Final Exam- Fundamantals Of Accounting
Questions and Answers
- 1.
is prepared at the end of the accounting period to show the financial position of business
- A.
Profit & low account
- B.
Balance sheet
- C.
Trail balance
Correct Answer
B. Balance sheetExplanation
A balance sheet is prepared at the end of the accounting period to show the financial position of a business. It provides a snapshot of the company's assets, liabilities, and shareholders' equity at a specific point in time. It helps stakeholders understand the company's financial health and its ability to meet its financial obligations. The balance sheet includes information such as cash, accounts receivable, inventory, property, and equipment on the asset side, as well as liabilities like accounts payable, loans, and accrued expenses. The shareholders' equity section shows the owners' investment in the business.Rate this question:
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- 2.
Payment of monthly rent to the land is
- A.
Economic event
- B.
Non-economic event
- C.
None of these
Correct Answer
A. Economic eventExplanation
Payment of monthly rent to the land is considered an economic event because it involves a financial transaction where money is exchanged for the use of land. This transaction has an impact on the economy as it contributes to the income of the landowner and affects the financial position of the tenant. It is a part of the economic activities that occur within a market system, involving the production, distribution, and consumption of goods and services.Rate this question:
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- 3.
Is an example of a fixed asset
- A.
Receivable
- B.
Stock
- C.
Land & buildings
Correct Answer
C. Land & buildingsExplanation
Land and buildings are examples of fixed assets because they are long-term assets that are not easily converted into cash. Fixed assets are typically used in the production or supply of goods and services, rather than being held for sale. Land and buildings have a physical existence and provide long-term benefits to the company, such as office space or manufacturing facilities. They are not expected to be consumed or sold within the normal operating cycle of the business. Therefore, land and buildings meet the criteria of being fixed assets.Rate this question:
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- 4.
The term _________denotes the cost of services and things used for earning revenue
- A.
Income
- B.
Expense
- C.
Loss
Correct Answer
C. LossExplanation
The term "loss" denotes the cost of services and things used for earning revenue. Loss refers to the amount by which the expenses exceed the revenue generated. It represents a negative financial outcome and indicates a decrease in the net worth or profitability of a business. Losses can occur due to various factors such as high expenses, low sales, or unexpected events. It is important for businesses to minimize losses and strive for profitability to ensure financial stability and growth.Rate this question:
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- 5.
A person who owes money to the business is a __________
- A.
Debtor
- B.
Creditor
- C.
Investor
Correct Answer
B. CreditorExplanation
A person who owes money to the business is referred to as a creditor. This means that they have borrowed money from the business and are obligated to repay it.Rate this question:
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- 6.
Which one do you like? A _________ is a person to whom the business owes money
- A.
Creditor
- B.
Debtor
- C.
Proprietor
Correct Answer
A. CreditorExplanation
A creditor is a person or entity to whom a business owes money. They have provided goods or services to the business on credit, and the business is obligated to repay the debt. The term "creditor" is commonly used in the context of financial transactions and refers to someone who has extended credit or loaned money to another party. In this case, the correct answer is "creditor" because it accurately describes the person or entity that a business owes money to.Rate this question:
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- 7.
___________denote goods brought for sale.
- A.
Sales
- B.
Purchase
- C.
Expenses
Correct Answer
B. PurchaseExplanation
The word "purchase" is used to describe the act of buying goods or acquiring them in exchange for money. In this context, "purchase" is the most appropriate term to denote goods that are brought for sale, as it implies that the goods have been acquired for the purpose of reselling them. The other options, "sales" and "expenses," do not accurately convey the concept of goods being acquired for sale.Rate this question:
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- 8.
________________ is an example of wasting asset
- A.
Mines Land Closing stock
- B.
Land
- C.
Closing stock
Correct Answer
A. Mines Land Closing stockExplanation
Mines, land, and closing stock are all examples of wasting assets. A wasting asset is an asset that has a limited lifespan and decreases in value over time. Mines are finite resources that will eventually be depleted, land can lose value due to factors such as erosion or development, and closing stock refers to inventory that will eventually be sold or used up. Therefore, all three options listed (mines, land, and closing stock) are examples of wasting assets.Rate this question:
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- 9.
Asset acquired for a long period of time in the business is known as ___________
- A.
Fixed asset
- B.
