Accounting - Study Mode

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[#781] The closing debit balance in the receipts and payments account indicates the . . . . . . . . balance at the end of the year.

(A) Opening

(B) Closing

(C) Trading

(D) Cash

Correct Answer

(D) Cash

[#782] A second hand machinery was purchased for Rs. 1,00,000 five years ago and was overhauled by carrying out some current repairs at a cost of Rs. 10,000. It has also an accumulated depreciation of Rs. 50,000. It has been disposed of in the beginning of the sixth year for Rs. 60,000. Profit/loss on such disposal shall be

(A) Profit of Rs. 10,000

(B) Loss of Rs. 50,000

(C) Loss of Rs. 40,000

(D) No profit, no loss

Correct Answer

(D) No profit, no loss

[#783] When own debentures are cancelled any profit on cancellation is transferred to . . . . . . . .

(A) general reserve

(B) capital reserve

(C) P/L Account

(D) None of these

Correct Answer

(B) capital reserve

[#784] Sales to Shyam of Rs. 500 not recorded in the books would affect:

(A) Shyam's account

(B) Purchase account

(C) Sales account

(D) Cash account

Correct Answer

(C) Sales account

[#785] Match List-I with List-II and select the correct answer using the options given below the lists: List-I List-II a. Financial leverage 1. Efficiency b. Quick ratio 2. Profitability c. Stock turnover 3. Liquidity d. Margin on sales 4. Risk

(A) a-4, b-3, c-1, d-2

(B) a-1, b-2, c-4, d-3

(C) a-4, b-2, c-1, d-3

(D) a-1, b-3, c-4, d-2

Correct Answer

(A) a-4, b-3, c-1, d-2