List of practice Questions

A bill of exchange consists of:
Balance Sheet shows:
Closing Stock is shown on the_____.
Excess of debit in Profit and Loss Account is called:
Generally, incomplete records are maintained by______.
If capital at the end of the year is Rs. 40,000; Additional Capital introduced during the year Rs. 30,000; drawing for the year Rs. 20,000 and loss for the year is Rs. 60,000, then capital at the beginning of the year was:
A bank reconciliation statement is -
A Pass Book is a copy of
Credit balance as per Cash Book was Rs. 30,000, cheque deposited Rs. 5,000 were not credited by bank and cheque issued Rs. 7,000 were not presented for payment. What will be the resulting balance as per Bank Statement?
Gross profit of the firm was Rs. 1,20,000. There were salary of staff Rs. 50,000 and interest received Rs. 40,000. Net Profit will be
Gross profit of the firm was Rs. 5,00,000. Which of the following will result in an increase of Net Profit?
When Bank Reconciliation Statement is prepared with credit balance as per Pass Book, the balance derived will be:
A bill dated 1st February, 2023 is payable three months after date. The maturity date of the bill will be:
Depreciation is provided in S.L.M. on cost of:
Estimated sale value of an asset after its working life is called:
Statement-I: Bank Reconciliation Statement is prepared annually to reconcile balance as per Cash Book with balance as per Bank Statement. Statement-II: Bank Reconciliation statement is prepared by the bank and also the account holder.
The Bill receivable account is a/an:
Which of the following transaction will be added while preparing Bank Reconciliation statement when debit balance as per Cash Book is given?
A company spent Rs. 20,000 on painting of its building. It should be recorded as:
Cost incurred for the maintenance of a shop is considered as:
Depreciation will be charged on which of the following?
On 1st April, 2022 S. Ltd. purchased a Truck costing Rs. 16,00,000. Depreciation was to be charged @ 12% p.a. by written down value method. What will be the book value of the Truck on 31st March 2023?
On 1st September 2022, A Ltd. purchased a machine costing Rs. 8,00,000. Depreciation was to be charged @ 15% p.a. by straight-line method. What amount of depreciation will be charged for the year ending on March 31, 2023?
The value of a fixed asset after deducting depreciation from the historical cost is called:
Which of the following is not true about Capital Expenditure?