You can study mcq objective type question answer set 6 for online assignment and exam of distance learning program. DistPub bring collection of online multiple choice objective type questions.

Previous Account for Manager Online Assignment

Account for Manager Online Assignment Set 6

Account Online MCQ Assignment

Study Account Online MCQ Assignment for your amity mba bba courses, ignou mba, imt cdl, smu and upes management program. This is important online mcq question answer for various distance learning program.

QN1: Principal books of accounting is known as ___

a. Journal

b. Profit and loss

c. Ledger

d. Balance sheet

Answer

Answer:c. Ledger

QN2: Trading and profit and loss account is known as ___statement

a. Income

b. Expense

c. Position

d. Revenue

Answer

Answer:a. Income

QN3: Trading account is ___

a. Statement

b. Positional a/c

c. Capital a/c

d. Account

Answer

Answer:d. Account

QN4: What is the equation of gross profit

a. Opening stock+Purchase +Direct expense Closing stock

b. Sales – Cost of goods sold

c. Sales returns Cost of goods sold

d. Sales + Cost of goods sold

Answer

Answer:b. Sales – Cost of goods sold

QN5: Balance sheet is known as ___ statement

a. Positional

b. Expense

c. Income

d. Expenditure

Answer

Answer:a. Positional

QN6: Minimum number of members in case of public company

a. 1

b. 2

c. 5

d. 7

Answer

Answer:d. 7

QN7: Minimum number of members in case of private company is

a. 1

b. 2

c. 3

d. 4

Answer

Answer:b. 2

QN8: Which book is known as total of debit and credit

a. Balance sheet

b. Trial balance

c. Journal

d. Ledger

Answer

Answer:b. Trial balance

QN9: Maximum no .of members in case of public company is

a. 0

b. unlimited

c. 50

d. 100

Answer

Answer:b. unlimited

QN10: Maximum no. of members in case of private company is

a. 50

b. 100

c. 150

d. 200

Answer

Answer:a. 50

QN11: Debit aspect is known as___and Credit aspect is known as___

a. Receiving and giving

b. Liability and asset

c. Expense and Gains

d. Income and Expenses

Answer

Answer:a. Receiving and giving

QN12: Property of the company belongs to

a. Company

b. Shareholders

c. Members

d. Promoters

Answer

Answer:a. Company

QN13: Outstanding expenses are those expenses which have become ___ during the accounting year

a. Payable

b. Payed

c. Received

d. Receivable

Answer

Answer:a. Payable

QN14: The liability of members if company is limited by guarantee

a. Unpaid value of shares

b. Guarantee amount

c. Unlimited liability

d. None of the above

Answer

Answer:b. Guarantee amount

QN15: Which of the following assets does not depreciate?

a. Machinery and Equipment

b. Patents

c. Land

d. Furniture

Answer

Answer:c. Land

QN16: Balance sheet show ___ and ___ of fund

a. Incomes and losses

b. Sources and applications

c. Debit and Credit

d. Asset and liability

Answer

Answer:b. Sources and applications

QN17: For what use are preparing profit and loss a/c

a. To find out net profit or net loss

b. To find out gross profit or gross loss

c. To know closing stock

d. To determine the sales

Answer

Answer:a. To find out net profit or net loss

QN18: Why use prepare trial balance

a. To check arithmetical accuracy of a/c

b. To know the financial position

c. To know the gross profit

d. To know the capital of the firm

Answer

Answer:a. To check arithmetical accuracy of a/c

QN19: The liability of members if company is limited by shares

a. Unpaid value of shares

b. Guarantee amount

c. Unlimited liability

d. None of the above

Answer

Answer:a. Unpaid value of shares

QN20: Which of these is accounting equation?

a. Liability = Asset + Capital

b. Asset = Liability Capital

c. Capital = Asset + Liability

d. Asset = Liability +Capital

Answer

Answer: d. Asset = Liability +Capital

QN1: Interest on capital is

a. Imputed cost

b. Sunk cost

c. Direct cost

d. Indirect cost

Answer

Answer: a. Imputed cost

QN2: ___ establishes the relationship between quick/ liquid assets and current liabilities.

a. Quick ratio

b. Total Assets to Debt Ratio

c. Debt Equity Ratio

d. Solvency Ratio

Answer

Answer: a. Quick ratio

QN3: Which of the following is NOT a cash outflow for the firm?

a. depreciation

b. dividends

c. interest payments

d. taxes

Answer

Answer: a. depreciation

QN4: The analysis and interpretations of the financial statement will reveal

a. the financial position

b. the profitability

c. None

d. Both

Answer

Answer: d. Both

QN5: Cost accounting differs from financial accounting in that financial accounting:

a. Is mostly concerned with external financial reporting.

b. Is mostly concerned with individual departments of the company.

c. Provides the additional information required for special reports to management.

d. Puts more emphasis on future operations.

