202a - Financial Accounting

Dr.G.R.
Damodaran College of Science

(Autonomous, affiliated to the Bharathiar University, recognized by the UGC)Re-
accredited at the 'A' Grade Level by the NAAC and ISO 9001:2008 Certified
CRISL rated 'A' (TN) for MBA and MIB Programmes
I B.COM - (2013 - 2016)
II SEMESTER
CORE - FINANCIAL ACCOUNTING - 202a
Multiple Choice Questions.
1. Depreciation is a process of _________.
A. valuation.
B. allocation.
C. reduction.
D. appreciation.
ANSWER: B
2. The main objective of providing depreciation is _______.
A. to calculate true profit.
B. to calculate financial position.
C. to reduce tax burden.
D. to reduce profit.
ANSWER: A
3. Depreciation arises because of_____.
A. fall in the market value of an asset.
B. physical wear and tear.
C. fall in the value of money.
D. rise in the value of money.
ANSWER: B
4. Under the straight line method of charging depreciation, depreciation ____.
A. increases every year.
B. decreases every year.
C. is constant.
D. fluctuate every year.
ANSWER: C
5. Under the diminishing balance method depreciation is calculated on____.
A. original value.
B. written down value.
C. scrap value.
D. market value.
ANSWER: B
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6. The amount of depreciation charged on machinery will be debited to_____.
A. machinery account.
B. depreciation account.
C. cash account.
D. bank account.
ANSWER: B
7. Loss on the sale of machinery should be written off against____.
A. share premium account.
B. sales account.
C. depreciation fund account.
D. general reserve account.
ANSWER: C
8. The annual installment to depreciation fund for replacement of a fixed asset is______.
A. charge against profit.
B. an appropriation of profits.
C. charge against reserve.
D. charge against cash.
ANSWER: A
9. Depreciation is provided on ________.
A. current asset .
B. fixed assets.
C. fictitious assets.
D. investment.
ANSWER: B
10. The permanent, continuing and gradual shrinkage in the book value of a fixed asset is called _______.
A. depreciation .
B. appreciation.
C. reduction.
D. computation.
ANSWER: A
11. Depreciation is charged on the_________.
A. market value.
B. Depreciable value.
C. purchase value.
D. sale value.
ANSWER: B
12. Depreciation is charged on_________.
A. continuous basis.
B. temporary basis.
C. daily basis.
D. monthly basis.
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ANSWER: A
13. Loss of usefulness occasioned by improved production methods is known as_______.
A. physical deterioration.
B. obsolescence.
C. disuse.
D. inadequacy.
ANSWER: B
14. Mines, quarries, oilfields and forest are example of _______.
A. fixed assets.
B. current assets.
C. wasting assets.
D. intangible assets.
ANSWER: C
15. Depreciation applies to________.
A. current assets.
B. wasting assets.
C. intangible assets.
D. fixed assets.
ANSWER: D
16. Depletion applies to________.
A. current assets.
B. wasting assets.
D. fixed assets.
ANSWER: B
17. Amortization applies to________.
A. current assets.
B. wasting assets.
D. fixed assets.
ANSWER: C
18. Estimated sale value of the asset at the end of its economic life is known as _____.
A. purchase value.
B. market value.
C. written down value.
D. residual value.
ANSWER: D
19. Provision for depreciation account appears on the _______.
A. Asset side.
B. Liability side.
C. P & L account debit side.
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D. P & L account credit side.
ANSWER: B
20. If the asset is sold, the provision for depreciation relating to the asset sold is transferred to _______.
A. asset account.
B. liability account.
C. P & L account.
D. trading account.
ANSWER: A
21. The asset account appears in the books at original cost when a ______.
A. P & L account is maintained.
B. balance sheet is maintained.
C. provision for depreciation account is maintained.
D. provision for depreciation account is not maintained.
ANSWER: C
22. The value of asset can be reduced to zero under this method _____.
A. straight line method .
B. written down value method.
C. annuity method.
D. depreciation fund method.
ANSWER: A
23. The balance in the asset account will not be reduced to zero under this method _____.
C. annuity method.
ANSWER: B
24. Income tax authorities recognize this method ______.
C. annuity method.
ANSWER: B
25. Under which method of depreciation, the earlier year of the life of the asset, profits are more _____.
A. straight line method.
C. annuity method.
ANSWER: A
26. Straight line method is also called _________.
A. written down value method.
B. annuity method.
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C. depreciation fund method.
