CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Final Accounts Quiz 9 - MCQExams.com

Goods costing Rs 1000 (Sale Price Rs 1200) given as charity should be credited to __________________.
  • Sales Account with Rs 1200
  • Sales Account with Rs 1000
  • Purchases Account with Rs 1000
  • Loss by Theft A/c
The cost of inventory as per physical verification as on 24th March was Rs.4,00,Goods are sold at a profit of 25%on cost.
On 21st March, goods on the sales value of Rs.1,00,000 were sent on sale on return basis to a customer , the period of approval being two week .He returned 20% of the goods on 31st March.
The cost of inventory as per books on 31st march is ______________.
  • Rs.4,80,000
  • Rs.4,16,000
  • Rs.4,28,000
  • None of these
Goods costing Rs 1000 (Sale Price Rs 1200) destroyed by fire should be credited to _________________.
  • Sales Account with Rs. 1,200
  • Sales Account with Rs. 1,000
  • Purchases Account with Rs. 1,000
  • Loss by Fire Account with Rs. 1,000
Full claim accepted by insurance Company on the loss of goods by fire is credited to ____________ A/c.
  • Trading A/c
  • P/L A/c
  • Insurance Company
  • None
Bonus given to employees is transferred to _________.
  • Trading account
  • Profit and Loss account
  • Profit and Loss Appropriation
  • None of these
Opening Stock Rs. 90,000, Cash Sales Rs. 36,000, Credit Sales Rs. 7,20,000, Returns outwards Rs. 6,Wages & Salaries Rs. 2,400 Carriage Inwards Rs. 1,Freight Inwards Rs. 1,800, Cartage Inwards Rs. 600, Cash Purchases Rs. 30,000, Credit Purchases 6,00,000, Returns Inward Rs. 12,000, Cost of closing Stock as on 31st March Rs. 54,000 but its market value is Rs. 50,400, Freight outwards Rs.The Gross Profit for the year is _____________.
  • Rs. 74,400
  • Rs. 73,800
  • Rs. 78,800
  • None
A firm purchased goods of Rs. $$90,000$$ and spend Rs. $$6,000$$ on freight towards it. At the end of the year the cost of good still unsold was Rs. $$12,000$$. Sales during the year Rs. $$1,20,000$$. What is the gross profit earned by the firm?
  • Rs. $$36000$$
  • Rs. $$18,000$$
  • Rs. $$42,000$$
  • Rs. $$38,000$$
The gain from sale of capital assets is added to revenue to ascertain the _________________.
  • Gross Profit of a business
  • Operating Profit of business
  • net profit of a business
  • All of above
Adjusted Purchases Rs. 6,63,600, Sales Rs. 7,44,000, Closing Stock Rs. 50,400, Freight & Cartage Inward Rs. 3,600, Wages Rs. 2,400, Freight & Cartage outward Rs. 1.800 Opening stock 48,calculate gross profit for the year end ____________.
  • Rs. 76,200
  • Rs. 74,400
  • Rs. 1,24,800
  • None
A sells goods at $$33.33\%$$ above cost. His sales were Rs. $$10,20,000$$ during the year. However he sold damaged goods for Rs. $$20,000$$ costing Rs. $$30,000$$. This sale is included in Rs. $$10,20,000$$. The amount of gross profit is________.
  • Rs. $$1,90,000$$
  • Rs. $$2,50,000$$
  • Rs. $$2,40,000$$
  • Rs. $$2,00,000$$
Sundry Debtors on $$31^{st}$$ March $$2006$$ are Rs. $$55,200$$. Further Bad debts are Rs. $$200$$.
Provision for doubtful debts is to be made on debtors $$@ 5\%$$ and also provision for discount on debtors $$@ 2\%$$. The amount of provision of discount on debtors will be __________.
