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120+ Computerized Accounting Software Solved MCQs

These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .

Chapters

Chapter: Unit 1
1.

Which accounting concept satisfy the valuation criteria

A. Going concern, Realization, Cost
B. Going concern, Cost, Dual aspect
C. Cost, Dual aspect, Conservatism
D. Realization, Conservatism, Going concern.
Answer» A. Going concern, Realization, Cost
2.

A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?

A. Going concern
B. Cost
C. Accrual
D. Money measurement
Answer» C. Accrual
3.

In which of the following cases, accounting estimates are needed?

A. Employs benefit schemes
B. Impairment of losses
C. Inventory obsolescence
D. All of the above
Answer» D. All of the above
4.

Diwali advance given to an employee is

A. Revenue Expenditure
B. Capital Expenditure
C. Deferred Revenue Expenditure
D. Not an Expenditure
Answer» D. Not an Expenditure
5.

A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items.
(i) The cost of an asset Rs.23,000 has been taken as an expense
(ii) The firm anticipated a profit of Rs.12,000 on the sale of an old furniture
(iii) Salary of Rs.7,000 outstanding for the year has not been taken into account.
(iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000.
What is the correct amount of profit to be reported in the books?

A. Rs.1,47,000
B. Rs. 1,51,000
C. Rs.1,63,000
D. Rs.1,41,000
Answer» B. Rs. 1,51,000
6.

The process of recording financial data upto trial balance is

A. Book keeping
B. Classifying
C. Summarizing
D. Analyzing
Answer» A. Book keeping
7.

Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on sale is

A. Capital & transferred to capital reserve
B. Revenue & transferred to P & L a/c c)
C. Capital & transferred to P & L a/c
D. Revenue & tr
Answer» D. Revenue & tr
8.

In income measurement & recognition of assets & liabilities which of the following concepts goes together ?

A. Periodicity, Accural, Matching
B. Cost, Accural, matching
C. Going concern, cost, Realization
D. Going concern, Periodicity, Reliability
Answer» A. Periodicity, Accural, Matching
9.

Interpretation means

A. Explanation of meaning and significance of the data in Financial Statements.
B. Concerned with preparation and presentation of classified data
C. Systematic analysis of recorded data
D. Methodical classification of data given in Financial Statements.
Answer» A. Explanation of meaning and significance of the data in Financial Statements.
10.

A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated?

A. Money measurement
B. Conservatism
C. Consistency
D. None of these
Answer» B. Conservatism
11.

Which of the following is wrong?

A. All real and personal accounts are transferred to balance sheet
B. Nominal accounts are transferred to P & L account
C. Each account is opened separately in ledger
D. Rent is a personal account, outstanding rent is nominal account
Answer» D. Rent is a personal account, outstanding rent is nominal account
12.

What is root cause for financial accounting

A. Stewardship accounting
B. Social accounting
C. Management accounting
D. Human resource accounting
Answer» A. Stewardship accounting
13.

If nothing is given in the financial statements about the three accounting assumptions then it is to be treated as it

A. Is assumed that it is not followed
B. Is assumed to be followed
C. Is assumed to be followed to some extent
D. None of the above
Answer» B. Is assumed to be followed
14.

The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.

A. Money measurement
B. Cost
C. Entity
D. Dual aspect
Answer» C. Entity
15.

Fixed assets are held by business for _____

A. Converting into cash
B. Generating revenue
C. Resale
D. None of the above
Answer» B. Generating revenue
16.

Which accounting concept specifies the practice of crediting closing stock to the trading account?

A. Cost
B. Realization
C. Going concern
D. Matching
Answer» D. Matching
17.

Amount spent to increasing the earning capacity is a ______ expenditure

A. Capital
B. Revenue
C. Deferred revenue
D. Capital Loss
Answer» A. Capital
18.

Change in the capital A/c of proprietor may occur due to ______

A. Profit earned
B. Loss incurred
C. Capital Introduced
D. All of the above
Answer» D. All of the above
19.

Consistency with reference to application of accounting procedures means

A. All companies in the same Industry should use identical accounting procedures
B. Income & assets have not been overstated
C. Accounting methods & procedures shall be followed uniform basis year after year
D. Any accounting method can be followed as per convenience
Answer» C. Accounting methods & procedures shall be followed uniform basis year after year
20.

If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____

A. Dr Drawing A/c & Cr Purchases A/c
B. Dr Office Expenses A/c & Cr Motor Car A/c
C. Dr Motor Car A/c & Cr Purchases A/c
D. Dr Motor Car & Cr Sales A/c
Answer» C. Dr Motor Car A/c & Cr Purchases A/c
21.

If wages are paid for construction of business premises ______ A/c is credited and _A/c is debited.

A. Wages, Cash
B. Premises, Cash
C. Cash, Wages
D. Cash, Premises
Answer» D. Cash, Premises
22.

Human resources will not appear in the balance sheet according to ______concept.

A. Accrual
B. Going concern
C. Money measurement concept
D. None
Answer» C. Money measurement concept
23.

Provision for discount on debtors is calculated on the amount of debtors.