Current asset
- C.
Fictitious asset
Correct Answer
A. Fixed assetExplanation
A fixed asset is an asset that is acquired for a long period of time in a business. It is a tangible or intangible asset that is expected to be used in the business for more than one accounting period. Examples of fixed assets include buildings, land, machinery, vehicles, and patents. These assets are not intended for immediate sale or conversion into cash and are used for the production or provision of goods and services.Rate this question:
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- 10.
Things which are purchased by the business for resale are called________
- A.
Purchase
- B.
Sale
- C.
Liability
Correct Answer
A. PurchaseExplanation
Purchase is the correct answer because it refers to the act of buying goods or services for the purpose of reselling them. In a business context, purchases are made with the intention of generating revenue by selling those items to customers. This term is commonly used in accounting and inventory management to track the acquisition of inventory or stock that will be sold at a later time.Rate this question:
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- 11.
____________ expenditure is increased to maintain the business or to keep the assets in good working condition
- A.
Revenue
- B.
Capital
- C.
Both of there
Correct Answer
A. RevenueExplanation
Revenue expenditure is increased to maintain the business or to keep the assets in good working condition. This includes expenses such as repairs, maintenance, and operating costs that are necessary for the day-to-day operations of the business. Capital expenditure, on the other hand, refers to investments in long-term assets or projects that are expected to generate benefits over a longer period of time. Therefore, revenue expenditure is the correct answer as it specifically relates to expenses incurred to maintain the business or assets in good working condition.Rate this question:
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- 12.
______________ is the major source of revenue of any business
- A.
Purchase
- B.
Sale
- C.
Interest
- D.
Commission
Correct Answer
B. SaleExplanation
Sale is the major source of revenue for any business as it represents the income generated from selling products or services to customers. This revenue is crucial for covering expenses, making profits, and sustaining the business operations. Purchase, interest, and commission are also important components of a business, but they do not directly contribute to the primary source of revenue like sales do.Rate this question:
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- 13.
_______________ represent the amount invested by the owner into business.
- A.
Capital
- B.
Revenue
- C.
Asset
Correct Answer
A. CapitalExplanation
Capital represents the amount invested by the owner into the business. It is the owner's contribution to the company, either in the form of cash or assets, to start or expand the business. Capital is a crucial component of the business as it provides the initial funds necessary for operations, purchasing assets, and covering expenses. It is distinct from revenue, which is the income generated from the business's operations, and assets, which are the resources owned by the business.Rate this question:
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- 14.
A___________ transaction is one where in items are exchanged for other items
- A.
Cash
- B.
Credit
- C.
Barter
Correct Answer
C. BarterExplanation
A barter transaction is one where items are exchanged for other items without the use of cash or credit. In a barter system, individuals or businesses trade goods or services directly with each other, without the need for a medium of exchange like money. This type of transaction was commonly used in ancient times and is still practiced in some societies or in situations where currency is scarce.Rate this question:
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- 15.
Excess of a current asset over current liabilities is known as _________ capital
- A.
Fixed
- B.
Working
- C.
Current
Correct Answer
B. WorkingExplanation
Working capital refers to the excess of current assets over current liabilities. It represents the amount of funds available to a business for its day-to-day operations. A positive working capital indicates that a company has enough assets to cover its short-term obligations, while a negative working capital suggests that the company may have difficulty meeting its short-term financial obligations. Therefore, the correct answer is "Working."Rate this question:
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- 16.
___________ is not a tangible asset
- A.
Goodwill
- B.
Land
- C.
Closing stock
Correct Answer
A. GoodwillExplanation
Goodwill is not a tangible asset because it is an intangible asset that represents the reputation, customer base, brand value, and other non-physical assets of a company. It cannot be seen or touched like land or closing stock. Goodwill is typically acquired through business acquisitions or mergers and is recorded on the balance sheet as an intangible asset.Rate this question:
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- 17.
According to _________ concept it is assumed that the business will last for long time
- A.
Accounting entity
- B.
Going concern
- C.
Accounting period
Correct Answer
B. Going concernExplanation
The concept of going concern assumes that the business will continue to operate for the foreseeable future. This means that the business is not expected to be liquidated or cease operations in the near term. The going concern concept is important in accounting as it allows for the preparation of financial statements under the assumption that the business will continue to exist, enabling the use of historical cost and accrual accounting principles.Rate this question:
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- 18.
