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CBSE Questions for Class 11 Commerce Accountancy Recording Of Transactions - Ii Quiz 7 - MCQExams.com

Inclusion of purchase of plant & machinery in purchase day book will lead to ...
  • Under valuation of closing stock
  • Over statement of gross profit
  • Under statement of gross profit
  • All the three
Excess of total of debit side of cash book over credit side of cash book shows....
  • Excess of income over expenditure
  • Cash in hand
  • Discrepancy in cash book
  • Cheques awaiting clearance by bank
Sale of Goods Act does not apply to ______
  • North eastern region
  • Jammu and Kashmir
  • Union territories
  • New formed States after 1974
Provision for income tax will be initially recorded in .......
  • Sales journal
  • Purchase journal
  • General journal
  • Directly in profit and loss A/c
Annual white-washing expenditure of Rs. 12,000 is a
  • Capital expenditure
  • Revenue expenditure
  • Deferred revenue expenditure
  • None
While checking the accounts of ABC the following discrepancies were noticed, even though the trial balance was made to balance by putting the difference to suspense A/c.
(a) Sales day book for the month of June 06 was found overcast by Rs. 7,000
(b) A credit purchase of Rs. 3,000 was omitted to be recorded in the days book
(c) Rs. 4,300 received from A credited A's Rs. 5,300
(d) Purchase of office equipment worth Rs. 5,000 included in trading purchases.
From the details what would have been the difference in trial balance which was made to balance by opening suspense A/c.
  • Debit side short by Rs. 11,000
  • Credit side short by Rs. 11,000
  • Debit side more by Rs. 10,000
  • Credit side more by Rs. 10,000
Contra entries are passed when ___________.
  • Subsidiary books are not maintained
  • Petty cash book is opened
  • Two column Cash book is prepared
  • When accounts are prepared on single entry system basis
ABC Ltd. Issued a credit note of Rs. 2,000 to BCD Associates on 26th MarchThis transaction will be recorded in
  • Sales day book
  • Sales returns day book
  • Creditors ledger
  • Purchase A/c
From the following details calculate the total purchases.
Cash purchases Rs. 35,000
Creditor as on 1-04-09 Rs. 20,000, Purchase returns Rs. 20,000, Payment made to trade creditors Rs. 1,00,000, Creditors balance as on 31-03-10 Rs. 35,000.
  • Rs. 140,000
  • Rs. 170,000
  • Rs. 150,000
  • Rs. 160,000
If the seller handover the keys of the godown where the goods are kept to the buyer this mode of delivery amounts to __________.
  • Actual delivery
  • Symbolic delivery
  • Constructive delivery
  • Notional delivery
If the unpaid seller is paid proportionate price of a part of goods sold he __________.
  • can refuse delivery of part goods
  • cannot refuse delivery of part goods
  • must refuse delivery of part goods
  • can refuse part payment
From the following details calculate the total sales.Cash sales Rs. 25,Debtors as on 1-4-13 Rs. 25,000, sales return Rs. 5,000, Payment received from debtors Rs. 60,000, Debtors balance as on 31-3-14 Rs. 40,000
  • Rs. 120,000
  • Rs. 105,000
  • Rs. 130,000
  • Rs. 125,000
ABS Associates issued a debit note of Rs. 4,000 to D & Sons on 21st MatchThis will be recorded in
  • Purchase A/c
  • Sales day book
  • Purchase returns day book
  • Cash book
A statement from A that he intents to sell his car is ____________.
  • a valid proposal
  • an invitation to offer
  • merely a statement not amounting to proposal
  • a valid offer
Sale of by products is credited to
  • Manufacturing A/c
  • Trading A/c
  • Profit and loss A/c
  • Profit and Loss appropriation A/c
Opening stock Rs.30,000, purchase Rs. 1,00,000, sales Rs. 150,000, gross profit 20% of total sales, find closing stock
  • Rs.20,000
  • Rs.10,000
  • Rs.15,000
  • Rs.25,000
The excess of selling price over cost of goods sold is termed as _____________.
  • net margin
  • gross margin
  • gross profit
  • net profit
Adjusted selling price method of inventory valuation is also known as __________.
  • retail price method
  • historical cost method
  • current cost method
  • none
ABC Ltd. sends good worth Rs.100,000 to PQR on sale on approval basis on 1stMarch09. Out of these goods worth Rs.30,000 were rejected by PQR and in respect of goods worth Rs.25,000 customer is yet to exercise his option to accept or reject the goods. How much should be accounted for as sales during the financial year ending on 31stMarch09.
  • Rs.45,000
  • Rs.55,000
  • Rs.70,000
  • Rs.75,000
In case the unpaid seller exercise the right of stoppage of goods in transit, the cost of such delivery is borne by ____________.
  • buyer
  • seller
  • transporter
  • party at default
Cash in hand with the petty cashier is shown as....
  • Assets
  • Liabilities
  • Expense
  • Revenue
A Credit Purchase of Rs.15,000 has wrongly been posted to the debit side of sales return a/c. The trial balance would.....
  • be short by Rs.15,000 on credit side
  • be more by Rs.15,000 on debit side
  • not be affected
  • be short by Rs.10,000 on credit side
H offered to sell 100 tons of Oil to K. This, offer is not valid as
  • There is lack of consideration
  • Offer is ambiguous
  • Trading in oil is not allowed
  • All the three
An Account sales contains some information except
  • Sales made
  • Expenses incurred by the consignee
  • Commission
  • Other business income of the consignee
The balance in the Petty Cash Book represents income.
  • True
  • False
Rs. 14,000 being LIC premium of proprietor paid by the firm, which a/c will be debited.
  • Income-tax a/c
  • Drawing a/c
  • Profit and loss a/c
  • None
Which of these are not to be recorded in cash book.
  • Goods worth Rs.5,000 sold on three months credit.
  • Interest paid Rs.3,000
  • Cash received from the client
  • Cheque dishonoured
Cash book starts with ______
  • cash/bank balance in hand
  • no balance
  • opening stock
  • debtors a/c
X intends to earn a 20% profit margin on selling price, what should be the mark up on cost price to get the desired profit margin
  • 20%
  • 33%
  • 25%
  • 30%
Adjusted purchases means ____________.
  • purchases adjusted for closing stock and opening stock
  • purchases adjusted for taxes, rebates and goods in transit
  • purchases adjusted for closing stock and returns
  • purchases adjusted for outstanding bills, prepaid etc.
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Practice Class 11 Commerce Accountancy Quiz Questions and Answers