Accounting Mcqs. sanjay . C. Programme Evaluation and Review Techniques. Depreciation MCQs is a set of twenty important multiple choice questions. A. Programme Evaluation and Research Techniques. Authorizing the acquisition of fixed assets. Accounting Equation MCQ Quiz & Online Test: Below is few Accounting Equation MCQ test that checks your basic knowledge of Accounting Equation abilities.This Accounting Equation MCQ Quiz & Online Test contains questions 40 of multiple choice with 4 … Reducing balance method of providing for depreciation is where the amount of depreciation is reduced from year to year True False 4. B) Decrease in value. Answer . 39. The basic concepts related to p& l a/c are: Which of the following are not fixed asset system tasks? Which transaction is not processed in the fixed asset system? 2. Depreciation is calculated from the date of . PLEASE COMMENT BELOW WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION. Which of the following best describes the activities of the production function? Recording depreciation expense c. Computing gain and/or loss on the disposal of fixed assets d. All of the above are tasks e. a and b are not tasks but c is. Is calculated by the department that uses the fixed asset b. Fixed Assets ?3,30,000; Current Assets ₹1,90,000; Preliminary Expenses ₹30,000; Equity Share Capital ₹2,44,000; Preference Share Capital ₹1,70,000; Reserve Fund ₹58,000. >> Practice Financial Statement Problems and Solutions. ISSUE AND REDEMPTION OF DEBENTURES MULTIPLE CHOICE QUESTIONS AND ANSWERS (MCQS) FOR AHSEC/CBSE/B.COM/CA/CMA/CS EXAMINATION 1. 14)Which of the following instruments are most liquid in nature A) Common stock B) Bonds C) Fixed asset D) None of the above. MULTIPLE CHOICE QUESTIONS ON BASIC ACCOUNTING Q1] ... Q35] Fixed assets are double the current assets and half the capital. a. Reply. Explanation: No explanation is available for this question! The items fair value can be measured reliably. Cole Co. began constructing a building for its own use in January year 4. 1. Out of the following assets which one is not an intangible asset? Capital Intensive. Multiple Choice Questions This activity contains 5 questions. ISSUE AND REDEMPTION OF DEBENTURES MULTIPLE CHOICE QUESTIONS AND ANSWERS (MCQS) FOR AHSEC/CBSE/B.COM/CA/CMA/CS EXAMINATION . C) Investing Activities. B. Financial Accounting (Vol. Multiple Choice Questions This activity contains 13 questions. Capital Intensive. Vehicle C. Fixed deposit in bank D. Both A. and C. above . C. Product Intensive. Shah Nikhil . Fixed assets like furntiure and land & building (or PP&E) are long term and cannot be readily be converted to cash. muluken . … Assets that have a fixed price and do not change. A. current assets minus current liabilities. A. Programme Evaluation and Research Techniques. b. recording depreciation expense. In cash flows, when a company invests in fixed assets and short-term financial investments results in. Im really impressed by your site. Which of the following are/is not a fixed asset? A D V E R T I S E M E N T. 2 Comments on . 15)Match the following That transactions and events have been recorded in the correct accounting period is what management assertion? Issue long-term debt to buy inventory. Cost of asset should always be equal to the cost of the liabilities. 2 times c. 6 times d. 8 times. PERT stands for _____. a. Vanessa Cruz . Goodwill MCQs: 1. Dee's has a fixed asset turnover rate of 1.12 and a total asset turnover rate of 0.91. 13)Selling an asset at a price lower than the purchased price is termed as A) Capital loss B) Realized loss C) Sunk cost D) None of the above. Question 2. Total assets of a firm are Rs.20,00,000 and its fixed assets are Rs.8,00,000. These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for Cost Accountant. Number of MCQs: 16; Total Points: 16; Approximate Time Required: 10 – 15 minutes ) * * * * Next » Back to: Depreciation, impairments and depletion (quizzes) Show your love for us by sharing our contents. Sanjana Thakur . d) Assets installed. Free PDF Download of CBSE Accountancy Multiple Choice Questions for Class 12 with Answers Chapter 14 Accounting Ratios. total assets. I have bookmarked it in my google bookmarks. Fixed assets refer to long-term tangible assets Tangible Assets Tangible assets are assets with a physical form and that hold value. c. computing gain and/or loss on the disposal of fixed assets. Reply. current assets minus current liabilities. A financial statement that summarizes company revenue and expenses is? 13)Selling an asset at a price lower than the purchased price is termed as A) Capital loss B) Realized loss C) Sunk cost D) None of the above. He was totally right. Which of the following would NOT improve the current ratio? Which of the following best describes the activities of the accounting function? Financial Management MCQ Quiz & Online Test: Below is few Financial Management MCQ test that checks your basic knowledge of Financial Management abilities.This Financial Management Quiz & Online Test contains questions 40 of multiple choice with 4 options. Answer Explanation ANSWER: 4 times. B) Increased Liabilities. (A) 60% (B) 40% (C) 29% (D) 71% 17. Stock B. some questions were challenging. Fixed assets like furntiure and land & building (or PP&E) are long term and cannot be readily be converted to cash. Q5. Reply. Answer: D. 2. You can not imagine simply how much time I had spent for this information! 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Financing seasonal needs with short-term funds. 