Accounting is concerned with
- A.
Monetary
- B.
Non- monetary
- C.
Monetary & Nonmonetary
Correct Answer
A. MonetaryExplanation
Accounting is concerned with monetary aspects, which include financial transactions, assets, liabilities, income, and expenses that can be measured in terms of money. Non-monetary aspects refer to items that cannot be measured in monetary terms, such as goodwill, reputation, or employee satisfaction. However, accounting primarily focuses on the monetary aspects as they are quantifiable and can be recorded and analyzed to provide financial information for decision-making purposes.Rate this question:
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- 19.
Income is measured on the basics of
- A.
A. Entity concept
- B.
B. Accounting period concept
- C.
C. Going concern concept
Correct Answer
C. C. Going concern conceptExplanation
The going concern concept states that a business is assumed to continue its operations in the foreseeable future. This concept is important in measuring income because it allows for the recognition of revenue and expenses over a period of time, rather than just at a specific point in time. It acknowledges that income is earned and expenses are incurred over the course of the business's ongoing operations, and therefore should be measured accordingly. This concept is essential for producing accurate and meaningful financial statements.Rate this question:
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- 20.
The policy of anticipate no profit and provide for all possible losses is followed due to
- A.
A. Conservation concept
- B.
B. Consistency concept
- C.
C. Cost concept
Correct Answer
B. B. Consistency conceptExplanation
The consistency concept in accounting states that once a company adopts an accounting method or policy, it should continue to use that method consistently in the future. In this case, the policy of anticipating no profit and providing for all possible losses is followed consistently to ensure that the financial statements reflect a true and fair view of the company's financial position. By consistently following this policy, the company can provide reliable and comparable financial information over time.Rate this question:
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- 21.
In every business transaction at least ______parties are involved a. Two b. Three c. Four
- A.
a. Two
- B.
B. Three
- C.
C. Four
Correct Answer
A. a. TwoExplanation
In every business transaction, there are at least two parties involved. This means that there must be a minimum of two individuals or entities participating in the transaction. This could include a buyer and a seller, a borrower and a lender, or any other combination of parties involved in a business transaction.Rate this question:
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- 22.
Source documents include
- A.
A. Vouchers
- B.
B. Receipts
- C.
C. Bill
- D.
D. All these
Correct Answer
D. D. All theseExplanation
The correct answer is d. All these. This means that source documents include vouchers, receipts, and bills. In accounting, source documents are the original records that provide evidence of a transaction. Vouchers are used to authorize and document expenses, receipts are used to record the receipt of cash or other assets, and bills are used to document amounts owed for goods or services. Therefore, all of these documents are considered source documents in accounting.Rate this question:
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- 23.
All those to whom the business owes to money are
- A.
A. Debtor
- B.
B. Creditor
- C.
C. Investor
Correct Answer
B. B. CreditorExplanation
A creditor is a person or entity to whom the business owes money. They have provided goods or services to the business on credit and are awaiting payment. In contrast, a debtor is someone who owes money to the business. An investor, on the other hand, is someone who provides funds or resources to the business in exchange for ownership or a share of profits, but they may not necessarily be owed money by the business.Rate this question:
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- 24.
Accounts receivable normally has ________ balance
- A.
A. Credit
- B.
B. Debit
- C.
C. Negative
- D.
All these
Correct Answer
B. B. DebitExplanation
Accounts receivable normally has a debit balance. This is because accounts receivable represents the amount of money owed to a company by its customers for goods or services that have been provided on credit. When a customer makes a purchase on credit, the company records the transaction as an increase in accounts receivable, which is a debit entry. As the customer pays off their debt, the accounts receivable balance decreases, resulting in a credit entry. Therefore, accounts receivable typically starts with a debit balance and is reduced as payments are received.Rate this question:
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- 25.
Financial statements are the part of _________
- A.
A. Book- keeping
- B.
B. Accounting
- C.
C. None of the above
Correct Answer
B. B. AccountingExplanation
Financial statements are an integral part of accounting. They provide a summary of a company's financial transactions and performance over a specific period of time. These statements include the income statement, balance sheet, cash flow statement, and statement of changes in equity. They are essential for evaluating the financial health of a business, making informed decisions, and meeting regulatory requirements. Therefore, the correct answer is b. Accounting.Rate this question:
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- 26.
