McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
Chapters
1. |
………….method of branch accounting is usually adopted when the branch is of the small size. |
A. | Treading. |
B. | Balance sheet |
C. | memorandum |
D. | debtors |
Answer» D. debtors |
2. |
The normal and abnormal stock of goods doesn’t appear in branch account as the closing stock is at the…………….figure. |
A. | Adjusted |
B. | profit. |
C. | balance. |
D. | loss |
Answer» A. Adjusted |
3. |
Stock and Debtors method of branch accounting is generally used where branch turnover is substantially |
A. | loss |
B. | lower |
C. | High. |
D. | Profit |
Answer» C. High. |
4. |
Loading on surplus in stock is………….to Branch Adjustment Account. |
A. | debit. |
B. | credit. |
C. | liability. |
D. | treading |
Answer» B. credit. |
5. |
Under Stock and Debtors System general income is credited to ………..account |
A. | balance sheet |
B. | branch stock account |
C. | stock and Debtor System |
D. | branch profit and loss |
Answer» D. branch profit and loss |
6. |
In Branch Accounting the balance on stock reserved Account at the end of the period is shown in the balance sheet by the way of deduction from |
A. | opening stock. |
B. | reserved stock. |
C. | closing stock. |
D. | profit or loss |
Answer» C. closing stock. |
7. |
Goods sent by the head office at the end of the year but not received by Branch before the year ended is known as |
A. | goods in transit |
B. | loss by fire |
C. | shortage. |
D. | loss |
Answer» A. goods in transit |
8. |
The closing balance of book debts account is ascertained by preparing branch ………………Account. |
A. | stock |
B. | trading. |
C. | Debtors |
D. | adjustment |
Answer» C. Debtors |
9. |
The removal of loading from the items of branch stock is adjusted through branch……………..Account |
A. | adjustment |
B. | debtor. |
C. | Stock |
D. | profit and loss |
Answer» A. adjustment |
10. |
A ………………is generally a physical part of the business established under the same roof. |
A. | Surplus. |
B. | Depreciation |
C. | Department |
D. | Surplus |
Answer» C. Department |
11. |
A……………..system of departmental account is more convenient where the number of department are very small |
A. | Mutual. |
B. | Branch. |
C. | Debtor’s. |
D. | Profit and loss |
Answer» A. Mutual. |
12. |
All items of stock in Trading and Profit and loss Account are to be converted into cost price if these are given at an _ |
A. | Profit ratio. |
B. | market price |
C. | Balance. |
D. | Invoice price |
Answer» D. Invoice price |
13. |
Foreign Branch almost invariably trade independently and records their transaction in |
A. | cost price |
B. | Market value |
C. | Foreign currency |
D. | invoice price |
Answer» C. Foreign currency |
14. |
To fulfill the audit requirements under section of the company act 1956 |
A. | (B) 156 |
B. | 228 |
C. | (a) i 30. |
D. | 200 |
Answer» B. 228 |
15. |
The branches which are totally dependent on head office are also termed as Agency Branches. |
A. | True |
B. | False |
C. | may be false |
D. | may be a |
Answer» A. True |
16. |
The independent branches are autonomous as they are allowed to make their own purchases from open markers and pay for their expenses. |
A. | true |
B. | false |
C. | may be false |
D. | both a and b |
Answer» A. true |
17. |
Actual petty expenses paid by branch from petty cash are to br shown separately in Branch Account. |
A. | true |
B. | false |
C. | both a and b |
D. | none of the above |
Answer» A. true |
18. |
The method of Branch Accounting varies with the nature and the status of branch. |
A. | true |
B. | false |
C. | neither true nor false |
D. | none of the above |
Answer» A. true |
19. |
Dependent branch doesn’t keep any book of account as their entire Accounting work is performed by the head office. |
A. | true |
B. | may be false |
C. | neither true nor false |
D. | may be true |
Answer» A. true |
Done Studing? Take A Test.
Great job completing your study session! Now it's time to put your knowledge to the test. Challenge yourself, see how much you've learned, and identify areas for improvement. Don’t worry, this is all part of the journey to mastery. Ready for the next step? Take a quiz to solidify what you've just studied.