This is a interesting and important quiz for accounting. Take this quiz and have a good time!
Error of Omission
Error of Commission
Error of Principle
Error of Original entry
A standing order
An uncredited cheque
A credit transfer
An unpresented cheque
Capital account
Sundry creditors account
Accounts payable account
Sundry debtors account
Rs.195,000 Losses
Rs.195,000 Profits
Rs.105,000 Profits
Rs.105,000 Losses
Profit and loss account
Balance sheet
Cash flow statement
Owner’s equity
Rs. 10,000
Rs. 50,000
Rs. 110,000
Rs. 120,000
Opening stock
Purchases
Freight in
All of the given options
Trading concern
Manufacturing concern
Merchandising concern
Service concern
Production worker’s wages
Depreciation expenses
A piece of wood for the production of chair
Polish and finishing material for chair
Opening raw material inventory + Purchases – Ending raw material inventory
Opening raw material inventory - Purchases + Ending raw material inventory
Ending raw material inventory - Opening raw material inventory – Purchases
Ending raw material inventory + Opening raw material inventory + Purchases
Rs.130, 000
Rs.110, 000
Rs.140, 000
Rs.190, 000
Current assets
Liquid assets
Floating assets
Fixed assets
20.0%
25.0%
35.5%
50.4 %
Rs. 160,000
Rs. 11,840
Rs. 34,560
Rs. 34,860
It is added into current assets
It is deducted from material available for use
It becomes opening stock of next year
It increases the owner’s equity of business
Conversion cost
Prime cost
Total factory cost
Cost of goods manufactured
Prime cost
Conversion cost
Sunk cost
Opportunity cost
Cost of material consumed + Labor cost
Cost of material consumed + Conversion cost
Cost of material consumed + Total factory cost
Cost of material consumed + Factory overhead
FIFO
LIFO
Weighted average
All of the given options
Capital account
Capital work in progress account
Relevant asset account
Owner's equity account
Amount of depreciation increases every year
Amount of depreciation remains constant for every year
Amount of depreciation decreases every year
None of the given options
Factory Buildings
Office Equipment
Land
Plant & Machinery