Bank account is a _________
- A.
A. Personal accounting
- B.
b. Real account
- C.
C. Nominal account
Correct Answer
A. A. Personal accountingExplanation
A bank account is considered as a personal accounting because it is a financial account that is held by an individual or a business entity. It is used for the purpose of depositing and withdrawing money, as well as keeping track of transactions and managing personal finances. Personal accounting involves recording and organizing financial activities related to an individual's personal assets, liabilities, income, and expenses, which aligns with the function and purpose of a bank account.Rate this question:
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- 27.
Cost of goods sold can be calculated by:
- A.
A. Balance sheet
- B.
B. Profit& loss account
- C.
C. Trading account
Correct Answer
C. C. Trading accountExplanation
The correct answer is c. Trading account. The trading account is a financial statement that calculates the cost of goods sold by subtracting the opening inventory from the purchases and adding the closing inventory. It is a part of the overall profit and loss account, which includes other expenses and revenues. The balance sheet, on the other hand, is a statement that shows the financial position of a company at a specific point in time, while the profit and loss account summarizes the company's revenues, expenses, and net profit or loss over a specific period.Rate this question:
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- 28.
Capital expenditure are recorded in the __________
- A.
A. Balance sheet
- B.
B. Profit & loss account
- C.
C. Trading account
Correct Answer
A. A. Balance sheetExplanation
Capital expenditures are recorded in the balance sheet because they represent long-term investments in assets that will provide benefits to the company over multiple accounting periods. The balance sheet provides a snapshot of a company's financial position at a specific point in time, and it includes the value of the company's assets, liabilities, and shareholders' equity. Capital expenditures increase the value of the company's assets, and therefore, they are recorded on the balance sheet as an increase in the asset value. This allows stakeholders to see the company's investment in long-term assets and assess its financial health and ability to generate future returns.Rate this question:
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- 29.
Nominal accounts are related to
- A.
A. Assets& liability
- B.
b. Expenses & losses
- C.
C. Debtors & creditors
Correct Answer
B. b. Expenses & lossesExplanation
Nominal accounts are related to expenses and losses. Nominal accounts are used to record all the expenses and losses incurred by a business. These accounts include various expense categories such as salaries, rent, utilities, and depreciation. They also include losses such as bad debts or losses from the sale of assets. By recording these expenses and losses in nominal accounts, businesses can track their financial performance and make informed decisions about their expenses and losses.Rate this question:
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- 30.
Sales journal is used for recording
- A.
A. Cash sales
- B.
B. Credit sales
- C.
c. Total sale
Correct Answer
B. B. Credit salesExplanation
The sales journal is used for recording credit sales. This means that when a business sells goods or services to a customer on credit, meaning the customer will pay at a later date, the transaction is recorded in the sales journal. This journal helps keep track of all credit sales made by the business and is an important tool for monitoring and managing accounts receivable.Rate this question:
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- 31.
Trading account is a ____________account
- A.
A. Real
- B.
B. Nominal
- C.
C. Personal
Correct Answer
B. B. NominalExplanation
A trading account is a nominal account. Nominal accounts are used to record income, expenses, gains, and losses. A trading account specifically tracks the buying and selling of goods or services, and the resulting gains or losses from those transactions. It is considered a nominal account because it relates to revenue and expenses, which are temporary in nature and are closed at the end of an accounting period.Rate this question:
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- 32.
Closing stock is valued at ____________
- A.
A. Market price
- B.
B. Cost price
- C.
C. Cost price or market price whichever is less
Correct Answer
C. C. Cost price or market price whichever is lessExplanation
The closing stock is valued at cost price or market price, whichever is less. This means that the value of the closing stock will be determined by comparing its cost price to its market price, and the lower of the two will be used as the valuation. This approach ensures that the closing stock is not overvalued, as it takes into account any decrease in market value that may have occurred.Rate this question:
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- 33.
Balance sheet is an ______________
- A.
A. Statement
- B.
B. Account
- C.
C. Both
Correct Answer
A. A. StatementExplanation
The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It presents the company's assets, liabilities, and shareholders' equity. It is called a statement because it presents information in a structured and organized format, following specific accounting principles and guidelines. The balance sheet is an important tool for investors, creditors, and other stakeholders to assess a company's financial health and make informed decisions.Rate this question:
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- 34.