Answer

Answer: a. Is mostly concerned with external financial reporting.

QN6: Which of the following is the main objective of a financial statement?

a. to know the solvency

b. to know the debt capacity

c. to know the earning capacity

d. All

Answer

Answer: d. All

QN7: ___expenses are those which are not treated as regular expenses of the business.

a. Non-operating

b. Operating

c. Current

d. Non-Current

Answer

Answer: a. Non-operating

QN8: ___ measures the relationship between long-term debt and shareholders funds. Quick Ratio/Acid test ratio/Liquid ratio

a. Total Assets to Debt Ratio

b. Debt Equity Ratio

c. Quick ratio

d. Solvency Ratio

Answer

Answer: a. Total Assets to Debt Ratio

QN9: Which technique used for figures of two or more periods are placed side by side to facilitate easy and meaningful comparisons?

a. Comparative statement

b. Common size statement

c. Trend Analysis

d. None

Answer

Answer: a. Comparative statement

QN10: The ___ of a company determines its ability to utilise the Assets employed in the company efficiently and effectively to earn a good return.

a. Return on Assets

b. Analysis Ratio analysis

c. Dividend Coverage Ratio

d. Analysis Ratio analysis

Answer

Answer: a. Return on Assets

QN11: “The costs that can be easily identified with a department, process or product are termed as”

a. Common Cost

b. Traceable Cost

c. Untraceable Cost

d. Avoidable cost

Answer

Answer: b. Traceable Cost

QN12: ___states the number of times an organization is capable of paying dividends to shareholders from the profits earned during an accounting period.

a. Working capital turnover ratio

b. Dividend Coverage Ratio

c. Analysis Ratio analysis

d. Profitability Ratios

Answer

Answer: b. Dividend Coverage Ratio

QN13: “The___ of a company determines its ability to withstand competition and adverse conditions like rising costs, falling prices or declining sales in the future.”

a. Return on Assets

b. Ratio calculation

c. Ratios

d. Profit Margin

Answer

Answer: d. Profit Margin

QN14: “___ also referred to as the statement of Source and Application of Funds provides insight into the movement of funds and helps to understand the changes in the structure of assets, liabilities and equity capital.”

a. Cash Flow Statement

b. Statement of Changes in working capital

c. Statement of Changes in Financial Position

d. Fund Flow Statement

Answer

Answer: d. Fund Flow Statement

QN15: The___from the past performance facilitates the firm to anticipate the future requirement of financial resources.

a. Fund Flow Statement

b. Statement of Changes in Financial Position

c. Projected fund flow statement

d. Cash Flow Statement

Answer

Answer: a. Fund Flow Statement

QN16: The balance sheet shows

a. the source of working capital

b. the change in working capital

c. Both

d. None

Answer

Answer: c. Both

QN17: “A ___ reports on a company’s cash flow activities, particularly its operating, investing and financing activities.”

a. Income statement

b. cash flow statement

c. Balance Sheet

d. Profit and loss statement

Answer

Answer: b. cash flow statement

QN18: The ___ measures how well a company is utilizing its working capital to support a given level of sales. Working capital is current assets minus current liabilities.

a. Analysis Ratio analysis

b. Price earnings ratio

c. Working capital turnover ratio

d. Profitability Ratios

Answer

Answer: c. Working capital turnover ratio

QN19: Cost which can be identified with the output is called as

a. Product cost

b. Direct cost

c. Fixed cost

d. Variable cost

Answer

Answer:

QN20: The term financial statement refers to

a. Income statement

b. Cash flow and Fund Flow

c. Balance sheet

d. All

Answer

Answer: d. All

DistPub Team

Distance Publisher (DistPub.com) provide project writing help from year 2007 and provide writing and editing help to hundreds student every year.