Accounting For Managers

211. sales made by Mahesh for cash should be debited to

  1. Cash a/c
  2. Mahesh a/c
  3. Sales a/c
  4. Sales return a/c
Correct answer: (A)
Cash a/c

212. The rent paid to land lord to be credited to

  1. Land lord a/c
  2. Rent a/c
  3. Cash a/c
  4. Tenant a/c
Correct answer: (C)
Cash a/c

213. Which of the following statements are false?

  1. All liability is a debt for your business
  2. Debtor are a asset for business
  3. The accounting equation shows how much of your assets belong to the owner, and how much belong to people outside business
  4. None of the above
Correct answer: (D)
None of the above

214. A business has the following items in it:
Land Rs.1,000,000
Machinery Rs.20,000
Cash Rs.10,000
Debt Rs.0
Owner’s equity?

What is the valve of owner’s equity?

  1. Rs.1020000
  2. Rs.1010000
  3. Rs.1030000
  4. None of the above
Correct answer: (C)
Rs.1030000

215. A business has the following items in it:
Owners’ equity Rs.6,00, 000.
Liabilities Rs.14,00,000.
What is the value of Assets ______________

What is the valve of owner’sequity?

  1. 600,000
  2. 1,400,000
  3. 2,000,000
  4. None of these
Correct answer: (C)
2,000,000

216. A business has the following items in it:
Land Rs.1, 500,000
Machinery Rs.80, 000
Cash Rs.20, 000
Owners equity Rs.900, 000
Loan Rs.500, 000
Creditors?

  1. Rs.200, 000
  2. Rs.700, 000
  3. Rs.800, 000
  4. Rs1, 100,000
Correct answer: (A)
Rs.200, 000

217. A business has following items in it Land?
Vehicles Rs.600,000
Debtors Rs. 1,20,000
Cash Rs.30,000
Owners’Equity Rs.1,000,000
Loan 5,00,000
Creditors Rs.50,000

What is the value of the land ______________

  1. 1,000,000
  2. 1,550,000
  3. 800,000
  4. None of these
Correct answer: (C)
800,000

218. XYZ ltd.has provided the following information about its balance sheet:
Cash Rs.100
Accounts Receivable Rs.500
Stock holder equity Rs.700
Accounts Payable Rs.200
Bank Loan Rs.1,000

Based on the information provided, how much are XYZ ltd.Total liabilities?

  1. Rs.200
  2. Rs.1900
  3. Rs.1200
  4. Rs.1700
Correct answer: (B)
s.1900

219. Contingent liabilities should be recorded in the accounts when:

  1. It is probable that the future event will occur.
  2. The amount of the liability can be reasonably estimated.
  3. Both (a) and (b).
  4. Either (a) or (b).
Correct answer: (C)
Both (a) and (b).

220. Accounting concepts are based on

  1. Certain assumptions
  2. Certain facts and figures
  3. Certain accounting records
  4. Practice experience
Correct answer: (B)
Certain facts and figures
Previous
Page 22 of 57
Next