Wages paid on for the erection of machinery is debited to
- A.
A. Machinery accounting
- B.
B. Wage accounting
- C.
C. Cash accounting
Correct Answer
A. A. Machinery accountingExplanation
Wages paid for the erection of machinery is debited to Machinery accounting because it is directly related to the cost of acquiring and installing the machinery. By debiting the wages to the Machinery accounting, it accurately reflects the total cost of the machinery, including the labor expenses incurred during its erection. This helps in properly tracking and recording the expenses associated with the machinery, ensuring accurate financial reporting.Rate this question:
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- 35.
Income tax is debited to ________________
- A.
A. Profit and loss account
- B.
B. Cash accounting
- C.
C. Drawings account
Correct Answer
C. C. Drawings accountExplanation
Income tax is debited to the Drawings account because it is considered a personal expense of the business owner. Drawings account is used to record any withdrawals made by the owner for personal use. Since income tax is a liability that the owner needs to pay from their personal funds, it is debited to the Drawings account to reflect the decrease in the owner's equity in the business. This helps in maintaining accurate records of the owner's personal expenses and the financial position of the business.Rate this question:
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- 36.
Goods taken by the proprietor for personal is shown as a deduction from_____________
- A.
A. Sales
- B.
B. Capital
- C.
C. Purchase
Correct Answer
C. C. PurchaseExplanation
When the proprietor takes goods for personal use, it is considered as a withdrawal from the business. This withdrawal is not a purchase, but rather a reduction in the inventory available for sale. Therefore, it is shown as a deduction from the purchases made by the business.Rate this question:
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- 37.
Asset that can be converted into cash within a year are called _________asset
- A.
A. Current
- B.
B. Fixed asset
- C.
C. Wasting asset
Correct Answer
A. A. CurrentExplanation
Current assets are assets that can be converted into cash within a year. These assets include cash, cash equivalents, accounts receivable, inventory, and prepaid expenses. They are important for determining a company's liquidity and short-term financial health. Fixed assets, on the other hand, are long-term assets that are not easily converted into cash, such as buildings, machinery, and vehicles. Wasting assets refer to assets that have a limited useful life and depreciate over time, such as natural resources or patents. Therefore, the correct answer is a. Current.Rate this question:
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- 38.
Balance sheet is prepared for a ____________
- A.
A. Period
- B.
B. On a particular date
- C.
C. Entire life of business
Correct Answer
B. B. On a particular dateExplanation
A balance sheet is prepared to provide a snapshot of a company's financial position on a specific date. It shows the company's assets, liabilities, and shareholders' equity at that particular moment. By focusing on a specific date, the balance sheet allows stakeholders to assess the company's financial health and evaluate its ability to meet its short-term and long-term obligations. It provides valuable information for decision-making and financial analysis.Rate this question:
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- 39.
Income received in advance is an ___________
- A.
A. Asset
- B.
B. Liability
- C.
c. Expenses
Correct Answer
B. B. LiabilityExplanation
Income received in advance is considered a liability because it represents an obligation or a debt owed by the company to the customer. When a company receives income in advance, it has not yet earned that income through the provision of goods or services. Therefore, the company has a responsibility to fulfill its end of the agreement and deliver the promised goods or services in the future. Until the company fulfills this obligation, the advance payment is considered a liability on its balance sheet.Rate this question:
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- 40.
If goods are destroyed by fire , the total value of loss is __________ to trading account.
- A.
A. Debited
- B.
B. Credited
- C.
C. Not taken
Correct Answer
B. B. CreditedExplanation
When goods are destroyed by fire, it results in a loss for the business. In accounting, losses are typically recorded by crediting the respective account. Therefore, in this case, the total value of loss due to the destruction of goods by fire would be credited to the trading account.Rate this question:
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- 41.
Provision for account on creditors has a _________________balance
- A.
A. Debit
- B.
B. Credit
- C.
C. None of these
Correct Answer
A. A. DebitExplanation
The provision for account on creditors is set up to account for potential losses or expenses that may arise from unpaid debts owed by creditors. Since it is a provision for potential losses, it is recorded as a debit balance in the accounting books. This helps to ensure that the company has set aside enough funds to cover any potential losses from unpaid debts.Rate this question:
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- 42.
