terms.
d)
It is not compulsory to insure the stock.
14.
14 . Which of the following statements is True?
a)
Consignee cannot return the unsold goods to the cosignor.
b)
An account sales is a leder account in the books of the consignee.
c)
Any stock remaining unsold with the consignee belongs to the consignor.
d)
When the consignee receives the goods on consignment, the consignee buys the goods.
15.
15 . Which of the following statements is false?
a)
Cash sales are ascertained from Cash Journal.
b)
Signle Entry system is suitable to small orgnisation.
c)
Insured gets compensation equal to the amount of policy.
d)
Under signle entry, Cash Account is maintained with receipts and payments.
16.
16 . As per average clause insurance company pays compensation _____
a)
Propertionately
b)
More than the loss
c)
Less than the loss
d)
Equal to loss
17.
17 . Which of the following statements is true?
a)
Trial Balance is prepared under single entry sysem to verify accuracy.
b)
Invoice price is always higher than selling price.
c)
Consignor always sends goods to the consignee at cost only.
d)
In case of overvaluation of stock, it should be brought down to cost.
18.
18 . Which of the following statements is true?
a)
Under stock debtors system branch adjustment A/c show net profit.
b)
Invoice price is always higher than cost price.
c)
Percentage of gross profit should be fluctuating.
d)
Salvage refers to stock moving fast.
19.
19 . Which of the following statements is true?
a)
Balance on goods sent to branch a/c is transferred to sales a/c.
b)
Memorandum Trading Account is always prepared for 1 year period.
c)
Abnormal goods are fast moving goods.
d)
Abnormal loss is avoidable.
20.
20 . Which of the following statements is true?
a)
If del credere commission is allowed, bad debt loss is borne by the consignee.
b)
Consignee is a buyer of goods.
c)
The consignor acts as an agent of the consignee for supply of goods.
d)
Loading in closing stock is debited to stock reserve account under stock debtors system.
21.
21 . Opening debtors Rs. 24000, Closing Debtors Rs. 27000, Bad debts Rs. 400, Discount Allowed Rs. 450, Bills Receivable Rs.9000, Cash collection Rs. 68000, Sales Return Rs. 1000, Discount Received Rs. 800. Calculate Credit Sales.
a)
82650
b)
81850
c)
82200
d)
82450
22.
22 . Opening Creditors Rs. 15000, Cash paid Rs. 40000, Discount Received Rs. 300, Purchase Return Rs. 1500, Closing Creditors Rs. 12500, Bills Payable Rs. 10000, Discount Allowed Rs. 800, Calculate Credit purchase.
a)
47500
b)
47800
c)
50100
d)
49300
23.
23 . Opening Stock Rs. 90000 valued at cost less 10% and Closing stock Rs. 165000 valued at cost plus 10%. Calculate value of cost of opening stock and closing stock.
a)
Rs. 100000, Rs. 175000
b)
Rs. 100000, Rs.150000
c)
Rs. 9000, Rs.16500
d)
Rs. 90000, Rs.165000
24.
24 . Amount of Insurance policy Rs. 75000, Rescue Operation Expenses Rs. 2000, Stock on the date fire Rs. 50000, Salvage Rs. 10500, Calculate fire insurance claim.
a)
75000
b)
59250
c)
62250
d)
56250
25.
25 . Details of statement of affairs as follows - Cash Rs. 5280, Building Rs. 20800 Stock Rs. 10480, Creditors Rs. 9200, Outstanding Advertisement Rs. 200, Debtors Rs. 13000, Prepaid Rent Rs. 600 Find out opening capital?
a)
Rs. 40960
b)
Rs. 40760
c)
Rs. 40160
d)
Rs. 35480
26.
26 . 50 Tea powder boxes are sent on consignment at a cost of Rs. 1000 per box. The Consignor spent Rs. 2000 on Freight. The Consignee spent Rs. 3000 for Octrai duty and Rs. 2000 for insurance of Godown. Presuming that 30 Tea power boxes are sold out, how the stock will be valued?
a)
52000
b)
22800
c)
22000
d)
20800
27.
27 . Consigned 25 Printers costing Rs. 10000 per printer. The Printers are consigned at invoice price of Rs. 12000 per printer. 15 Printers for cash & 5 Printers on credit at Rs. 15000 per printer. Surplus commission of 10% on surplus price realised above invoice price. Calculate surplus commission.
a)
Rs. 4000
b)
Rs. 6000
c)
Rs. 10000
d)
Rs. 4500
28.
