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Online MCQ Assignment Set 1

This Online MCQ Assignment Set 1 is suitable for distance learning program and you can study if you are student of amity distance learning, smu, imt cdl, upes and others university/institute.

QN1. Claim against a DEBTOR for an uncollected amount, generally from a completed transaction of sales or services rendered.
A. Suspense
B. Arrears
C. Accounts receivables
D. A/cs Payables

View Answer

Answer: C. Accounts receivables

QN2. ___ is a concept of complete removal of an amount due.
A. Depreciation
B. Abatement
C. Avoidance
D. Absorption

View Answer

Answer: B. Abatement

QN3. Funds used by a not-for-profit organization to account for all resources used for the development of a land improvement are ___ projects funds.
A. Capital
B. Non-accounted
C. Accounted
D. Miscellaneous

View Answer

Answer: A. Capital

QN4. Lease recorded as an asset acquisition accompanied by a corresponding liability by the lessee is ___ lease.
A. Non-accounted
B. Accounted
C. Fixed
D. Capital

View Answer

Answer: D. Capital

QN5. Brokerage firm account whose transactions are settled on a cash basis belongs to ___. Account.
A. Open
B. Cash
C. Current
D. Real

View Answer

Answer: B. Cash

QN6. Recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in the final accounts.
A. Annual Inspection
B. Auditing
C. checking
D.Accounting

View Answer

Answer: D.Accounting

QN7. The sequence of steps followed in the accounting process to measure business transactions and transform the measurements into FINANCIAL TATEMENTS for a specific period.
A. Accounting Cycle
B. Accounting
C. Trading Cycle
D. Audit Cycle

View Answer

Answer: A. Accounting Cycle

QN8. The difference between the realistic interest and the interest actually used is referred to as___interest.
A. Historical
B. Depreciated
C. Imputed
D. Calculated

View Answer

Answer: C. Imputed

QN9. Mutual fund with a fixed number of shares outstanding that may be bought or sold is ___ Fund.
A. Fixed
B. Capital
C. Open
D. Closed

View Answer

Answer: D. Closed

QN10. Original cost of an asset to an entity is called ___ Cost.
A. Historical
B. Accounted
C. Depreciated
D. Actual

View Answer

Answer: A. Historical

QN11. A ratio used to indicate the number of times a company´s average inventory is sold during an accounting period is___Turnover ratio.
A. Liquidity
B. Solvency
C. Inventory
D. Profitability

View Answer

Answer: C. Inventory

QN12. A financial term for a specific type of commodities planning and trading.
A. Development Plan
B. R&D
C. Hedge
D. Arbitrage

View Answer

Answer: C. Hedge

QN13. Owner of property, the temporary use of which is transferred to another (LESSEE) under the terms of a LEASE.
A. Asset owner
B. Lessor
C. Lease Owner
D. Contractor

View Answer

Answer: B. Lessor

QN14. Any amount a corporation pays to a shareholder to directly or indirectly buy back its stock ___ mail.
A. Red
B. Green
C. White
D. Yellow

View Answer

Answer: B. Green

QN15. Movement from public ownership to private ownership of a company´s shares either by the company’s repurchase of shares or through purchases by an outside private investor.
A. Going Private
B. IPO
C. FPO
D. Propspectus

View Answer

Answer: A. Going Private

QN16. Group that has authority to establish standards of financial reporting for all units of state and local government.
A. Cas
B. GASB
C. FPO
D. GAPS

View Answer

Answer: B. GASB

QN17. Transferable agreement to deliver or receive during a specific future month a standardized amount of a commodity s called___Contract.
A. Surendered Contract
B. Active
C. Future
D. Present

View Answer

Answer: C. Future

QN18. Person who takes on the risks of starting a new business.
A. CFO
B. Auditor
C. Accountant
D. Entrepreneur

View Answer

Answer: D. Entrepreneur

QN19. Stock bonus plan of an employer that acquires SECURITIES issued by the plan sponsor.
A. ESOP
B. TSOP
C. PPOP
D. OROP

