UNIVERSITY OF LUCKNOW
B.COM SEM 1
Unit I : Definition, Nature and Scope of Accounting, Concepts and Conventions, Introduction to
Financial Statements, Capital and Revenue Items, Indian Accounting Standards & IFRS.
Unit II : Partnership Accounts - advanced problems and detailed study. Admission, Retirement and
Death of partners, Dissolution of Partnership Firm.
Unit III : Hire Purchase and Instalment Accounts, Royalty Accounts, Insolvency Accounts.
Unit IV : Insurance Claim for loss of Stock and Loss of Profit, Branch Accounts, Voyage Accounts.
Financial Accounting Mcqs are Collected from different Past papers and from Accounting Mcqs Bank. These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for Cost Accountant.
UNIVERSITY OF LUCKNOW
B.COM SEM 1
Unit I : Definition, Nature and Scope of Accounting, Concepts and Conventions, Introduction to
Financial Statements, Capital and Revenue Items, Indian Accounting Standards & IFRS.
Unit II : Partnership Accounts - advanced problems and detailed study. Admission, Retirement and
Death of partners, Dissolution of Partnership Firm.
Unit III : Hire Purchase and Instalment Accounts, Royalty Accounts, Insolvency Accounts.
Unit IV : Insurance Claim for loss of Stock and Loss of Profit, Branch Accounts, Voyage Accounts.
Financial Accounting Mcqs are Collected from different Past papers and from Accounting Mcqs Bank. These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for Cost Accountant.
Financial accounting Meaning . This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTSBibek Prajapati
Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.
This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTS
This presentation talks about Meaning, of accounting, distinction between book keeping and accounting, Branches of accounting, Objectives of accounting, Uses and users of accounting information, Advantages of Accounting, Is accounting a science or an art, double entry system of financial accounting, limitations of financial accounting, important terms, journal entry, accounting concepts and conventions
Financial Accounting Mcqs are Collected from different Past papers.These Mcqs are very helpful for the Preparation of various posts of, Accountant and for Cost Accountant. Senior Auditor, Junior Audito Complete course in 7 parts so don’t miss any part
Financial accounting Meaning . This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTSBibek Prajapati
Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.
This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTS
This presentation talks about Meaning, of accounting, distinction between book keeping and accounting, Branches of accounting, Objectives of accounting, Uses and users of accounting information, Advantages of Accounting, Is accounting a science or an art, double entry system of financial accounting, limitations of financial accounting, important terms, journal entry, accounting concepts and conventions
Financial Accounting Mcqs are Collected from different Past papers.These Mcqs are very helpful for the Preparation of various posts of, Accountant and for Cost Accountant. Senior Auditor, Junior Audito Complete course in 7 parts so don’t miss any part
UNIT 1Multiple Choice Questions (Enter your answers on the enc.docxwillcoxjanay
UNIT 1
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
1. The type of business organization that can continue indefinitely is known as a:
a. sole proprietorship
b. partnership
c. corporation
d. None of the above.
2. The purpose of the accounting process is to provide financial information about:
a. sole proprietorships
b. small businesses
c. large corporations
d. All of the above.
3. The cash purchase of a truck was recorded as a purchase on credit. Due to this error:
a. assets were overstated
b. liabilities were overstated
c. answers a and b are both correct
d. None of the above.
4. Which of the following would cause one asset to increase and another asset to decrease?
a. The owner invested cash in the business.
b. The business paid a creditor.
c. The business incurred an expense on credit.
d. The business bought supplies for cash.
5. Which accounts are affected when the company buys supplies on account?
a. assets and capital
b. liabilities and capital
c. assets and liabilities
d. None of the above.
6. Which accounts are affected when the company provides services to a cash customer?
a. assets and capital
b. liabilities and capital
c. assets and revenue
d. None of the above.
7. Which accounts are affected when the owner withdraws cash from the business?
a. assets and withdrawals
b. liabilities and capital
c. assets and liabilities
d. None of the above.
