Financial Accounting 2018-objective

Group A

Attempt all the questions. [10x1 = 10]

1. Which one is not an accounting process?

a) Identification of financial transactions.

b) Recording of financial transactions.

b. Classifying financial transactions.

d) Preparing trial balance

2. Which accounting concept tells us business and business man are different.

a) Going concern concept    b) Matching concept    c) Period concept    d) Business entity concept

3. Which one is accounting package of computer software?

a) SPSS    b) Minitab    c) Tally    d) Excel

4.An accountant prepared trial balance for ………………

a) Completing the accounting process.

b) Knowing the debit and credit amount in accounts.

c) To shows all the balance of accounts in a statement.

d) Examining the arithmetical accuracy of the books of account.

5. Who prepared the cash book?

c) Teacher    b) Business man    c) Accountant of the business    d) Employee of the bank

6. A company is known as an artificial person because

a) It registered at company registers’ office or government bodies.

b) It recognized by all the people.

c) It has rights and duties as a natural person.

d) It has own accounting system

7. Thapa purchased goods of Rs.60,000 from Karim on cash, which journal entry is recorded in the account book of Thapa?

a) Cash ….. Dr 60,000

To Purchase A/C 60,000

b) Purchase A/C ……Dr 60,000

To Cash 60,000

c) Purchase………..Dr 60,000

To Karim A/C 60,000

d) Karim A/C …………Dr 60,000

To Purchase A/C 60,000

8. The total amount of purchase book showed Rs.2,00,000 is transfer into

a) Debit side of purchase return account

b) Debit side of purchase account

c) Credit side of sales account

d) Credit side of purchase account

9.A company issued shares of Rs. 100 each, but the money is called Rs. 30 on application, Rs. 40 allotment, and Rs.40 final call. How much money is premium per share?

a) Rs. 5    b) Rs. 10    c) Rs. 15    d) Rs. 20

10. What is the value of closing stock under FIFO method?

Purchase 3,000 @ Rs.20 per units on 1st January, Issued 500 units on 10 January,

again 23 January purchase 1500 units @Rs.22 per unit. On January 30, issue 2000

units.

a) Rs. 43,000    b) Rs.50,000    c) Rs.41,333    d) Rs.45,000