# MCQ Questions for CBSE Class 10 Elements of Book Keeping and Accountancy Quiz with Answers

Students can practice the MCQ Questions for Class 10 Elements of Book Keeping and Accountancy to test their conceptual knowledge and improve in weak areas accordingly. CBSE Class 10th Elements of Book Keeping and Accountancy Mock Test over here will improve your overall skills in the subject.

## Multiple Choice Questions for Class 10th Elements of Book Keeping and Accountancy Quiz with Answers

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### Accouting From Incomplete Records Questions and Answers

Accouting From Incomplete Records Quiz Question Answer
In order to find out the correct profit, drawings are ___________ to the closing capital.
Profit under single entry system of Book Keeping means ______________. The difference between opening net assets and closing net assets as increased by drawings and reduced by new capital introduced.
Rs. 19,500 debited to building repairs on 31 st Dec. 1993 inclined Rs. 9,500 as the cost of building a small room for the watch man. A bill of Rs. 800 for colour wash of the whole building during the year was not received till  Dec. 1993. The amount to be debited to profit and loss account would be _____________. Rs. 10,800
Excess of closing capital over opening capital of proprietor under single entry system.
Profit
If closing capital is Rs.30000 and profit is Rs.5000; opening capital was Rs. ____________.
25000
Statement of affairs is just like ______________.
Balance sheet
A statement of affairs is a summarised statement of an estimated _____________.
Financial position
Excess of opening capital over closing capital of proprietor under single entry system is called __________.
Loss
Profit as per accounts from incomplete records may be constructed as equivalent of _____________.  Excess of capital at the end over the capital at the beginning
In statement of profit and loss interest on capital is shown as _________.
Subtraction

### Bank Reconciliation Statement Questions and Answers

Bank Reconciliation Statement Quiz Question Answer
Bank statement must tally with the balance of ___________. Cash book
Bank Reconciliation Statement is prepared by__________. Trader
A bank reconciliation statement is prepared by the _________. Customer of the bank
Debit balance in cash book means __________. Credit balance as per pass book
A bank pass book is a copy of the ____________. Customer's account in the banks ledger
An amount of Rs. 1000 is debited twice in the pass book. When overdraft as per the cash book is the starting point ____________. Rs. 1000 will be added
Which is caused by the time gap? Cheque issued by the bank but not yet presented for payment.
Difference of cash book & pass book arise because of ____________. All of the above
Bank Reconciliation statement is ___________. A separate statement
The payment side of cashbook is Undercast by Rs 200 when overdraft as per passbook is the starting point ___________. Rs. 200 will be added

### Bills Of Exchange Questions and Answers

Bills Of Exchange Quiz Question Answer
Bills Receivable discounted but not due till the date of final account is shown in: Footnotes (contingent liabilities)
The person who draws the bill is known as  ____________ . Drawer
To whom of the following, payment of the amount due on a promissory note, bill of exchange or cheque must be made in order to discharge the maker or accept or ________________. Holder of the instrument
On 1.3.2006 X draws a bill on Y for 3 months for Rs20,On 4.5.2006, Y pays the bill to X at 12% discount. The amount of discount will be __________. Rs. 200
Which of the following statements is true? Creditors can draw a bill on debtors
Goods of the invoice value Rs. 2,40,000 sent out to consignee at 20% profit oncost. The loading amount will be: Rs. 40,000
The party which is ordered to pay the amount is known as __________. Drawee
If a bill is drawn on 28th January 1996 for 1 month, it will mature on _______________. 2nd March 1996
The rebate on a bill shows that it has been ____________. paid before the date of maturity
Which account is debited by a drawee of a bill of exchange on its endorsement? None of the above

### Capital And Revenue Questions and Answers

Capital And Revenue Quiz Question Answer
Insurance expenses paid to bring an equipment from the place of purchase to the place of installation is a type of ____________. Capital expenditure
Expenses incurred on research and development is an example of __________. Deferred Revenue Expenditure
Any amount received towards an endowment fund is a __________ receipt. Ordinary
Profit from sale of assets is example for __________. capital profit
The cash price of a machine is Rs. 1,20,000 and its hire purchase price is Rs. 1,50,000 to be paid in five equal yearly installments. If a company purchases the machine on hire purchase basis, the amount of capital expenditure will be _______________. Rs. 1,20,000
Legal expenses in respect of claims of an insurance company is shown in _________. Revenue a/c
Which of the following should not be called as sales? Office fixtures sold
Rs. 500 spent on servicing office type writer should be debited to _________. Repairs Account
Which of the following expenses should not be treated as capital expenditure? Legal expenses incurred to defend a suit related to title of patent. The suit has been lost

#### Depreciation Class 10 Elements Of Book Keeping And Accountancy MCQ Quiz

Which method of depreciation is suitable when expenditure on repairs and maintenance increases as the machine grows old? Reducing Balance Method
For depreciation mines, the suitable method is: Depletion
An asset is never reduced to zero in the _______________. Reducing balance method.
The amount of depreciation charged to Profit and Loss Account varies every year under _________.
Diminishing balance method
If the total charge of depreciation and maintenance is considered as the method which would provide a uniform charge is? Straight line method
The amount of depreciation under straight line method vis-vis written down value method, when the rate of depreciation is same, would be: Equal in the first year but higher is subsequent years
Under which of the following methods of depreciation, amount of depreciation varies every year
Written Down Value Method
A company has bought patents. Which of the following methods is most suitable for providing depreciation on them? SLM
An asset is purchased for Rs. 50,000 on which depreciation is to be provided annually according to the straight line method. The useful life to the asset is 10 years and the residual value is Rs. 10,The rate of depreciation is? 8%
Straight line method is also known as ___________________.
Fixed installment method

### Final Accounts Questions and Answers

Steps of preparing Final Accounts is -
(b) Profit and Loss Account
(c) Balance Sheet
True
Economic order quantity is that quantity at which cost of holding and carrying inventory is ________________.
Minimum and equal
Which of the following is not included in cost of inventory? Selling Costs
A gross profit is transferred to the ____________ side of the profit and loss account. Credit
From the following find out the correct equation:
I. A represents opening stock
II. B represents purchases
III. C represents closing stock
IV. D represents cost of goods sold.
A$$-$$C$$=$$D$$-$$B
Trading account is prepared to find out __________.
Gross profit or loss
Carriage outward is charged to _______________. Debit side Profit & Loss a/c
Assets in the beginning of the year Rs. 10,Assets at the end of the year Rs. 18,Drawing during the year Rs. 2,Therefore the profit is equal to ___________. Rs. 10,000
All direct & indirect expenses related to business are charged to the ____________. Trading account and profit & loss account
The loss on the sale of old furniture is debited to ________. Profit and Loss Account

### CBSE Class 10th Elements of Book Keeping and Accountancy Sample Paper MCQ Questions with Answers

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conclusion

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