Income earned but not received to known as _______________ income
- A.
A. Accrued
- B.
B. Prepaid
- C.
C. Nominal
Correct Answer
A. A. AccruedExplanation
Accrued income refers to the income that has been earned but not yet received. This means that the revenue has been recognized in the accounting records, even though the payment has not been received. It is recorded as a current asset on the balance sheet and will be received in the future. This type of income is typically seen in situations where the payment is due at a later date, such as interest on investments or rent receivable.Rate this question:
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- 43.
Prepaid expense is _________ to the business
- A.
A. Asset
- B.
B. Liability
- C.
C. Expenses
Correct Answer
A. A. AssetExplanation
Prepaid expenses are considered an asset to the business because they represent future economic benefits that the business has already paid for. These expenses are typically paid in advance and will be consumed or used up over time. As the prepaid expenses are gradually used or consumed, they are recognized as expenses in the income statement. Until that time, they are recorded as an asset on the balance sheet, reflecting the value that the business holds in the form of prepaid expenses.Rate this question:
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- 44.
Withdrawing more amount from the bank than the deposit in the account is termed as____
- A.
A. Fixed deposit
- B.
B. Current deposit
- C.
C. overdraft
Correct Answer
C. C. overdraftExplanation
When a person withdraws more money from their bank account than the amount they have deposited, it creates a negative balance in their account. This negative balance is known as an overdraft. It is essentially borrowing money from the bank, allowing the account holder to spend more than what they have in their account. The bank charges interest on the overdraft amount until it is repaid. Overdrafts are typically used for short-term borrowing and can be a convenient way to cover unexpected expenses or temporary cash flow issues.Rate this question:
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- 45.
Income of overdraft, pass book will show __________balance
- A.
A. Debit
- B.
B. Credit
- C.
C. None of these
Correct Answer
A. A. DebitExplanation
The income from an overdraft is considered a debit because it represents an increase in liabilities for the bank. When a customer uses an overdraft, they are essentially borrowing money from the bank, which increases the bank's liabilities. Therefore, the income generated from overdrafts is recorded as a debit in the passbook to reflect this increase in liabilities.Rate this question:
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- 46.
Cash book shows ___________balance when there is an O.D.
- A.
A. Debit
- B.
B. Credit
- C.
C. None of these
Correct Answer
B. B. CreditExplanation
When there is an overdraft (O.D.) in the cash book, it means that the cash balance has gone into negative. In accounting, a negative cash balance is represented as a credit balance. Therefore, the correct answer is b. Credit.Rate this question:
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- 47.
When bank charge incurred, overdraft will be __________________________
- A.
A. increased
- B.
B. decreased
- C.
C. no charge
Correct Answer
A. A. increasedExplanation
When a bank charge is incurred, it means that the account holder has been charged a fee by the bank for a particular transaction or service. This charge will result in a decrease in the available balance in the account, leading to an increase in the overdraft amount. Therefore, the correct answer is "a. increased."Rate this question:
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- 48.
__________________ balance in cash book indicate deposit balance
- A.
A. Credit
- B.
B. Debit
- C.
C. Any balance
Correct Answer
B. B. DebitExplanation
In a cash book, a debit balance indicates that there is more cash going out than coming in. This means that there is a negative balance or a deficit in the cash account. Therefore, the correct answer is b. Debit.Rate this question:
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- 49.
Special journal are also called________________
- A.
A. Journal
- B.
B. Ledger
- C.
C. Day book
Correct Answer
C. C. Day bookExplanation
Special journals are used to record specific types of transactions in a business, such as sales, purchases, cash receipts, and cash disbursements. These journals are also known as day books because they are typically used to record transactions that occur on a daily basis. The day book serves as a chronological record of these transactions before they are eventually transferred to the general ledger. Therefore, the correct answer is c. Day book.Rate this question:
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- 50.
Cash book is a ____________
- A.
A. Journal
- B.
B. Ledger
- C.
C. Journal & ledger
Correct Answer
C. C. Journal & ledgerExplanation
The cash book serves as both a journal and a ledger. It records all cash transactions, making it a journal. Additionally, it also functions as a ledger as it maintains a running balance of cash on hand. Therefore, the correct answer is c. Journal & ledger.Rate this question:
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