In a consignment transaction, the consignor’s share of profit is determined by:
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Correct answer: (C) Total sales proceeds less consignee’s commission and other expenses
1 marks · 2024 · Set E
Question 105
In a joint venture, the co-venturers share:
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Correct answer: (D) More than one of the above
1 marks · 2024 · Set E
Question 106
Which financial statement summarizes the revenue and expenses of a business for a specific period?
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Correct answer: (B) Profit & Loss Account
1 marks · 2024 · Set E
Question 107
Which of the following items is not included in a Trading Account?
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Correct answer: (E) None of the above
1 marks · 2024 · Set E
Question 108
Which financial statement represents the financial position of a business at a specific point in time?
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Correct answer: (C) Balance Sheet
1 marks · 2024 · Set E
Question 109
Which of the following is not a component of a Balance Sheet?
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Correct answer: (C) Revenues
1 marks · 2024 · Set E
Question 110
An accounting information system processes the financial transactions and events based on:
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Correct answer: (C) Generally Accepted Accounting Principles
1 marks · 2024 · Set E
Question 111
What are the types of a computerized accounting system?
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Correct answer: (D) More than one of the above
1 marks · 2024 · Set E
Question 112
Who is the developer of Tally?
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Correct answer: (C) Shyam Sunder Goenka
1 marks · 2024 · Set E
Question 113
According to Garner vs. Murray, in the absence of any contract to the contrary, deficiency arising on account of a partner becoming insolvent shall be borne by solvent partners in their:
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Correct answer: (C) Capital ratio before the dissolution of firm
1 marks · 2024 · Set E
Question 114
Outstanding Subscription is classified as a/an:
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Correct answer: (C) Asset
1 marks · 2024 · Set E
Question 115
An Income and Expenditure Account reveals:
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Correct answer: (B) Surplus or Deficit
1 marks · 2024 · Set E
Question 116
Which of the following is not a characteristic of a partnership firm?
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Correct answer: (B) Separate legal entity
1 marks · 2024 · Set E
Question 117
Which of the following accounts is not maintained in the books of a partnership firm?
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Correct answer: (C) Share Capital Account
1 marks · 2024 · Set E
Question 118
Which of the following is not a method of calculating the value of goodwill in a partnership firm?
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Correct answer: (E) None of the above
1 marks · 2024 · Set E
Question 119
Which is not included in quick assets?
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Correct answer: (A) Inventory
1 marks · 2024 · Set E
Question 120
Which of the following is not a method of valuing the share of a partner in a partnership firm?
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Correct answer: (B) Revaluation Method
1 marks · 2024 · Set E
Question 121
When the profit-sharing ratio among existing partners is changed, which of the following accounts is not affected?
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Correct answer: (C) Cash Accounts
1 marks · 2024 · Set E
Question 122
Which of the following is not a step in the process of changing the profit-sharing ratio among existing partners?
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Correct answer: (E) None of the above
1 marks · 2024 · Set E
Question 123
Sale of trade investment indicates:
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Correct answer: (C) Sources of Funds
1 marks · 2024 · Set E
Question 124
Which of the following is not a cash inflow?
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Correct answer: (C) Decrease in Trade payables
1 marks · 2024 · Set E
Question 125
If the total reserves and accumulated profits/losses are transferred to the partners’ Capital Accounts, which account is closed?
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Correct answer: (D) More than one of the above
1 marks · 2024 · Set E
Question 126
Which of the following statements is true regarding the Income and Expenditure Account?
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Correct answer: (B) It includes only items of revenue nature of the current accounting period.
1 marks · 2024 · Set E
Question 127
As per the provisions of the Companies Act, 2013, the minimum application amount to apply for shares must be at least ____% of the face value of the share.
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Correct answer: (A) 5%
1 marks · 2024 · Set E
Question 128
Vertical analysis is also known as:
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Correct answer: (B) Static analysis
1 marks · 2024 · Set E
Question 129
Which of the following is not a method used to calculate the value of goodwill for a new partner?
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Correct answer: (E) None of the above
1 marks · 2024 · Set E
Question 130
If the new partner brings in cash for their share of capital and premium for goodwill, which account is credited?
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Correct answer: (D) More than one of the above
1 marks · 2024 · Set E
Question 131
Which of the following accounts is not affected when a partner retires?
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Correct answer: (E) None of the above
1 marks · 2024 · Set E
Question 132
The provision for discount on debtors is calculated on the amount of debtor:
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Correct answer: (A) After deducting the provision for doubtful debts
1 marks · 2024 · Set E
Question 133
Which type of codes are usually assigned to source documents for facilitating document search?
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Correct answer: (C) Sequential Codes
1 marks · 2024 · Set E
Question 134
When the time of withdrawals is not mentioned, interest on drawings is charged:
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Correct answer: (B) For 6 months
1 marks · 2024 · Set E
Question 135
If the retiring partner’s dues are paid in cash, which account is debited?