CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Final Accounts Quiz 4 - MCQExams.com

From the following details calculate Direct expenses of Excel Ltd.
Opening stock = 30,000
Purchases = Rs. 90,000
Closing stock = Rs.25,000
Manufacturing expenses = Rs. 30,000
Selling and distribution expenses = Rs 20,000
Administrative expenses = Rs. 10,000
Financial expenses = Rs. 5,000
Sales  Rs. 240,000
Gross profit on sale 25%  
  • Rs. 25,000
  • Rs. 55,000
  • Rs. 45,000
  • Rs. 35,000
Purchase in trading account includes purchase of __________.
  • machinery
  • postage stamps
  • stationery items
  • trading goods
Sales in trading A/c includes _______.
  • only cash sales
  • only credit sales
  • cash and credit sales
  • sale of fixed assets
Which of these is a part of Sale in trading a/c?
  • Sale/ consumption of raw material and components
  • Sale/ consumption of postage stamps
  • Sale of trading goods
  • Stationery items
Profit on sale of old furniture is shown_________.
  • On the credit side of trading A/c
  • On the credit side of profit and loss, A/c
  • Directly added to capital A/c
  • Being non-operating item, ignored
The respective normal balances of Purchases, Discount received, and Freight-in are_______.
  • Credit, credit, debit
  • Debit, credit, credit
  • Debit, credit, debit
  • Debit, debit, debit
________is a part of administrative expense.
  • Packing expense
  • Audit fee
  • Factory rent
  • Bad debts
Carriage on goods sold is shown in______________.
  • profit and loss A/c
  • trading A/c
  • balance sheet
  • suspense A/c
While preparing trading and profit and loss a/c _________ is made.
  • distinction between revenue and capital expenditure
  • distinction between cash and non cash outlay
  • materiality of transaction
  • market effect of the transaction
From the following details calculated Closing stock.
Opening stock = 15,000
Purchases = Rs. 1,80,000
Direct expenses = Rs. 35,000
Selling and distribution expenses = Rs. 20,000
Administrative expenses = Rs. 10,000
Financial expenses = Rs, 5,000
Sales  Rs. 2,40,000
Gross profit on sale 25%
  • Rs. 45,000
  • Rs. 50,000
  • Rs. 55,000
  • Rs. 60,000
Net purchases plus freight-in equals___________.
  • cost of goods sold
  • cost of goods available for sale
  • cost of goods purchased
  • cost of goods lying unsold
Loss on sale of old furniture and fitting is debited to__________.
  • Depreciation A/c
  • Profit and loss a/c
  • Trading A/c
  • Furniture and fitting A/c
________is a part of selling and distribution expenses.
  • Packing expense
  • Audit fee
  • Factory rent
  • Legal expense
While calculating gross profit/loss, __________ is not considered.
  • Cash discount
  • Trade discount
  • Inward fright and insurance
  • Wages
All except _________are shown on debit side of trading and profit and loss a/c .
  • salary A/c
  • carriage inward A/c
  • rent A/c
  • commission received A/c
All except _________ are shown on debit side of trading and profit and loss a/c.
  • Net purchases
  • Wages A/c
  • Sales A/c
  • Carriage inward A/c
From the following details calculate the net profit after charging managerial commission if the managerial commission is 11% of net profit before charging such commission.
Net profit before charging managerial commission Rs.65,000
  • Rs.58,558
  • Rs.60,300
  • Rs.57,850
  • Rs.60,360
Inventory costings methods place primary reliance on assumption about the flow of ________________.
  • goods
  • costs
  • resale price
  • values
From the following details, how much should be charged to profit and loss a/c as bad debts during the current year.
provisions for bad debts A/c at the beginning of the year Rs.20,000
Actual bad debts during year Rs.19,000
Debtors balance at the end of the year Rs.80,000
Previsions for bad debts to be made @5% of total debtors. 
  • Rs.3,000
  • Rs.4,000
  • Rs.2,600
  • Rs.3,600
From the following details calculated the managerial commission.
Net profit before charging managerial commission Rs.65,000. Managerial commission 11% after charging such commission.
  • Rs.6,441
  • Rs.6,500
  • Rs.6,290
  • Rs.6,360
From the following details calculate the net profit after charging the managerial commission.
Net profit before charging managerial commission Rs.65,000. Managerial commission 11% after charging such commission.
  • Rs.58,559
  • Rs.60,300
  • Rs.59,101
  • Rs.60,360
From the following details calculate the managerial commission, if the managerial commission is 11% net profit before charging such commission.fore 
Net profit before charging managerial commission Rs.65,000
  • Rs. 6,946
  • Rs.7,230
  • Rs.7,150
  • Rs. 6,860
Under inflationary conditions, which of the following method of inventory valuation will show lowest cost of goods sold ?
  • LIFO
  • FIFO
  • HIFO
  • None
Accounting policy for inventories of an enterprise is, 'Inventories are valued at the lower of cost or the net realizable value.' Which accounting principle is followed by the enterprise?
  • Materiality
  • Prudence
  • Substance over form
  • Matching
The capital of a sole trader would change as a result of ____________________.
  • A creditor being paid his account by cheque.
  • Raw materials being purchased on credit.
  • Fixed asset being purchased on credit.
  • Wages being paid in cash.
M and N enter into a joint venture where M supplies goods worth Rs. 6,000 and spends Rs. 300 on various expenses. N sells the entire lot for Rs. 7,800 meeting selling expenses amounting to Rs.Profit sharing ratio equal. N remits to M the amount due. The amount of remittance will be _______________.
  • Rs. 6,900
  • Rs. 7,500
  • Rs. 6,300
  • Rs. 6,600
If a venturer draws a bill on his co-venturer and if the drawer discounts the bill with same sets of books maintained, the discounting charges will be borne by _______________.
  • The drawer of the bill
  • The drawee of the bill
  • The discounting charges will be debited in the joint venture A/c
  • The discounting charges will be borne by bank
A and B enter into a joint venture sharing profits and losses equally. A provides goods from his stock Rs. 10,He pays expenses amounting to RsB incurs further expenses on carriage Rs. 2,He receives cash for sales Rs. 15,He also takes over goods to the value of Rs. 3,What will be the amount to be remitted by B to A Rs.
  • Rs. 13,500
  • Rs. 15,000
  • Rs. 11,000
  • Rs. 10,000
The following account has a credit balance _________________.
  • Carriage Inward
  • Carriage Outward
  • Return Inward
  • Returns Outward
If the manager is entitled to a commission of $$5\%$$ on profits before deducting this commission, he will get a commission of Rs. __________ on a profit of Rs. 8400.
  • 400
  • 442.11
  • 420
  • None of these
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