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Quiz No 3 will be opened from
22th February,2022 to 24th February, 2022.
Salaries expense of Rs. 5,000 is recorded as Rs. 500. What
will be its effect on net profit?
Understated
by Rs. 4,500
Which of the following is an error of commission?
A payment to a debtor Mr. A is recorded in the account of another Mr.
In case of writing off debtors as bad debt, -------- is
debited.
Bad
Debts account.
The inventory account falls under which of the following classification
of accounts?
Assets.
Bank Reconciliation statement is a:
Memorandum
statements
Rent receivable account should be debited due to:
Opening
balance
--------------- is posted in credit side of debtors account.
Sales
return.
Is debited for closing the salaries’ expense for the period?
Income
statement.
ABC & Co purchased for resale purposes on case, which
one of the following account head will decrease?
Cash
In case of increase in prodivision for doubtful debt, ----- is
debited.
Payable
account
Which of the following should be credited on sale of completed
goods on cash basis manufacturing concern?
Finished
Goods Account
Which of the following should be credited on sale of complete
goods on cash basis in manufacturing concern?
Sales
account
Mr. Y has recorded a stationary expense of Rs. 50 as salaries
expense. What will be its effect on net profit?
No
effect
Discount received from a creditor is credited under main
head.
Income
Unconsumed office supplies are considered as:
Current
asset
Mostly, control accounts are maintained for:
All of
the given.
Which of the following is INCORRECT about closing stock?
It reduces
the resources of business
Which of the following is an error of principle?
Purchases
of vehicle is recorded in repairs account
Which of the following should be debited for issue of raw
material to production department in manufacturing concern?
Finished
goods account.
Which of the following should be debited on return of raw
material to supplier in manufacturing concern?
Voucher
payable account
Sales return account is a/an -------.
Contra
item.
Which of the following is/are the function of financial accounting?
All of
the given
While preparing a Debtors control Account, debit side posted
items cause:
Increase in debtor’s balance
Electricity expense is a -------.
Revenue
expenditure.
If the credit side of trial balance is heavier than the debit
side, suspense account will be written on ------------.
Debit
side
…… is posted in the debit side of debitors account.
Balance
b/f of debtors.
Owner’s equity =?
Capital-
profits.
Which of the following is an error of original entry?
A
receipt of RS. 50,000 from a debtor is recorded as RS. 5,000 in his account.
Carriage inward/outward is debited under main head.
Expenses
Factory overhead cost= power & fuel cost+ ----------
Other
indirect cost.
Expenses portion of direct cost is treated as:
Expense.
Under IAS 2, goods available for sale purpose in the
ordinary course of business are known as:
Assets
While preparing a creditors control account, credit side shows
the items that will cause:
Decrease
in creditor’s balance
Expenses are also known as:
Expired
portion of cost.
Mr. A recorded a cash payment of RS. 300,000 as salaries and
cash account were debited. What would be the debit effect of journal entry to rectify
this error, if there is suspense account in trial balance?
Cash
account.
All of the following items appear on debit side of trade receivable
control account EXCEPT.
Discount
allowed
Discount received from a creditor is debited under main head.
Income
Which of the following should be credited on return of raw
material to supplier in manufacturing concern?
Material
account/ Voucher payable account.
The unexpired portion of direct cost is treated as:
30. Opening indirect material inventory is adjusted with
---- of indirect material, to calculate the cost of sales.
Sales.
Under periodic system of recording inventory, purchase of
inventory is debited to ------------.
Purchase
account.
32. All of the following items may appear in trade receivable
control account EXCEPT:
Credit
purchases.
If work in process closing inventory is provided in trial balance,
then that inventory is treated in:
Balance
sheet only
All of the following items may appear in trade control account
EXCEPT:
Cash
sales
If the debit side trial balance I heavier than the credit
side, suspense account will be written on ------------.
Both
debit and credit side.
Income=?
Profit
– expenses.
Capital introduced by the owner is a ------.
Capital
receipt.
Purchase return account is a/an ---------.
Contra
item.
When correct accounting entry is recorded in the books of
accounts but the amount in both accounting effect (DR. & CR) is wrong, it
is known as:
Error
of principle.
Which of the following should be debited on purchase of raw
material on credit basis in manufacturing concern?
Material
account.
All of the following items appear on debit side of trade payable
control account EXCEPT:
Credit
purchases.
Purchases Rs. 500, carriage inward Rs. 50, Gross sales RS.
700 and gross profit Rs. 100, net purchases=?
Rs.
500.
A payment of Rs. 1,000 to a creditor Mr. A is recorded in
the account of another creditor Mr. B what will be its effect on net profit?
Understated
by Rs. 2,000.
Which of the following is revenue receipt?
Sales
revenue.
Carriage inward should be the part of:
Indirect
cost
Sales Rs. 500, return outwards Rs. 50. Gross Profit Rs. 100.
Net sales=?
Rs.
450.
Accumulated depreciation of furniture is a/an ----------.
Contra
asset account.