D. Fixed installment method.
ANSWER: D
27. Diminishing balance method is also called _________.
A. written down value method .
B. annuity method.
ANSWER: A
28. Reducing installment method is also called __________.
C. annuity method.
ANSWER: B
29. Written down value method is also called ________.
A. diminishing balance method.
B. annuity method.
ANSWER: A
30. Straight line method is also called _______.
A. written down value method .
B. annuity method.
C. original cost method.
ANSWER: C
31. Under annuity method the amount of depreciation is found out from _____.
A. log tables.
B. sinking fund tables.
C. annuity tables.
D. present value tables.
ANSWER: C
32. Depreciation fund is also called ______.
A. reserve fund.
B. compensation fund.
C. workers fund.
D. sinking fund.
ANSWER: D
33. Under depreciation fund method, the amount of depreciation is calculated with reference to ________.
A. log tables
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B. sinking fund tables
C. annuity tables
D. present value tables
ANSWER: B
34. Under depreciation fund method depreciation is charged to ______.
A. profit and loss account.
B. trading account.
C. balance sheet.
D. p & l appropriation account.
ANSWER: A
35. Under which method, a policy is taken for amount of the asset to be replaced____.
A. annuity method
B. insurance policy method
C. fixed installment method
D. reducing balance method
ANSWER: B
36. Under insurance policy method the premium is paid in the __________.
A. beginning of each year.
B. end of each year.
C. beginning of each month.
D. end of each month.
ANSWER: A
37. The difference between the book value at the beginning and at the end (revaluation amount) is
__________.
A. depreciation.
B. appreciation.
C. reduction.
D. computation.
ANSWER: A
38. The difference between the book value at the beginning and at the end (revaluation amount) is
depreciation and charged to __________.
A. profit and loss account.
B. trading account.
C. balance sheet.
D. p & l appropriation account.
ANSWER: A
39. Depletion method is also called _________.
A. annuity method.
B. insurance policy method.
C. output method.
D. reducing balance method.
ANSWER: C
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40. Expenses which can be directly identified with or incurred for particular department are called
__________.
A. direct expenses. .
B. indirect expenses.
C. monthly expenses.
D. weekly expenses.
ANSWER: A
41. Expenses which cannot be identified with a particular department are called_______.
A. direct expenses.
B. indirect expenses.
C. monthly expenses.
D. weekly expenses.
ANSWER: B
42. Selling expenses should be divided among the different department on the basis of _______.
A. light points.
B. H.P of machine.
C. sales ratio.
D. floor area.
ANSWER: C
43. Rent and rates should be divided among the different departments on the basis of ____.
A. light points.
B. H.P of machine.
C. sales ratio .
D. floor area.
ANSWER: C
44. Fire insurance and repairs on assets should be divided among the different departments on the basis of
_________.
A. light points.
B. H.P of machine.
C. value of each assets.
D. floor area.
ANSWER: C
45. Repairs to buildings, maintenance of premises should be divided among the different departments on
the basis of _________.
A. light points.
B. H.P of machine.
C. sales ratio.
D. floor area.
ANSWER: D
46. Lighting expenses should be divided among the different departments on the basis of _________.
A. light points.
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B. H.P of machine.
C. sales ratio.
D. floor area.
ANSWER: A
47. Carriage inward expenses should be divided among the different departments on the basis of
___________.
A. light points.
B. purchase value.
C. sales ratio.
D. floor area.
ANSWER: B
48. Power expenses should be divided among the different departments on the basis of _____.
A. light points.
B. H.P of machine.
C. sales ratio .
D. floor area.
ANSWER: B
49. Workmens amenities and welfare expenses should be divided among the different departments on the
basis of ____________.