  • Rs. $$1,045$$
  • Rs. $$2,750$$
  • Rs. $$1,100$$
  • Rs. $$2,760$$
Cost of Physical Stock Rs.2,30,000
Goods purchases for Rs.10,000 received but omitted to be recorded
Goods costing Rs.20,000 were sold & delivered but omitted to be recorded
Goods costing Rs.5,000 were returned by customers but omitted to be recorded.
Goods costing Rs.3,000 were returned to suppliers but omitted to be recorded.
The cost of stock as per books is ____________.
  • Rs.2,40,000
  • Rs.2,38,000
  • Rs.2,36,000
  • None of these
Selling and distribution expenses does not comprise of ___________.
  • Godown Rent
  • Bad Debts
  • Insurance for Stock of Finished Goods
  • Carriage inward

The following classes of costs are usually involved in inventory decisions except________.
  • Cost of Ordering
  • Carrying cost
  • Cost of shortages
  • Machinery cost
Goods given as charity credited to ___________.
  • Charity A/c
  • Purchase A/c
  • Drawings A/c
  • Sales A/c
Change in inventories of finished goods, work-in-progress and stock-in-trade means _________________________.
  • Difference between opening inventories and closing inventories
  • Difference between closing and opening invetories
  • Difference between opening and closing inventories, if opening inventories are higher
  • Difference between closing and opening inventories, if closing inventories are higher
Salaries paid in cash Rs. $$2,00,000$$. It includes previous year's outstanding Rs. $$10,000$$ and salary paid in advance for the next year Rs. $$20,000$$ Salary outstanding for the year is Rs. $$15,000$$ Salary of ____________ shall be debited in the profit and loss account.
  • Rs. $$2,25,000$$
  • Rs. $$1,85,000$$
  • Rs. $$2,05,000$$
  • Rs. $$1,75,000$$
Goods worth Rs. 10,000 were withdrawn by the proprietor for his personal use. The account to be credited is ___________.
  • Sales A/c
  • Drawing A/c
  • Purchases A/c
  • Expenses A/c
Trading on equity takes place ____________ .
  • When capital other than that of equity shareholders is also employed
  • Only when equity capital is employed
  • Only when debenture funds are employed
  • When profits are ploughed back
Which store accounting system involves use of market price or stock at cost, whichever is less?
  • Standard cost system
  • Average cost system
  • Costing the closing stock
  • Market value system
Goods given as samples should be credited to ______________.
  • Advertisement A/c
  • Sales A/c
  • Purchases A/c
  • Closing stock A/c
The manager of a firm is entitled to a commission of $$10\%$$ on net profit after his commission. If the net profit of the firm before charging commission is Rs. $$4,40,000$$. The amount of manager's commission will be.
  • Rs. $$44,000$$
  • Rs. $$40,000$$
  • Rs. $$37,000$$
  • Rs. $$33,000$$
Changing the value of closing stock from cost to expected selling price might be an application of which accounting concept?
  • Going Concern
  • Prudence
  • Historical cost
  • Consistency
The trade discount on purchases is recorded ________________.
  • When it is received
  • When the inventory is purchased
  • When the inventory is sold
  • Not at all recorded in the books
A bond whose price will rise above its face value is classified as _______________.
  • premium face value
  • premium bond
  • premium stock
  • premium warrants
Activities related to coordinating, controlling and planning flow of inventory are classified as ________________.
  • decisional management
  • throughput management
  • inventory management
  • manufacturing management
Which method of inventory valuation helps in reducing the burden of income tax in times of rising prices?
  • Last-in-first-out
  • First-in-first-out
  • Average cost
  • Base stock method
Which one out of the following is not an inventory valuation method?
  • FIFO
  • LIFO
  • Weighted Average
  • EOQ
A higher inventory ratio indicates ____________.
  • Better inventory management
  • Quicker turnover
  • Both A and B
  • None of the above
In preparation of final accounts, preparation of manufacturing account is mandatory for all types of business organisation.
  • True
  • False
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Practice Class 10 Elements Of Book Keeping And Accountancy Quiz Questions and Answers