Accounting - Study Mode

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[#941] Under the 'imprest system of petty cash book' the petty cashier submits the periodical statement and recovers

(A) budget allotted for the period

(B) actual amount spent

(C) budget allotted plus unspent amount

(D) petty amount of cash

Correct Answer

(D) petty amount of cash

[#942] Net loss Rs. 20,000 Depreciation on Machinery Rs. 50,000 Amortisation of goodwill Rs. 5,000 Loss on the sale of old furniture Rs. 3,500 Profit on the sale of land Rs. 8,500 Funds from operation are

(A) Rs. 25,000

(B) Rs. 30,000

(C) Rs. 32,000

(D) Rs. 36,500

Correct Answer

(B) Rs. 30,000

[#943] Match the following List-I List-II a. Income is measured and financial position is assessed 1. Consistency concept b. Anticipate no profit and provide for all possible losses 2. Going concern concept c. Assets are depreciated on the basis of expected life rather than on the basis of market value 3. Conservatism concept d. The comparison of one accounting period with that in the past is possible 4. Matching concept

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

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

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

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

Correct Answer

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

[#944] Fixed Assets (Net): 31 st December,1994 = Rs. 1,50,000 31 st December, 1995 = Rs. 1,90,000 Provision for depreciation: A machine costing Rs. 70,000 (book value Rs. 40,000) was disposed for Rs. 25,000 during the
year 1995 The application of funds in respect of fixed assets during the year is:

(A) Rs. 1,10,000

(B) Rs. 1,80,008

(C) Rs. 2,05,000

(D) Rs. 2,20,000

Correct Answer

(A) Rs. 1,10,000

[#945] Which of the following is not a current liability:

(A) Bank overdraft

(B) Redeemable debentures

(C) Accounts payable

(D) Provision for bad debts

Correct Answer

(B) Redeemable debentures