Management Accounting 5

True/False
Question
Balance sheet indicates the financial status of the business at given period.
Correct Answer True
Your Answer True

True/False
Question
Accounting refers to the process of analyzing & interpreting the information already recorded in the books of accounts.
Correct Answer True
Your Answer True

True/False
Question
Accounting is an art of recording, classifying & summarizing in a significant manner.
Correct Answer True
Your Answer True

True/False
Question
Profitability statement indicates the amount of assets & liabilities.
Correct Answer False
Your Answer False

Match The Following
Question
Correct Answer
Your Answer
Accounting
Process of analyzing & interpretation
Process of analyzing & interpretation

Profitability statement
Indicates the amount of profit earned
Indicates the amount of profit earned

Balance-sheet
Financial status
Financial status

Book-Keeping
Books of Accounts
Books of Accounts

Financial statement
Profitability statement & Balance-sheet
Profitability statement & Balance-sheet

Match The Following
Question
Correct Answer
Your Answer

Bills Payable
Amount payable to supplier
Amount payable to supplier

Bills Receivable
Amount received from the customer
Amount received from the customer

Trade Discount
Not accounted for in the books of Accounts
Not accounted for in the books of Accounts

Cash Discount
Accounted for in the books of Accounts
Accounted for in the books of Accounts

Bad debts
Amount not received from customer
Amount not received from customer

True/False
Question
Real Accounts may also consist the accounts of some intangible assets like Goodwill Account
Correct Answer True
Your Answer True

True/False
Question
The rate at which the depreciation is to be calculated are also specified in the Income Tax Act 1961.
Correct Answer True
Your Answer True

Multiple Choice Multiple Answer
Question
Cash and---------------are the two systems of accounting.
Correct Answer
Mercantile
Your Answer
Mercantile

Multiple Choice Multiple Answer
Question
P/L A/C debit side includes
Correct Answer
salary , discount allowed , postage & telegram
Your Answer
salary , postage & telegram

Multiple Choice Multiple Answer
Question
Trading a/c credit side includes
Correct Answer sales , goods lost by fire , closing stock
Your Answer sales , goods lost by fire , closing stock

Multiple Choice Single Answer
Question
Amit sold Goods to Atul for Rs. 50,000 on cash & Rs. 50,000 on credit basis & allowed 10% discount on on the spot transaction. Cash Account debited to Rs. _____________
Correct Answer 45,000
Your Answer 45,000

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