A. number of worker in each department.
B. number of machines in each department.
C. wages of each department.
D. floor area occupied by each department.
ANSWER: A
50. ESI, PF payable by employer should be divided among the different departments on the basis of
________.
A. number of worker in each department.
B. number of machines in each department.
C. wages of each department.
D. floor area occupied by each department.
ANSWER: C
51. Factory mangers salary should be divided among the different departments on the basis of
________________.
A. time devoted to each department.
B. time spent in each department.
C. time assigned to each department.
D. time wasted in each department.
ANSWER: A
52. Indirect expenses is also called____________.
A. prime cost.
B. common expenses.
C. direct expenses.
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D. management expenses.
ANSWER: B
53. Indirect expenses is also called_____________.
A. prime cost.
B. management expenses.
C. joint expenses .
D. notional cost.
ANSWER: C
54. Expenses which cannot be apportioned to department must be shown in the _____.
A. balance sheet.
B. trading account.
C. P & L account.
D. P & L Appropriation account.
ANSWER: C
55. When goods are transferred from one department to other department, they are called __________.
A. inter-departmental transfers.
B. outer-departmental transfers.
C. not a transfer.
D. regular transfer.
ANSWER: A
56. When goods are transferred from one department to other, the department transferring the goods should
be ___________.
A. debited.
B. credited.
C. added.
D. subtracted .
ANSWER: B
57. When goods are transferred from one department to other, the department transferring the goods should
be credited and department receiving the goods should be _________.
A. debited.
B. credited.
C. added.
D. subtracted.
ANSWER: A
58. In departmental accounts expenses like director fees, interest is transferred to ______.
A. balance sheet.
B. trading account.
C. general P & L account .
D. P & L Appropriation account.
ANSWER: C
59. The departmental accounting enables a business firm to maximize _________.
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A. profit.
B. losses.
C. cash.
D. assets .
ANSWER: A
60. Branch which does not maintain its own set of books is ______________.
A. dependent branch.
B. independent branch.
C. foreign branch.
D. local branch .
ANSWER: A
61. The business policies and the administration of a branch are wholly controlled by the head office the
type of branch is __________.
A. independent branch.
B. dependent branch.
C. local branch .
D. foreign branch.
ANSWER: B
62. A branch set up merely for booking orders which are executed by head office is ____.
A. dependent branch.
B. independent branch.
C. foreign branch.
D. local branch.
ANSWER: A
63. Branches not keeping full system of accounting are ________.
B. dependent branch.
C. local branch .
D. foreign branch.
ANSWER: B
64. All branch expenses such as rent, salary, are paid by the head office in case of _____.
B. local branch.
C. local branch.
D. dependent branch.
ANSWER: D
65. Dependent branch make _______.
A. only cash sales.
B. only credit sales.
C. cash and credit sales.
D. installment sales.
ANSWER: C
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66. Under stock and debtors system the head office opens _________.
