( 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.
31. Arun purchased goods for rs. 10,00,000 and sold 70% of such goods during the year ended 31st December, 2009. The market value of the remaining goods was ? 2,00,000. He valued the closing stock at cost. He violated the concept of
(a) periodicity
(b) money measurement
(c) canservatism
(d) cost
Ans. c
32. A building was purchased for rs. 4,00,000 on Ist March, 2009. On 31st March, 2010, its net realisable value was rs 5.00,000. The value of building to be shown in the books as on 31st March, 2010 will be at
(a) cost price
(b) net realisable value
(c) cost or net realisable value whichever is less
(d) cost or net realisable value whichever is more
Ans. a
33. Cash sales rs. 70,000 Cash collected from debtors rs. 2,00,000 Bad debts rs. 77,000 Opening debtors rs. 30,000 Closing debtors rs. 16,000 Total sales will be
(a) rs. 2.33,000
(b) rs. 2.63,000
(c) rs. 2.43,000
(d) rs. 2.60 000
Ans. b
34. Goods worth rs. 7,000 given as charity should be credited
(a) trustee acDount
(b) sales account
(c) purchse account
(d) charity account
Ans. c
35. Parul accepted a bill for 90 days of rs. 10,000 drawn Rahul on 10th February, 2010. On 18th March, 2010, Pan wished to retire the bill, Rahul offered rebate e 12% pe annun. Considering the year of 360 days, rebate amount will be
(a) rs. 184
(b) rs. 150
(c) rs. 180
(d) None of these
Ans. c
36. Sohan draws a 40 days bill on Rohan on 20th January 2010. The bill matures on
(a) 4th March, 2010
(b) 29th Februiary, 2010
(c) 1st March, 2010
(d) None of these
Ans. a
37. The trial balance checks
(a) valuation of closing stock
(b) valuation of assets
(c) valuation of liabilities
(d) arithrnetical accuracy of books of accounts
Ans. d
38. If total sales during the year amounted to rs.1,00,000; cash sales rs. 2,00,000 and outstanding debtors at the end of the year were rs. 30,000, then cash received from debtoEN during the year will be
(a) rs. 70,000
(b) rs. 1,10,000
(c) rs. 50,000
(d) rs. 90,000
Ans. c
39. Cost of goods sold rs.150,000 Closing stock rs. 40,000 Opening stock rs. 60,000 Amount of purchases will be
(a) rs. 130,000
(b) rs. 1,70,000
(c) rs. 50,000
(d) Nane of these
Ans. a
40. If a bill of exchange matures on 15th August but it is a public holiday, then the bill will mature on
(a) 15th August
(b) 16th August
(c) 14th August
(d) 18th August
Ans. c