View Answer

Answer: A. ESOP

QN20. Method of computing a deduction to ACCOUNT for a reduction in value of extractable natural resources is called___.. .
A. Deflation
B. Demand Loan
C. Account for
D. Depletion

View Answer

Answer: A. Deflation

QN21. Account considered to be an offset to another account is ___ Account.
A. Unaccounted
B. Audited
C. Contra
D. parallel

View Answer

Answer: C. Contra

QN22. The stockholders’ investment in a corporation is called___Capital.
A. Fixed
B. Contributed
C. Parallel
D. Participated

View Answer

Answer: B. Contributed

QN23. Annual interest on a bond divided by the market price is called ___ yield.
A. Current
B. Accounted
C. Liquid
D. Fixed

View Answer

Answer: A. Current

QN24. Individual who has died is called___
A. Liability
B. Financial Burden
C. Decedent
D. Annudent

View Answer

Answer: C. Decedent

QN25. Goods bought for personal or household use, as distinguished from capital goods or producer’s goods, which are used to produce other goods.
A. Consumer Goods
B. White goods
C. Electronics Goods
D. Tangible Goods

View Answer

Answer: A. Consumer Goods

QN26. Transaction under which the LESSOR borrows funds to acquire property which is leased to a third party is ___ lease.
A. Current
B. Accounted
C. Leveraged
D. Abridged

View Answer

Answer: C. Leveraged

QN27. Winding up an activity by distributing its ASSETS to the appropriate parties and settling its debts.
A. Window Dressing
B. Corruption
C. Insolvency
D. Liquidation

View Answer

Answer: D. Liquidation

QN28. Difference between current assets and current liabilities is called___.
A. Net Profit
B. Net Working Capital
C. OROP
D. Gross Profit

View Answer

Answer: B. Net Working Capital

QN29. Sales at gross invoice amounts less any adjustments for returns, allowances, or discounts taken.
A. Net Sales
B. Journal Sales
C. Revenues
D. Actual Sales

View Answer

Answer: A. Net Sales

QN30. Written promise to pay a specified amount to a certain entity on demand or on a specified date.
A. Challan
B. Contract
C. Advisoty Note
D. Note

View Answer

Answer: D. Note

QN31. Oldest and largest stock exchange in the United States, located at 11 Wall Street in New York City; also known as the Big Board and The Exchange.
A. Chicago Exchange
B. World Exchange
C. NYSE
D. IMF

View Answer

Answer: C. NYSE

QN32. Price per share at which a new or secondary distribution of securities is offered for sale to the public.
A. offiring Price
B. Open Price
C. Current Price
D. Market Price

View Answer

Answer: A. offiring Price

QN33. Right to buy or sell something at a specified price during a specified time period.
A. Option
B. Put Option
C. Call Option
D. Share

View Answer

Answer: A. Option

QN34. All post-retirement benefits other than pensions, provided by employers to employees.
A. Pension
B. OPEB
C. NPV
D. Gratuity

View Answer

Answer: B. OPEB

QN35. The ability to earn enough INCOME to attract and hold INVESTMENT capital.
A. Pooling
B. Estimate
C. Profitability
D. Projection

View Answer

Answer: C. Profitability

QN36. The place in a factory where products are made.
A. Godown
B. Supply Chain
C. Product Line
D. closed Circuit

View Answer

Answer: C. Product Line

QN37. Right giving existing stockholders the opportunity to purchase shares of a new ISSUE before it is offered to others.
A. Green Right
B. Preemptive
C. Bonus share
D. White Right

View Answer

Answer: B. Preemptive

QN38. Asset placed in a trust and used as collateral for a DEBT.
A. Auditing
B. Acconting
C. Pooling
D. Pledged

View Answer

Answer: D. Pledged

QN39. A small amount of CASH that a company keeps on hand to pay for minor expenses in an office.
A. Petty Cash
B. Open Cash
C. current Cash
D. Small Cash

View Answer

Answer: A. Petty Cash

QN40. Percentage of a firm’s profits that is paid out to shareholders in the form of dividends.
A. Payout Ratio
B. Retention Ratio
C. Offer Ratio
D. Distribution Ratio

View Answer

Answer: A. Payout Ratio

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