Expired portion of direct cost is a part of --------.
Cost of
sales.
A receivables ledger control account had a closing balance
of Rs.9,000. A dishonored Cheque of Rs. 500 had been omitted to record in this
control account. What should be the correct balance of receivables control
account?
Rs.
9,500 debit
Mr. X receives a discount of Rs. 50 from supplier. The
discount is debited to discount allowed account. What will be its effect on net
profit?
Understated
by Rs. 100
A minor repair to a photograph machine was paid in cash.
Correct entry was made to cash account but no entry was made to other account. What
will be the debit effect f journal entry to rectify this error, if there is
suspense account in trial balance?
Cotton thread to make fabric in manufacturing concern is:
Raw
material
Total factory cost= prime cost+ -------.
Factory
overhead cost.
All of the following items may appear in trade payable control
account EXCEPT:
Bad
debts
Which of the following is Revenue expenditure?
Payment
of salaries
Under perpetual system of recording inventory, purchase of
inventory is recognized as -------.
Asset
Net realizable value of inventory =
Selling
price – further costs to sell
Control accounts are maintained for all of the following
EXCEPT:
Depreciation
Consumed direct supplies are considered as:
Cost of
Sales
An income statement is prepared for a specific period.Which
is also known as:
Reporting
period.
Expenses =?
Income
– profit
Service fee received is a ---------.
Revenue
Expenditure
Which of the following should be credited on purchase of raw
material on cash basis in manufacturing concern?
Cash
account.
Discount allowed to a debtor is credited under main head:
Expenses
Current year’s depreciation of furniture is a/an -------.
Expense
account
Which of the following should be considered as ready for
sales in manufacturing concern?
Finished
goods
A creditor’s control account is used to record all the transactions
related to:
Credit
purchases
If some financial information is completely forgotten to record
in the books of original entry. Such error is known as:
Error
of Omission.
Opening direct material inventory is adjusted with ---- of
direct material, to calculate the cost of sales.
Sales
In a trading concern, salaries of marketing staff are included
in ------.
Operating
expense
When correct accounting effect (DR/CR) is given in the wrong
accounting head but main head remains correct, is known as:
Error
of commission
A new accountant of ABC Corporation has prepared the trial
balance. But there is difference in total of both sides of trial balance, such
difference can be due to:
All of
the given options
Wood used to make a table in manufacturing concern is:
Raw
material
Purchase of building costing Rs.500, 000 is recorded in repairs
account. What will be its effect on net profit?
No
effect
While preparing a Debtors control Account, credit side posted
items cause:
Decrease
in debtors’ balance.
Purchases Rs. 500, Returns inward Rs. 50, Gross sales RS.
700 and gross profit Rs. 100, net purchases=?
Rs.
500.
In a manufacturing concern, rent of office building is
included in -----.
Operating
expense.
Factory overhead is a/an:
Cost.
110. Purchases Rs. 500, carriage outward Rs. 50, Gross sales
RS. 700 and gross profit Rs. 100, net purchases=?
Rs. 50
Which of the following should be debited on sale of complete
goods on cash basis in manufacturing concern?
Cash
account
Expired portion of
direct cost is treated as:
Expense
Which of the
following is a capital expenditure?
Purchase of building.
102. Mr. A recorded a cash payment of RS. 300,000 as salaries.
Both the salaries and cash account were debited. What would be the credit
effect of journal entry to rectify this error, if there is suspense account in
trial balance?
Salaries
account.
Unfinished gods are called :
Work in process.
When the sum of more than one error cancels the accounting
effect of each other. It is called:
Compensating
error
Which of the following is capital receipt?
Long
item loan from bank
Which of the following should be credited for issue of raw
material to production department in manufacturing concern?
Material
account
Control accounts are usually maintained by:
Large
organizations
All of the following items may appear in trade receivable control
account EXCEPT:
Cash
sales
A receivables ledger control account had a closing balance
of Rs. 9,000. Cash sales of Rs. 500 had been omitted to record in this control
account. What should be the correct balance of receivables control account?
Rs. 9500
debt.
Unconsumed shipping supplies are considered as:
Current
asset
Which of the following is an example of direct materials
cost ?
A piece
of wood for the production of chair.
Which of the following is an error of Omission?
A
payment to a debtor Mr. A is recorded in the account of another debtor Mr. B
Prime Cost = direct material cost+ -------.
Direct
labor cost.
Direct cost is also known as:
Cost of
sales
Office supplies consumed is considered as:
Admin
expense.
All of the following items appear on credit side of trade receivable
control account EXCEPT.
Cheques
dishonored
Which of the following should be credited when production is
completed goods in manufacturing concern?
Work in
process account.
A payables ledger control account had a closing balance of
RS. 9,000 A cash purchase of RS. 500 had been omitted to record in this control
account. What should be the concern balance of payables control account?
RS.
8,500 credit
The useful life of tangible fixed assets is:
more than one year.
Which of the following can be attributed as ‘Useful life’ a tangible fixed asset?
All of given
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