A. branch adjustment account.
B. branch debtors account.
C. branch creditors account .
D. branch cash account.
ANSWER: A
67. In branch account, goods sent by branch X to branch Y, will be debited to _______.
A. branch k.
B. branch x.
C. branch z .
D. branch y.
ANSWER: D
68. Under branch accounts debtors system, the depreciation of an asset is _______.
A. show in debtors account.
B. shown in debit side of branch account.
C. not shown in branch account .
D. shown in credit side of branch account.
ANSWER: C
69. Under branch accounts debtors system, opening balance of assets are recorded in ____.
A. credit side.
B. debit side.
C. first credit and debit side.
D. first debit and credit side.
ANSWER: A
70. Under branch accounts debtors system, closing balance of assets are recorded in ________.
A. credit side.
B. debit side.
C. first credit and debit side.
D. first debit and credit side.
ANSWER: A
71. Under branch accounts debtors system, opening balance of liabilities are recorded in ___________.
A. first credit and debit side.
B. first debit and credit side.
C. credit side.
D. debit side.
ANSWER: C
72. Under branch accounts debtors system, closing balance of liabilities are recorded in _________.
A. first credit and debit side.
B. first debit and credit side.
C. credit side.
D. debit side.
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ANSWER: D
73. Under branch accounts debtors system, goods sent to branch account is recorded in _________.
A. debit side.
B. credit side.
C. asset side .
D. liabilities side.
ANSWER: A
74. Under branch accounts debtors system, loading on goods sent to branch adjusted in ________.
A. debit side.
B. credit side.
C. asset side .
D. liabilities side.
ANSWER: B
75. Under branch accounts debtors system, bad debts, discount allowed to debtors is ________.
A. shown in debit side.
B. shown in credit side.
C. shown in asset side .
D. not shown.
ANSWER: D
76. Under branch accounts debtors system, both cash and credit sales are _______.
A. shown in debit side.
B. shown in credit side.
C. shown in asset side .
D. not shown.
ANSWER: D
77. The difference between goods sent by head office and received by the branch is known as
___________.
A. goods in transit.
B. goods in godown.
C. goods in production.
D. goods in warehouse.
ANSWER: A
78. Under stock and debtors system of branch account, branch adjustment account is opened when goods
sent to branch is at ________.
A. cost price.
B. invoice price.
C. market price.
D. normal price.
ANSWER: B
79. Under stock and debtors system of branch account, the account prepared to record all the transactions
relating to branch debtors is recorded in ________.
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A. branch expenses account.
B. branch adjustment account.
C. branch debtors account.
D. branch creditors account.
ANSWER: C
80. In pure single entry which account is recorded?
A. Personal.
B. Real.
C. Nominal.
D. Asset.
ANSWER: A
81. All personal, real and nominal accounts are opened in ________.
A. single entry system.
B. double entry system.
C. accrual system.
D. mercantile system.
ANSWER: B
82. Only personal account and cash account are opened in ________.
C. accrual system.
ANSWER: A
83. Trial balance can be prepared in _________.
C. accrual system.
ANSWER: A
84. Trial balance cannot be prepared in_____.
C. accrual system.
ANSWER: A
85. Balance sheet can be prepared ________.
A. in single entry system.
B. in double entry system.
C. with the help of cash book.
D. with the help of bank account.
ANSWER: A
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86. Balance sheet cannot be prepared ________.
A. in single entry system.
B. in double entry system.
C. with the help of cash book.
D. with the help of bank account.
ANSWER: A
87. In single entry system, net worth method is also called ________.
A. double entry system .
B. mercantile system.
C. statement of affairs method.
D. accrual system.
ANSWER: C
88. Difference between net worth at the beginning of the year and at the end of the year represents
_________.
A. capital balance.
B. cash balance.
C. pass book balance.
D. profit or loss.
ANSWER: D
89. Opening capital can be found by preparing ________.
A. cash book.
B. bank account.
C. statement of affairs.
D. statement of bank pass book.
ANSWER: C
90. A statement of affairs is just like a _________.
A. balance sheet.
B. profit and loss account.
C. cash account.
D. trading account.
ANSWER: A
91. In statement of affairs assets are shown on the __________.
A. right hand side.
B. left hand side.
C. left hand side top.
D. left hand side bottom.
ANSWER: A
92. In statement of affairs liabilities are shown on the __________.
A. right hand side.
B. left hand side.
C. right hand side top.
D. right hand side bottom.
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ANSWER: B
93. Under single entry system, closing capital can be found by preparing a statement of affairs
____________.
A. at the end of the year.
B. at the beginning of the year.
C. at the end of every month.
D. at the end of every quarter.
ANSWER: A
94. Under single entry system, opening capital can be found by preparing a statement of affairs
____________.
A. at the end of the year.
B. at the beginning of the year.
C. at the end of every month.
D. at the end of every quarter.
ANSWER: B
95. Under single entry system in net worth method, drawings is added with _______.
A. opening capital.
B. closing capital.
C. additional capital.
D. drawings.
ANSWER: B
96. Under single entry system in net worth method, additional capital is deducted with __________.
A. opening capital.
B. closing capital.
D. drawings.
ANSWER: B
97. Under single entry system in net worth method, opening capital is subtracted from _________.
A. opening capital.
B. closing capital.
D. drawings.
ANSWER: B
98. Under single entry system in conversion method, a total debtors account is prepared to find out
___________.
A. credit sales.
B. cash sales.
C. credit purchases.
D. cash purchases.
ANSWER: A
99. Under single entry system in conversion method, a total debtors account is prepared to find out
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__________.
