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60 Questions | Total Attempts: 1089

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Questions and Answers
  • 1. 
    Balance sheet display...
    • A. 

      Entire summary of the all ledger accounts

    • B. 

      Balances of all individual account

    • C. 

      Bank and cash Balances

    • D. 

      Exact financial position of the business on specific date

  • 2. 
    Tally is...
    • A. 

      Package, which maintains accounts only

    • B. 

      Which maintains accounts with inventory records

    • C. 

      Which display the detail report trial balance, balance sheet etc

    • D. 

      All are correct

  • 3. 
    Which of the following is not an account type?
    • A. 

      Personal Accounts

    • B. 

      Real Accounts

    • C. 

      Occasional account

    • D. 

      Nominal account

  • 4. 
    Term loans & other medium /long _term loans comes under __________Group
    • A. 

      Unsecured Loan

    • B. 

      Secured Loan

    • C. 

      Loans & Advances

    • D. 

      Current liability

  • 5. 
    ____________is beginning date of financial year
    • A. 

      1st January

    • B. 

      1st February

    • C. 

      1st March

    • D. 

      1st April

  • 6. 
    Manufacturing expenses comes under___________ Group
    • A. 

      Expenses (Indirect)

    • B. 

      Miss Expenses

    • C. 

      Direct Expenses

    • D. 

      None

  • 7. 
    Which financial statement can be made from Trial Balance?
    • A. 

      Ledger

    • B. 

      Purchases

    • C. 

      Sales

    • D. 

      Balance sheet

  • 8. 
     In case of personal accounts the receiver is
    • A. 

      Debit

    • B. 

      Credit

    • C. 

      Both

    • D. 

      Balance entered in voucher

  • 9. 
    Which of the following information is must to create a company
    • A. 

      Name of the company & Financial year

    • B. 

      Name of the company & Income Tax No

    • C. 

      Name of the company & Sales Tax No

    • D. 

      All Above

  • 10. 
    Journal book is used to
    • A. 

      Records all the entries

    • B. 

      To records all the non-cash transactions only

    • C. 

      Entries regarding general transactions

    • D. 

      All sale and purchase records

  • 11. 
    _____________is a Reserved group which goes to liabilities
    • A. 

      Capital A/C

    • B. 

      Fixed Asset

    • C. 

      Investment

    • D. 

      Sundry debtors

  • 12. 
    Alias is ____________
    • A. 

      To change group name

    • B. 

      Simple mechanism to call an account by another name

    • C. 

      Type of Group

    • D. 

      Type of Ledger

  • 13. 
    Sales purchase A/C groups are reflected in _____________
    • A. 

      Profit & loss A/C

    • B. 

      Balance sheet

    • C. 

      Journal Register

    • D. 

      None of the above

  • 14. 
    Trial Balance contains ___________ balance of all accounts
    • A. 

      Closing

    • B. 

      Only credit

    • C. 

      Opening

    • D. 

      None

  • 15. 
    Under Group _______________ can be created
    • A. 

      Vouchers

    • B. 

      Date

    • C. 

      Multiple Ledgers

    • D. 

      All above

  • 16. 
    Closing stock appears in _______________
    • A. 

      Balance Sheet

    • B. 

      Trial Balance

    • C. 

      Profit & loss A/C

    • D. 

      None of the above

  • 17. 
    Cash in hand & bank A./C balance helps for______________
    • A. 

      Inventory control

    • B. 

      Payment Decision

    • C. 

      Sales performance

    • D. 

      All above

  • 18. 
    Changes carried out in F12 are ______________
    • A. 

      Global & will be effective for all working companies

    • B. 

      Not Global will not be effective for all working companies

    • C. 

      Affected to that particular company only

    • D. 

      None of the above

  • 19. 
    Restoration of data is ____________
    • A. 

      Re-entering the data

    • B. 

      Process of getting back the earlier data in Hard disk

    • C. 

      Process of keeping a copy of the data in another place

    • D. 

      All above

  • 20. 
    _________Can not be printed in a Quick Format
    • A. 

      Trial Balance

    • B. 

      Balance Sheet

    • C. 

      Cheque

    • D. 

      Ledger

  • 21. 
    _________Vouchers is a pure inventory voucher
    • A. 

      Cash Paid Creditor

    • B. 

      Delivery Note

    • C. 

      Material rejection entry

    • D. 

      Expenses

  • 22. 
    Inventory Management comprises of _________
    • A. 

      Delivery In

    • B. 

      Delivery Out

    • C. 

      Inventory control

    • D. 

      All of above

  • 23. 
    Contra entry is used for ___________
    • A. 

      Transaction involves Cash and Bank

    • B. 

      Transactions related to Purchase

    • C. 

      Salaries paid to the employees

    • D. 

      Contracting expenses only

  • 24. 
    Memorandum Voucher is used to
    • A. 

      Enter entry having multiple account effect

    • B. 

      For entries regarding bank overdraft

    • C. 

      Remind entry which may have effect in future

    • D. 

      None of these

  • 25. 
    Which of the following is not a voucher type ____________
    • A. 

      Contra

    • B. 

      Payment

    • C. 

      Capital

    • D. 

      Receipt

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