28 . Accounting year of the business on 1st January, 2020 to 31st December, 2020, On 1st April, 2020 paid rent of Rs.11200 for one year. Calculate prepaid rent.
a)
Rs. 2800
b)
Rs. 1400
c)
Rs. 5600
d)
Rs. 2100
29.
29 . Which of the following statements is false?
a)
If profit on cost is 20%, then profit 1/6 on sale.
b)
If profit on cost is 1/10, then profit 1/11 on sale
c)
If profit on sale is 2/5, then profit 2/3 on cost.
d)
If profit on cost is 1/11, then profit 1/10 on sale
30.
30 . Which of the following statements is false?
a)
If profit on sale is 40%, then it is 2/3 on cost.
b)
If profit on sale is 12.50%, then it is 11.11% on cost.
c)
If profit on cost is 1/5, then profit 1/6 on sale.
d)
If profit on cost is 12.50%, then profit 1/9 on sale.
31.
31 . Which of the following statements is true?
a)
If profit on sale is 1/3, then profit 1/4 on cost.
b)
If profit on sale is 40%, then it is 2/5 on cost.
c)
If profit on sale is 50%, then it is 33.33% on cost.
d)
If profit on cost is 33.33%, then profit 1/4 on sale.
32.
32 . Which of the following statements is false?
a)
If profit on cost is 10%, then profit 9.09% on sale
b)
If profit on cost is 1/6, then profit 16.66% on sale.
c)
If profit on sale is 1/4, then profit 1/3 on cost.
d)
If profit on sale is 11.11%, then it is 1/8 on cost.
33.
33 . Which of the following statements is true?
a)
If profit on cost is 20%, then profit 16.66% on sale.
b)
If profit on sale is 12.50%, then it is 1/9 on cost.
c)
If profit on cost is 1/9, then profit 1/8 on sale.
d)
If profit on sale is 25%, then it is 20% on cost.
34.
34 . Which of the following statements is false?
a)
If profit on cost is 40%, then profit 28.52% on sale.
b)
If profit on sale is 33.33%, then it is 1/2 on cost.
c)
If profit on sale is 1/6, then profit 1/5 on cost.
d)
If profit on cost is 2/7, then profit 2/5 on sale.
35.
35 . Which of the following statements is true?
a)
If profit on cost is 1/5, then profit 1/4 on sale.
b)
If profit on sale is 1/5, then profit 1/6 on cost.
c)
If profit on cost is 1/20, then profit 1/21 on sale
d)
If profit on sale is 25%, then it is 1/5 on cost.
36.
36 . Which of the following statements is true?
a)
If profit on cost is 2/5, then profit 2/3 on sale.
b)
If profit on cost is 2/5, then profit 2/7 on sale.
c)
If profit on sale is 66.66%, then it is 2/5 on cost.
d)
If profit on sale is 1/2, then profit 1/3 on cost.
37.
37 . Which of the following statements is false?
a)
If profit on sale is 33.33%, then profit 1/4 on cost
b)
If profit on cost is 2/3, then profit 2/5 on sale.
c)
If profit on cost is 66.66%, then profit 2/5 on sale.
d)
If profit on sale is 1/11, then profit 1/10 on cost.
38.
38 . Which of the following statements is true?
a)
If profit on cost is 2/5, then profit 40% on sale.
b)
If profit on sale is 4.76%, then profit 1/20 on cost.
c)
If profit on sale is 12.50%, then profit 1/9 on cost
d)
If profit on sale is 5%, then profit 1/21 on cost.
39.
39 . Which of the following statements is true?
a)
If profit on cost is 20%, then profit 1/5 on sale.
b)
If profit on sale is 66.66%, then it is 40% on cost.
c)
If profit on cost is 1/11, then profit 9.09% on sale
d)
If profit on cost is 66.66%, then profit 40% on sale.
40.
40 . Which of the following statements is false?
a)
If profit on sale is 10%, then profit 1/11 on cost
b)
If profit on sale is 25%, then it is 1/3 on cost.
c)
If profit on sale is 1/3, then profit 1/2 on cost.
d)
If profit on cost is 40%, then profit 2/5 on sale.
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