A. credit purchases.
B. cash purchases.
C. purchase returns.
D. closing balance of debtors.
ANSWER: D
100. Debtors account is a __________.
A. personal account.
B. real account.
C. nominal account.
D. cash account.
ANSWER: A
101. Total creditors account is prepared to find out ___________.
A. credit sales.
B. cash sales.
C. credit purchases.
D. cash purchases.
ANSWER: C
102. Total creditors account is prepared to find out _______.
A. opening balance of debtors .
B. closing balance of debtors.
C. opening balance of creditors.
D. closing balance of creditors.
ANSWER: D
103. A bills receivable account is prepared to ascertain bills _______.
A. accepted.
B. received.
C. drawn.
D. endorsed.
ANSWER: B
104. A bills payable account is prepared to ascertain bills __________.
A. accepted.
B. received.
C. drawn.
D. endorsed.
ANSWER: A
105. Bills receivable dishonored will be posted to _______ side of debtors account.
A. debit.
B. credit.
C. outside.
D. inside.
ANSWER: A
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106. Bills receivable dishonored will be posted in ___________.
A. debit.
B. credit.
C. outside .
D. inside.
ANSWER: B
107. Transfer to creditors account will be posted in which side of debtors account?
A. Debit.
B. Credit.
C. Outside.
D. Inside.
ANSWER: B
108. Transfer to creditors account will be posted in which side of creditors account?
A. Debit.
B. Credit.
C. Outside.
D. Inside.
ANSWER: A
109. Bills payable dishonoured will be posted in which side of creditors account?
A. Debit.
B. Credit.
C. Outside.
D. Inside.
ANSWER: D
110. Bills payable dishonoured will be posted in which side of bills payable account?
A. Debit.
B. Credit.
C. Outside.
D. Inside.
ANSWER: C
111. Opening balance of debtors will be posted in which side of debtors account?
A. Debit.
B. Credit.
C. Outside.
D. Inside.
ANSWER: C
112. Closing balance of debtors will be posted in which side of debtors account?
A. Debit.
B. Credit.
C. Outside.
D. Inside.
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ANSWER: D
113. Closing balance of creditors will be posted in which side of creditors account?
A. Debit.
B. Credit.
C. Outside.
D. Inside.
ANSWER: A
114. Opening balance of creditors will be posted in which side of creditors account?
A. Debit.
B. Credit.
C. Outside.
D. Inside.
ANSWER: D
115. Cash account opening balance will appear in _______.
A. debit .
B. credit.
C. outside.
D. inside.
ANSWER: A
116. Cash account closing balance will appear in __________.
A. debit .
B. credit.
C. outside.
D. inside.
ANSWER: B
117. Bills payable account opening balance will appear in ____________.
A. debit .
B. credit.
C. outside.
D. inside.
ANSWER: D
118. Bills payable account closing balance will appear in ____________.
A. debit .
B. credit.
C. outside.
D. inside.
ANSWER: C
119. Bills receivable account opening balance will appear in _________.
A. debit .
B. credit.
C. outside.
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D. inside.
ANSWER: A
120. An agreement of hiring with option to buy is ____________.
A. installment system.
B. credit system.
C. hire purchase system.
D. cash system.
ANSWER: C
121. An agreement of sale is made under ________.
A. installment system.
B. credit system.
C. hire purchase system.
D. cash system.
ANSWER: A
122. Under which system, ownership is transferred on payment of final installment?
A. Installment system.
B. Credit system.
C. Hire purchase system.
D. Cash system.
ANSWER: C
123. Under which system ownership is transferred on signing of the agreement?
A. Installment system.
B. Credit system.
C. Hire purchase system.
D. Cash system.
ANSWER: A
124. Under hire purchase system the buyer is called _________.
A. buyer.
B. hirer.
C. hire vendor.
D. debtor.
ANSWER: B
125. Under hire purchase system the seller is called _________.
A. buyer.
B. hirer.
C. hire vendor.
D. debtor.
ANSWER: C
126. Under hire purchase system the relationship of hirer and hire vendor is ______.
A. buyer and seller.
B. bailor and bailee.
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C. pawner and pawnee.
