Accounting Practice MCQ Page 51

Multiple Choice questions for Accounting in the sets of 10 each on one page with questions and answers. All sets are useful in the preparation of subject tests for employment or admission.
Question: 4359   A club's balance sheet may be referred to as its
  1. income and expenditure account
  2. receipts and payments account
  3. accumulated fund
  4. statement of affairs
Question: 4360   A club's capital may be referred to as its
  1. bank balance
  2. assets
  3. accumulated fund
  4. surplus
Question: 4362   A club's loss is often referred to as
  1. a balance
  2. a deficit
  3. a surplus
  4. drawings
Question: 4366   The amount of member's subscriptions paid in advance is
  1. an asset
  2. an expense
  3. a liability
  4. a surplus
Question: 4368   I a club owned a bar, the amount of profit or loss made by the bar in a financial year would be shown in the
  1. receipts and payments account
  2. income and expenditure account
  3. balance sheet
  4. bank account
Question: 4372   A club has 100 members and the subscription is RS. 10 per year. All have paid the right amount except three members who paid RS. 20each because they owed for the previous year, and one member who also paid for next year.The income from subscriptions for the year in the income and expenditure account should be
  1. RS. 960
  2. RS. 1,000
  3. RS. 1,030
  4. RS. 1,040
Question: 4373   RS. 4,000 spent on a snooker table should be entered in the
  1. receipts and payments account only
  2. receipts and payments account and the income and expenditure account
  3. receipts and payments account and the statement of affairs
  4. income and expenditure account and the statement of affairs
Question: 4374   Depreciation written off the snooker table should be entered on the
  1. receipts and payments account only
  2. receipts and payments account and the income and expenditure account
  3. receipts and payments account and the statement of affairs
  4. income and expenditure account and the statement of affairs
Question: 4375   During the year the cash figure has increased by
  1. RS. 820
  2. RS. 1,000
  3. RS.1,820
  4. RS.2,790
Question: 4376   The accumulated fund at the beginning of the club's second year amounted to
  1. RS. 820
  2. RS.1,000
  3. RS. 1,820
  4. RS. 2,790
Question: 4377   Rent owing at the end of the year amounted to
  1. nil
  2. RS. 50
  3. RS. 350
  4. RS. 400
Question: 4378   Rates owing at the end of the year amounted to
  1. nil
  2. RS. 30
  3. RS. 100
  4. RS. 130

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
4359 . D       4360 . C       4362 . B       4366 . C       4368 . B       4372 . B       4373 . C       4374 . D       4375 . B       4376 . A       4377 . B       4378 . A      

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