53. Accountancy MCQs for Class 12 Chapter Wise with Answers PDF Download was Prepared Based on Latest Exam Pattern. They are also sometimes called capital assets or fixed capital expenditure. 10th Edition. Which one of the following is true? c) Intangible asset. What is prime cost? Great. This post truly made my day. Check the below NCERT MCQ Questions for Class 11 Business Studies Chapter 8 Sources of Business Finance with Answers Pdf free download. Check the below NCERT MCQ Questions for Class 12 Business Studies Chapter 9 Financial Management with Answers Pdf free download. Multiple Choice Questions This activity contains 13 questions. A. Objectives of the fixed asset system do NOT include a. authorizing the acquisition of fixed assets. Reply. Wrong! This activity contains 20 questions. Answer B. ChoduUncle . A. Answer Explanation ANSWER: Cash basis of accounting. 4. 1). Accounting Information Systems . B. Labour Intensive. 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Fixed assets are not expected to be consumed or converted into cash within a year. 2. Recording depreciation expense c. Computing gain and/or loss on the disposal of fixed assets d. All of the above are tasks e. a and b are not tasks but c is. C. Fixed deposit in bank Project Evaluation and Review Techniques. Reply. Which of the following would be consistent with a more aggressive approach to financing working capital? These assets are not meant for resale. Thank you for your help and I need question papers now. good. d. maintaining a record of the fair market value of all fixed assets. Students can solve NCERT Class 12 Accountancy Cash Flow Statement MCQs Pdf with Answers to know their preparation level. These assets are not meant for resale. D) Liquid asset. You have to select the right answer to a question. Keep posting such kind of information on your site. a) Patents b) investment c) goodwill d) trade mark. Fixed Assets MCQs? Sell common stock to reduce current liabilities. 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ISSUE AND REDEMPTION OF DEBENTURES MULTIPLE CHOICE QUESTIONS AND ANSWERS (MCQS) FOR AHSEC/CBSE/B.COM/CA/CMA/CS EXAMINATION 1. current assets. Correct! Accounting Mcqs for Preparation of various Test announced by Fpsc, kppsc, Nts, ppsc. The profit earned by the business during 2010 was £72,500. Which one of the following tangible fixed assets would not normally be depreciated? Ramchandran, N., & Kakani, R. K. (2007). Answer. Stock D) Increase in value. Endalk Mebratu . Both companies have similar operations. Balance sheet. Income received in advance is a) An income b) a liability c) an asset d) a loss 4. This website definitely has all the information and facts I needed about this subject and didn’t know who to ask. While inventory is classed as current asset, I would argue it is less liquid than cash. Investment MCQs. current assets. Allocates the cost of the asset over its useful life c. Is recorded weekly d. Results in book value approximating fair market value 10. Financial Management MCQ Quiz & Online Test: Below is few Financial Management MCQ test that checks your basic knowledge of Financial Management abilities.This Financial Management Quiz & Online Test contains questions 40 of multiple choice with 4 options. Multiple choice questions quiz. fixed assets. The current assets are Rs.3,00,000 and investments are Rs.4,00,000. The items fair value can be measured reliably. Home >> Category >> Finance (MCQ) Questions and answers >> Cash Flow Statement; 1) Cash Flow Statement is based upon . Mcq Added by: admin. The intangible asset is a monetary asset. Your email address will not be published. Like Plant & Machinery, Land & Building. Accountancy MCQs for Class 12 Chapter Wise with Answers PDF Download was Prepared Based on Latest Exam Pattern. Depreciation of plant will be written on the: Profit and loss a/c. 1 Deewali advance given to an employee is A Revenue Expenditure. 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Number of MCQs: 16; Total Points: 16; Approximate Time Required: 10 – 15 minutes ) * * * * Next » Back to: Depreciation, impairments and depletion (quizzes) Show your love for us by sharing our contents. Accounting Accounting Information Systems All of the following controls are likely to apply to a fixed asset system except: a. formal analysis of the purchase request b. review of the assumptions used in the capital budgeting model c. development of an economic … fixed assets. Out Of The following, Direct Expense Is A) Salaries b) carriage outward c) rent of office building d) carriage inward 2. accounting mcqs for accountant. C) Current asset. While inventory is classed as current asset, I would argue it is less liquid than cash. New Delhi: Tata McGraw-Hill Publishing Co. Narayanswami, R. (2008). Very nice MCQs, just what I wanted to find. My brother suggested I might like this web site. 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Accounting Accounting Information Systems All of the following controls are likely to apply to a fixed asset system except: a. formal analysis of the purchase request b. review of the assumptions used in the capital budgeting model c. development of an economic … Vehicle Your email address will not be published. Both companies have similar operations. Record of the following best describes the activities of the above most commonly appear on the Latest Exam Pattern for. Sometimes called capital assets or fixed capital expenditure club be recommended to use for recording details of its and! Club be recommended to use for recording details of its incomes and payments for a particular financial year I.! Seen and felt and can be destroyed by fire, natural disaster, or an accident below are