8. A chart of accounts:
a. is set up in alphabetical order
b. includes account balances
c. is a listing of all the accounts used by a company
d. All of the above.
9. Accounts payable had a normal starting balance of $800. There were debit postings of $600
and credit postings of $300 during the month. The ending balance is:
a. $500 debit
b. $1,000 debit
c. $500 credit
d. $1,000 credit
10. The beginning balance in the computers account was $2,000. The company purchased an
additional $1000 worth of computers. The balance in the account is:
a. debit of $2,000
b. credit of $3,000
c. debit of $3,000
d. credit of $2,000
11. A list of all the accounts from the ledger with their ending balances is called a:
a. normal balance
b. trial balance
c. chart of accounts
d. footing
12. Which of the following is prepared first?
a. balance sheet
b. income statement
c. statement of owner’s equity
d. trial balance
13. Which type of account would not be reported on the income statement?
a. revenue
b. expenses
c. liabilities
d. None of the above.
14. The left column of a financial statement is often used to:
a. subtotal numbers
b. show credits
c. show totals
d. show debits
15. The beginning capital account would appear on which financial statement?
a. statement of owner’s equity
b. balance sheet
c. income statement
d. None of the above.
16. The income statement contains:
a. liabilities
b. revenues
c. assets
d. Both b and c are correct.
17. Net income or net loss for a period is calculated by which of the following formula?
a. total revenues - total withdrawals
b. ...
Multiple Choice Questions (Enter your answers on the enclose.docxrosemarybdodson23141
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
1. A corporation:
a. can continue indefinitely
b. is owned by stockholders
c. has limited risk to stockholders
d. All of the above.
2. The Sarbanes-Oxley Act was passed to:
a. prevent fraud at public companies
b. replace all of the old accounting procedures with new ones
c. improve the accuracy of the company’s financial reporting
d. a and c only
3. A legal firm would be considered a:
a. merchandise company
b. manufacturer
c. service company
d. None of the above.
4. Which of the following is not an asset?
a. Cash
b. Accounts Receivable
c. Accounts Payable
d. Buildings
5. If total liabilities increased by $6,000 and the assets increased by $8,000 during the accounting period, what is the change in the owner’s equity amount?
a. increase of $2,000
b. decrease of $2,000
c. increase of $10,000
d. decrease of $10,000
6. The claims of creditors against the assets are:
a. expenses
b. revenues
c. liabilities
d. owner’s equity
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BAM
110
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F
inal
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7. The Owner’s Equity of Logan’s Company is equal to one-quarter of the total assets. Liabilities equal $60,000. What is the amount of Owner’s Equity?
a. $40,000 b. $20,000 c. $30,000
d. None of the above.
8. Assets are equal to:
a. liabilities + owner’s equity
b. liabilities - owner’s equity
c. liabilities - revenues
d. revenues - expenses
9. A compound entry is:
a. a transaction involving more than one debit and/or credit
b. used to prepare the trial balance
c. the same as the chart of accounts
d. found on the income statement
10. A formal account that has columns for date, explanation, post reference, debit, and credit is called the:
a. T account
b. standard account form
c. ledger
d. chart of accounts
11. A ledger:
a. is a group of accounts and their balances
b. can replace the financial statements
c. is the same as a chart of accounts
d. None of the above.
12. The left side of any account is the:
a. debit side
b. credit side
c. ending balance
d. footings
13. The right side of any account is the:
a. debit side
b. credit side
c. ending balance
d. footings
14. What is the proper entry to show the owner making an investment in the company?
a. a credit to Cash and a debit to Capital
b. a debit to Cash and a credit to Capital
c. a debit to Cash and a credit to Revenue
d. a credit to Cash and a debit to Revenue
15. Which of the following entries would be used to record the billing of fees earned?
a. Debit Accounts Receivable and credit Rental Fees
b. Credit Cash and credit Rental Fees
c. Debit Cash and credit Rental Fees
d. Debit Cash and debit Rental Fees
16. Which of the statements of the rules of debit and credit is true?
a. Decrease Accounts Receivable with a credit and the normal balance is a credit.
