CMA Foundation RT2 (CH-1) ACC

R.T.2 CH.I CMAF-ACC

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   3. Cash column of cash book can never have

   2 points

   Mark only one oval.

   Credit balance

   Debit balance

   Zero balance

   None of the above

   4. Which of the following is a transaction of contra entry?

   2 points

   Mark only one oval.

   Purchased goods from X Rs.10,000

   Cash deposited into bank Rs. 15,000

   Paid to Y Rs. 4,800 in full settlement of Rs. 5,000

   Shop rent of Rs. 6,000, paid by cheque

    

3. 5. Journal is a

   2 points

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   Memorandum record

   Secondary record

   Primary record

   None of the above

   6. From the following is not considered as subsidiary book?

   2 points

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   Bills Receivable Book

   Bills Payable Book

   Journal Proper

   Cash Book

   7. Journal proper is meant for recording ______

   2 points

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   Credit purchase of fixed assets for recording.

   Returns of goods.

   All such transactions for which no special journal has been kept by the business.

   None of these.

4. 8. Which of the following will not be entered in the Cash Book?

   2 points

   Mark only one oval.

   Dishonored cheques

   Post-dated cheques

   Notes and coins received

   Crossed cheques

   9. Journal records all transactions in __

   2 points

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   Alphabetical order

   Random manner

   Chronological order

   None of the above

   10. Modern financial accounting is based on

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   Dual Aspect Concept

   Cost Concept

   Accrual Concept

   Going Concern Concep

5. 11. Accrual system of Accounting is also known as –

   2 points

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   Cash system of accounting

   Mercantile system of accounting

   Cost system of accounting

   None of the above

   12. Purchase of machinery for cash —

   2 points

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   Decreases total assets

   Increases total assets

   Total assets remain unchanged

   Decrease total liability

   13. All accounts of credit customers are kept in the ______ ledger.

   2 points

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   General

   Debtors

   Creditors

   Private

6. 14. Subsidiary Books are ________ books of transaction which are subsequentlyentered the ledger

   2 points

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   Record

   Memorandum

   Primary

   Secondary

   15. Which of the following statement is/are true? (i) Cash book records all cashreceipts and cash payments (ii) Cash book records all sale and purchase

       transactions of goods both in cash and on credit (iii) Cash book records

       discount on cash payments

       3 points

   Mark only one oval.

   Only (i) above

   Only (ii) above

   Only (iii) above

   Both (i) and (ii) above

   16. Sales return book is prepared from

   2 points

   Mark only one oval.

   Inward invoice

   Credit note

   Debit note

   Outward invoice

7. 17. Sale of old furniture on credit is originally recorded in the —

   2 points

   Mark only one oval.

   Sales day book

   Purchases day book

   Cash book

   Journal prope

   18. Overcasting of Purchases journal would affect

   2 points

   Mark only one oval.

   Sales account

   Purchase account

   Supplier’s account and Purchase account

   None of the above

   19. Narrations Are Usually Given At The End Of

   2 points

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   Each Column

   Each page

   Each journal entry

   Each account

8. 20. Current liability includes

   2 points

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   Bills payable

   Creditors

   O/S liabilities

   All of the above

   21. A Withdrawal Of Cash From Business By The Proprietor Should Be Credited

       To

       2 points

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   Cash Account

   Purchase Account

   Drawings Account

   Capital Account

   22. Which Of The Following Statements Is False?

   2 points

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   Credit side of total of Discount column of cash Book is an income

   Credit balance of Bank Pass Book is an Overdraft

   Debit balance of bank column of cash book is an asset

   Debit balance of cash column of cash book is an asse

9. 23. Copy Right A/c is a

   2 points

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   Tangible Real account

   Intangible Real account

   Personal Account

   None of these

   24. A ltd has a Rs.35,000 account receivable from Mohan. On January 20,

       Mohan makes a partial payment of Rs.21,000 to A ltd. The Journal entry

       made on January 20 by A ltd. to record this transactions includes:

   3 points

   Mark only one oval.

   A credited to the Cash received account of Rs.21000

   A credited to the Accounts receivable account of Rs.21000

   A debit to the Cash account Rs.14000

   None of these

   25. Rent paid to landlord is credited to

   2 points

   Mark only one oval.

   Landlord’s account

   Rent account

   Cash account

   None of these

10. 26. After preparing the trial balance the accountant finds that the total of debit 2 points

    side is short by Rs.15000. This difference will be___

    Mark only one oval.

    Credited to suspense account

    Debited to suspense account

    Adjusted to any of the debit balance account

    None of these

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