A. Before deducting provision for doubtful debts.
B. After deducting provision for doubtful debts.
C. Before deducting actual debts and provision for doubtful debts.
D. After adding actual bad and doubtful debts.
Answer» B. After deducting provision for doubtful debts.
24.

Which of the following is not a Real Account?

A. Cash A/c
B. Investments A/c
C. Outstanding rent A/c
D. Purchases A/c
Answer» C. Outstanding rent A/c
25.

Which of the following is incorrect?

A. Good will intangible asset
B. Sundry debtors - current asset
C. Loose tools tangible fixed asset
D. Outstanding expenses -current asset.
Answer» D. Outstanding expenses -current asset.
26.

M/s Stationery Mart will debit the purchase of stationery to _______

A. Purchases A/c
B. General Expenses A/c
C. Stationery A/c
D. None
Answer» A. Purchases A/c
27.

Small items like, pencils, pens, files, etc. are written off within a year according to _ concept.

A. Materiality
B. consistency
C. Conservatism
D. Realization
Answer» A. Materiality
28.

Business enterprise is separate from its owner according to _________ concept.

A. Money measurement concept
B. Matching concept
C. Entity concept
D. Dual aspect
Answer» C. Entity concept
29.

The policy of anticipate no profit and provide for all possible losses arise due to the concept of _____

A. Consistency
B. Disclosure
C. Conservatism
D. Matching
Answer» C. Conservatism
30.

The debts, which are to be repaid within a short period (year or less) are known as

A. Current liabilities
B. Fixed liabilities
C. Contingent liabilities
D. All of the above
Answer» A. Current liabilities
31.

The Convention of Conservatism takes into account

A. All prospective profits and prospective losses.
B. All prospective profits and leaves out prospective losses.
C. All prospective losses but leaves out prospective profit.
D. None of these.
Answer» C. All prospective losses but leaves out prospective profit.
32.

Any written evidence in support of a business transaction is called:

A. Journal
B. Ledger
C. Ledger posting
D. Voucher
Answer» B. Ledger
33.

According to the money measurement concept, the following will be recorded in the books of account of the business:

A. Health of Managing Director of the company
B. Quality of company’s goods
C. Value of Plant & Machinery
D. Strike by employees
Answer» C. Value of Plant & Machinery
34.

Double Entry System was introduced in–

A. America
B. Japan
C. India
D. Italy
Answer» A. America
Chapter: Unit 2
35.

Tally package is developed by

A. Peutronics
B. Tally Solutions
C. Coral Softwares
D. Vedika Softwares
Answer» B. Tally Solutions
36.

How many type of companies can be created in Tally?

A. 2
B. 3
C. 4
D. 5
Answer» A. 2
37.

Which menu appears after starting Tally for the first time?

A. Gateway of Tally
B. Company Info
C. Display
D. None of these
Answer» B. Company Info
38.

Which shortcut key is pressed to go to company Info. Menu from Gateway of Tally?

A. Alt+F4
B. Alt+F2
C. Alt+F1
D. Alt+F3
Answer» D. Alt+F3
39.

Which key is pressed to go to Gateway of Tally from company Info. Menu?

A. Ctrl
B. Alt
C. Esc
D. Enter
Answer» C. Esc
40.

Which option is used in Tally to make changes in created company?

A. Select Company
B. Shut Company
C. Alter
D. None of these
Answer» C. Alter
41.

Which option from Company Info. menu is selected to create a new Company in Tally?

A. Company Create
B. Create Company
C. Create
D. New Company
Answer» B. Create Company
42.

Which option is selected from Company Info Menu to divide company data into two financial years?

A. Change Tally Vault
B. Alter
C. Split Company Data
D. New Company
Answer» C. Split Company Data
43.

Which option is used to copy company’s data into pen drive or CD?

A. Backup
B. Restore
C. Split Company Data
D. Copy Data
Answer» A. Backup
44.

Which option is used to place data taken in pen drive or CD to Appropriate place in Tally?

A. Backup
B. Restore
C. Split Company Data
D. None of these
Answer» B. Restore
45.

Which option is used to open company created in Tally?

A. Create Company
B. Alter
C. Select Company
D. Shut Company
Answer» C. Select Company
46.

Which option is used in Tally to close opened Company?

A. Alter
B. Shut Company
C. Create Company
D. Select Company
Answer» B. Shut Company
47.

Which shortcut key is used to take print of any report in Tally?

A. Ctrl+P
B. Shift+P
C. Alt+P
D. Alt+Ctrl+P
Answer» C. Alt+P
48.

Which shortcut key is used to export data of any company in Microsoft Excel spreadsheet or in any other company?

A. Alt+P
B. Alt+E
C. Alt+O
D. Alt+S
Answer» B. Alt+E
49.

Which shortcut key is used for Select Company in Tally?

A. F1
B. Alt+F1
C. F3
D. Alt+F3
Answer» C. F3
50.

Which shortcut key is used to shut opened company in Tally?

A. F1
B. Alt+F1
C. F3
D. Alt+F3
Answer» B. Alt+F1

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