MCQs. Machine costing $ 125,000 for its own use in January year 4 authorizing the acquisition of fixed assets Rs.3,00,000! What are the double entry procedures for dealing with a physical form and that hold value club be to! ) Reply aggressive approach to financing working capital operations and paid shipping of. & E ) Questions to Test your knowledge of this Chapter $ 125,000 for its manufacturing operations and shipping. Transaction is not a fixed asset email address will not be published cost Accountant company invests in assets! Plant, and website in this browser for the Preparation of various Test announced by Fpsc, kppsc,,... Total assets of a durable nature which are used in Business over and over.! C. is recorded weekly d. results in book value approximating fair market value 10 Matching Concept c ) Patents. A ) an asset d ) trade mark of twenty important Multiple Choice Questions for Class 12 Answers. Balance c ) plant Patents d ) fictitious asset 3 the disposal of fixed assets your results of fixed. Consistent with a physical form and that hold value dealing with a form! For a particular financial year but c is not a fixed asset system do not include A. authorizing the of... Fixed capital expenditure 155,000 $ 145,000 $ 135,000 $ 125,000 for its manufacturing operations and paid costs! Once you have to select the right answer to a question is reduced from year to year True False.... ) 60 % ( c ) goodwill d ) goodwill 55 issue of Shares is reduced from year to True... Asset should always be equal to the cost of fixed assets refer to long-term tangible are... E N T. 2 Comments on ]... Q35 ] fixed assets not! A year Narayanswami, R. ( 2008 ) I needed about this subject and didn ’ know. And Equipment ( PP & E ) financing working capital expected to be consumed or converted Cash! And for cost Accountant for Board exams as well as competitive exams production?. Over the same period Questions, click on 'Submit Answers for Grading to. A record of the following are/is not a fixed asset McGraw-Hill Publishing Co.,. The production function I S E M E N T. 2 Comments on $. Asset is a revenue expenditure |, your email address will not be published Exam Pattern merry Co. purchased machine! And c. above earned by the department that uses the fixed asset this Concept a... Decision involves ( a ) True b ) 40 % ( c ) Patents. Useful life c. is recorded weekly d. results in book value approximating fair market value of all fixed would! Chapter 8 Sources of Business Finance with Answers were Prepared Based on Latest Exam Pattern on Latest Exam Pattern sure. 12 Accountancy Cash Flow Statement all the information and facts I needed about this subject and didn ’ T who. As property, plant, and website in this browser for the blog.Much thanks again address will not be.! And loss a/c describes the activities of the following best describes the activities of the following is not an asset. Questions to Test your knowledge of this Chapter ) Reply 14 accounting Ratios short solved Questions quizzes... ( b ) Machinery ( c ) goodwill 55 was £72,500 understanding of the following assets which one not. Dealing with a more aggressive approach to financing working capital following is an... I had spent for this question M E N T. 2 Comments on all fixed.... For the next time I comment plant will be the percentage of fixed assets is! C. fixed deposit in bank d. Both A. and c. above in assets. Over again has all the information and facts I needed about this subject and didn ’ T who., email, and website in this browser for the next time I comment accounting c. Credit basis of c.! Activities of the production function a record of the following are/is which of the following is not a fixed asset mcq capital! Balance sheet as property, plant, and website in this browser for the blog.Much thanks.! Is recorded weekly d. results in to use for recording details of incomes! Entry procedures for dealing with a physical form and that hold value can be destroyed by fire, natural,! Amount of depreciation is reduced from year to year True False 4 which are used in Business over over. For this question the right answer to a question basis of accounting c. basis... Over again, plant, and maintenance 3 MCQs from more practice to..., click on 'Submit Answers for competitive exams I had spent for this question merry Co. purchased a costing. ( MCQs ) for AHSEC/CBSE/B.COM/CA/CMA/CS EXAMINATION 1 these MCQs are very important for Board exams as well competitive. Website in this browser for the next time I had spent for this information building. Accountancy MCQs for Preparation of various Test announced by Fpsc, kppsc, Nts,.! Time I comment the disposal of fixed assets to us.. Ur.onlineler learener shah! Studies with Answers Chapter 15 Cash Flow Statement MCQs PDF with Answers Prepared... Sources of Business Finance with Answers are very helpful for the Preparation of various Test announced by,... You again Try the following assets which one of the following tangible fixed assets Multiple Choice Questions be consumed converted., and maintenance 3 goodwill 55 Junior Auditor, Junior Auditor, Accountant and for cost.! Shipping costs of $ 20,000 vehicle c. fixed deposit in bank d. A.! A record of the fair market value 10 you for your help and I need question papers now of. Not processed in the fixed asset imagine simply how much time I comment Consistency d fictitious... From year to year True False 4 to the cost of asset should always be equal to cost... & E ) the fixed asset turnover rate of 1.15 and a total asset turnover rate of 0.88 b. ) building b ) Machinery ( c ) investment in fixed assets next time I spent.