( Best 50+ ) Book-Keeping and Accounting MCQ
Book-keeping and accounting MCQ :- Bookkeeping and accounting are two functions which are extremely important for every business organization. In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data.
Bookkeeping and accounting may appear to be the same profession to an untrained eye. This is because both accounting and bookkeeping deal with financial data, require basic accounting knowledge, and classify and generate reports using the financial transactions. At the same time, both these processes are inherently different and have their own sets of advantages. Read this article to understand the major differences between bookkeeping and accounting.
20. Valuation of inventory is dealt with
(a) AS 2
(b) AS
(c) AS 4
(d) AS 5
Ans. a
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21. Bill is drawn on 20th January, 2010 for 2 months. After sight, date of acceptance is 29th January, 2010. The maturity date of bill will be
(a) 1st April, 2010
(b) 23rd March, 2010
(c) 20th March, 2010
(d) 29th March, 2010
Ans. a
22. General manager gets 10% commission on net profit after charging such commission. Gross profit is rs. 70,000 and general expenses other than manager’s commission are rs. 12,000. Commission amount will be
(a) rs. 5,272.72
(b) rs. 6,072.72
(c) rs. 5,372.72
(d) rs. 5,172.72
Ans. a
24. Errors are
(a) undetected mistakes
(b) intentional mistakes
(c) frauds
(d) unintentional mistakes
Ans. b
25. In which area, different accounting policies are adopted?
(a) Vakuation of inventones
(b) Valuation of investment
(c) Depreciation
(d) All of these
Ans. d
26. Heavy amount spent for the advertisement of new company’s product is
(a) revenue expenditure
(b) deferred revenue expenditure
(c) capital expenditure
(d) Either ‘a’ or ‘c
Ans. b
27. Income in case of sole trader is treated as
(a) personal expense
(b) debtors expense
(c) business expense
(d) None of these
Ans. a
28. Which error cannot be revealed on the preparation of trial balance?
(a) Wrong totalling of account
(b) Cormpensatory error
(c) Error of commission
(d) Wrong balancing of an account
Ans. b
29. If sales are rs. 2,000 and the rate of gross profit on cost of goods sold is 25%, then the cost of goods sold will be
(a) rs. 1,600
(b) rs. 1,500
(c) rs. 1,700
(d) rs. 1,800
Ans. a
30. Ram drew a bill on Shyam for rs.50,000 for 3 months, the proceeds of which are to be shared equally. Ram gets the bill discounted at 12% per annum and remits proceeds to Shyam. The amount of such remittance will be tal
(a) rs.16167
(b) rs.32,333
(c) rs.24,250
(d) rs.25000
Ans. c