D. debtor and creditor.
ANSWER: B
127. Under installment system the relationship between the buyer and seller is that of a _________.
A. buyer and seller.
B. bailor and bailee.
C. pawner and pawnee.
D. debtor and creditor.
ANSWER: D
128. Under hire purchase system, the risk of loss is borne by ____________.
A. buyer.
B. hirer.
C. hire vendor.
D. debtor.
ANSWER: C
129. Under installment system the risk of loss is borne by ________.
A. buyer.
B. hirer.
C. hire vendor.
D. debtor.
ANSWER: A
130. Under hire purchase system who has the right of sell __________.
A. buyer.
B. hirer.
C. hire vendor.
D. debtor.
ANSWER: C
131. Under hire purchase system, if installment is not paid the hire vendor has right to ___________.
A. sell the goods.
B. repossession of goods.
C. repair the goods.
D. purchase the goods.
ANSWER: B
132. Under hire purchase system, the agreement can be _________.
A. renewed.
B. registered.
C. terminated.
D. endorsed.
ANSWER: C
133. Hire purchase system is governed by ___________.
A. Hire Purchase Act 1972.
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B. Hire Purchase Act 1973.
C. Hire Purchase Act 1974.
D. Hire Purchase Act 1975.
ANSWER: A
134. Installment system is governed by __________.
A. Hire Purchase Act.
B. Sale of Goods Act.
C. Installment Act.
D. Properties Registration Act.
ANSWER: B
135. Under hire purchase system, the retail price of the articles is called ________.
A. MRP.
B. wholesale price.
C. retail price.
D. cash price.
ANSWER: C
136. Cash price plus interest is _________.
A. installment price.
B. hire purchase price.
C. maximum retail price.
D. retail price.
ANSWER: B
137. The advance amount under hire purchase system is called __________.
A. cash price.
B. retail price.
C. interest.
D. down payment.
ANSWER: D
138. Under hire purchase system, each installment is treated as __________.
A. interest.
B. cash price.
C. hire charges.
D. advance.
ANSWER: C
139. Under hire purchase system, interest is calculated on _______.
A. cash price.
B. hire purchase price.
C. MRP.
D. outstanding balance.
ANSWER: D
140. If the hire purchaser fails to make payment of any installment, it is called _______.
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A. default.
B. repossession.
C. sale.
D. purchase.
ANSWER: A
141. If the hire vendor may take away all the goods on which there is default of installment it is called
____________.
A. repossession .
B. partial repossession.
C. complete repossession.
D. purchase.
ANSWER: C
142. The hire vendor takes away only a portion of the goods on which there is default of Installments it is
called _________.
A. repossession .
B. partial repossession.
C. complete repossession.
D. purchase.
ANSWER: B
143. In the books of hirer, for payment of down payment, hire vendor account will be _______.
A. debited .
B. credited.
C. rectified.
D. reversed.
ANSWER: A
144. In the books of hirer, for payment of installment hire vendor account will be ___________.
A. debited.
B. credited.
C. rectified.
D. reversed.
ANSWER: A
145. In the books of hirer, for interest due at the end of the year hire vendor account will be _______.
A. debited.
B. credited.
C. rectified.
D. reversed.
ANSWER: B
146. In the books of Hirer, the interest and depreciation account will be transferred to ______.
A. Trading account.
B. P & L account.
C. P & L appropriation account.
D. Balance sheet.
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ANSWER: B
147. In the books of hirer, when the asset is repossessed hire vendor account will be ______.
A. debited.
B. credited.
C. rectified.
D. reversed.
ANSWER: A
148. In the books of hirer, when the asset is repossessed, asset account will be ______.
A. debited.
B. credited.
C. rectified.
D. reversed.
ANSWER: B
149. In the books of hire vendor, which account will be debited for hire sales _______.
A. buyer.
B. hirer.
C. hire vendor.
D. debtor.
ANSWER: B
150. Fire insurance provides cover for _________.
A. Tangible assets.
B. Intangible assets.
C. Fictitious assets.
D. None of the above.
ANSWER: A
Staff Name
MOHANA.RANJANI.K.
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202a - Financial Accounting

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Dr.G.R.

Damodaran College of Science

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