b. Increase Accounts Payable with a credit and the normal balance is a credit.
c. Increase Capital with a debit and the normal balance is a de.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
2024.06.01 Introducing a competency framework for languag learning materials ...
Financial accounting MCQ (ledger)
1. 1. A ledger is called a book of
(a) Primary entry
(b) Secondary entry
(c) Final entry
(d) None of the above
2. A ledger account is prepared from
(a) Events
(b) Transactions
(c) Journal
(d) None of the above
3. The column of ledger which links the entry with journal is
(a) L.F column
(b) J.F column
(c) Debit column
(d) Credit column
4. Putting on the credit side of an account is written as
(a) Being
(b) To
(c) By
(d) From
5. Nominal account having debit balance represents
(a) Income / Gain
(b) Expenses / Losses
(c) Cash
(d) Assets
6. Real accounts always show
(a) Debit balances
(b) Credit balances
(c) Trial balances
(d) Nil balances
7. Accounts having credit balance is closed by writing
(a) To balance c/d
(b) To balance b/d
(c) By balance c/d
(d) By balance b/d
8. When the total of debits and credits are equal, it represents
(a) Debit balance
(b) Credit balance
(c) Nil balance
(d) Current balance
2. 9. The balances of personal and real accounts are shown in the
(a) Profit and Loss account
(b) Balance sheet
(c) current account
(d) Trading account
10. Which of the following accounts have only credit balance?
(a) Reserve fund account
(b) Capital account
(c) Accounts payable
(d) All of the above
11)Transferring entries from journal to ledger account is commonly known as
A) Recording
B) Transferring
C) Posting
D) Entry making
12) An account records the ___________ in the balance of an item
A) Increase
B) Decrease
C) Increase or decrease
D) Appreciation
13) If credit side of a bank account is greater than the debit side, it indicates which of the
following?
A) Bank overdraft
B) Cash at bank
C) Bank balance
D) Current Asset
3. 14) If debit side of a bank account is greater than credit side it indicates which of the
following?
A) Cash at bank
B) Bank understatement
C) Bank overdraft
D) Balance overstatement
14 Ledger is also
called -
1. Principal Book
2. Subsidiary Book
3. Day Book
4. Proper Book
Correct Answer: 1
15) _________ will be credited if goods are given as charity
A) Cash
B) Charity
C) Purchases
D) Sales
16) Which of the following is known as the base for preparing trial balance?
A) Journal
B) Cash account
C) Ledger account
D) Balance sheet
4. 17) If debit balance is greater than creadit balance then the account blance will be:
A) Credit balance
B) Debit and credit balance
C) Cash balance
D) Debit balance
18) The normal balance of capital account is
A) Credit balance
B) Debit balance
C) Cash balance
D) Neither debit nor credit balance
19) The normal balance of asset account is
A) Credit balance
B) Debit balance
C) Cash balance
D) Neither debit nor credit balance
20) The normal balance of liability account is
A) Debit balance
B) Credit balance
C) Cash balance
D) Neither debit nor credit balance
5. 11) Which of the following statements is incorrect regarding capital account?
A) Debit increases the capital account balance
B) Credit increases the capital account balance
C) Fresh capital increases the capital account balance
D) Net income increases the capital account balance
12) Which of the following is the normal balance of a rent expense account?
A) Credit balance
B) Cash balance
C) Overdraft
D) Debit balance
13) Revenue and expense accounts are referred as
A) Nominal accounts
B) Real account
C) Cash accounts
D) Banks account
14) The real accounts are accounts of Assets, liabilities and ________
A) Expenses
B) Revenues
C) Capital
D) Drawing
6. 15) Building account is classified as _________ account
A) Nominal
B) Real
C) Cash
D) Capital
16) Office equipments account is classifed as _________ account
A) Nominal
B) Real
C) Cash
D) Capital
17) ___________ helps business to classify transactions according to their nature
A) General journal
B) Real accounts
C) Ledger accounts
D) Cash accounts
18) Which of the following is a real account?
