Fa Quiz 2017-18.docx

B.Tech Open Elective Basics of Accounting (CM1490) Quiz I (Internal Assessment) Time:- 20 Min.

Marks:- 10

1) Which amongst the following is odd one: a. Furniture b. Land and Building c. Stock of raw material d. Plant and machinery

2) Patents are: a. b. c. d.

Intangible Fixed Assets Tangible Fixed Assets Current Assets Long term Liabilities

3) All the following have debit balance except one. That account is ______. a. Wages b. Debtors c. Stock d. Bills payable

4) Drawings are deducted from: a. b. c. d.

Purchase Sale Net Profit Capital

5) Trial Balance is prepared to: a. b. c. d.

Check the arithmetical accuracy of accounts Calculate profits and losses Determining business performance Assessing the financial status

6) Cost of Goods sold can be calculated by: a. Opening Stock + Purchase – Purchase Return + Direct Exp. – Closing Stock b. Sales – Sales return + Direct Exp.

c. Assets = Liability + Capital d. None of the above 7) Bills Receivable is a: a. b. c. d.

Current Asset Current Liability Fixed Asset Short Term Liability

8) Sales Return will be recorded on which side of a Trail Balance: a. b. c. d.

Dr Cr Not Recorded Shown as a deduction from amount of sales

9) Net Loss is _________ to capital appearing in the Balance Sheet: a. b. c. d.

Added Deducted Not Adjusted None of the above

10) Salary and Wages are debited to: a) b) c) d)

Trading A/c P&L A/c Manufacturing A/c Capital A/c