A) Office equipment
B) Rent expenses
C) Rent income
D) Insurance expense
7. 19) Which of the following accounts are closed at the end of an accounting period?
A) Nominal accounts
B) Balance sheet accounts
C) Real accounts
D) None of them
20) Which of the following is the closing balance of a ledger account?
A) Blance c/d
B) Balance b/d
C) Balance e/d
D) Balance f/c -
Q21. Transferring entries from journal to ledger account is commonly known as
(a) Recording
(b) Transferring
(c) Posting
(d) Entry making
Q22. Which of the following is known as the base for preparing trial balance?
(a) Journal
(b) Cash account
(c) Ledger account
(d) Balance sheet
8. Q 23 If debit balance is greater than credit balance then the account balance will be:
(a) Credit balance
(b) Debit and credit balance
(c) Cash balance
(d) Debit balance –
Q24 Which of the following describes a classification of the transaction?
(a) General ledger
(b) Income Statement
(c) Balance Sheet
(d) Journal
Q25. Which of the following describes a classification of the transaction?
(a) General ledger (b) Income Statement
(c) Balance Sheet (d) Journal
Q26. Transferring entries from journal to ledger account is commonly known as
(a) Recording (b) Transferring
(c) Posting (d) Entry making
Q27 . Which of the following is known as the base for preparing trial balance?
(a) Journal (b) Cash account
(c) Ledger account (d) Balance sheet
Q28 If debit balance is greater than credit balance then the account balance will be:
(a) Credit balance (b) Debit and credit balance
(c) Cash balance (d) Debit balance –
Q29. _________ is a book which contains all accounts of the business enterprise.
(a) Journal (b) Ledger
(c) Trial balance (d) None of the above
9. Q30 Ledger may be kept in the form of
(a) Bound Ledger (b) Loose Leaf Ledger
(c) Both a and b (d) None of the above
Q31. Transferring the debit and credit items from the journal to their respective
accounts in the ledger.
(a) Posting (b) Recording
(c) Journalising (d) Summarising
Q32 Ledger is a book of _______ entries
(a) Prime (b) Original
(c) Secondary (d) Generic
Q33 A normal balance of capital account is
(a) Credit Balance (b) Debit Balance
(c) Cash Balance (d) Neither Debit or Credit Balance
Q34. A normal balance of asset account is
(a) Credit Balance (b) Debit Balance
(c) Cash Balance (d) Neither Debit or Credit Balance
Q35. A ledger account is prepared from
(a) Event (b) Transactions
(c) Journal (d) None of the above
Q36. In a hand written accounting system, where would you record decrease in an
Asset.
(a) Nowhere in ledger account (b) On both sides of ledger account
(c) On Debit side of ledger account (d) On Credit side of ledger account
10. Q37. A supermarket purchases food items for resale on credit from a supplier,
Goldman Ltd. The entries in the supermarket's accounts should be:.
(a) Debit : Goldman Ltd. Credit : Sales
(b) Debit : Purchase Credit : Cash
(c) Debit : Purchase Credit : Goldman Ltd.
(d) Debit : Goldman Ltd. Credit : Purchases
Q38 A company buys a motor van on credit from Park Motors Ltd. The entries in
the company’s accounts should be:
(a) Debit : Park Motors Ltd. Credit : Motor Van
(b) Debit : Motor Van Ltd. Credit : Park Motors Ltd.
(c) Debit : Purchase Credit : Bank
(d) Debit : Cash Credit : Goldman Ltd.
Q39 A company pays a supplier JOJO LTD. the amount owed in cash. The entries in
the company's accounts should be:
(a) Debit : Cash. Credit : Purchases
(b) Debit : JOJO Ltd. Credit : Cash
(c) Debit : Purchase Credit : Cash
(d) Debit : Cash Credit : JOJO Ltd.
Q.40 Ledger is also called -
1. Principal Book
2. Subsidiary Book
3. Day Book
4. Proper Book
Correct Answer: 1
