General knowledge(GK) MCQs: multiple choice questions and answers,Mock Tests and Practice Papers

Question:

 If debit side of receipt and payment account exceeds credit it represents __________

1.Cash at bank

2.Bank overdraft

3.Deficit balance

4.Surplus balance

Posted Date:-2022-01-03 07:11:30

Question:

 Lighting expenses should be divided among the different departments on the basis of _________

1.light points

2.HP of machine

3.sales ratio

4.floor are

Posted Date:-2022-01-03 07:11:30

Question:

 Loss of usefulness occasioned by improved production methods is known as_______

1.physical deterioration

2.obsolescence

3.disuse

4.inadequacy

Posted Date:-2022-01-03 07:11:30

Question:

 Power expenses should be divided among the different departments on the basis of _____

1.light points

2.HP of machine

3.sales ratio

4.floor are

Posted Date:-2022-01-03 07:11:30

Question:

 The balance in the asset account will not be reduced to zero under this method _____

1.straight line method

2.written down value metho

3.annuity metho

4.depreciation fund metho

Posted Date:-2022-01-03 07:11:30

Question:

 The permanent continuing and gradual shrinkage in the book value of a fixed asset is called _______

1.depreciation

2.appreciation

3.reduction

4.computation

Posted Date:-2022-01-03 07:11:30

Question:

 Under depreciation fund method depreciation is charged to ______

1.profit and loss account

2.trading account

3. balance sheet

4.p & l appropriation account

Posted Date:-2022-01-03 07:11:30

Question:

An advance receipt of subscription from a member of the non-profit organization is considered as an __________

1.Expense

2.Liability

3.Equity

4.Asset

Posted Date:-2022-01-03 07:11:30

Question:

Carriage inward expenses should be divided among the different departments on the basis of ___________

1.light points

2.purchase value

3.sales ratio

4.floor are

Posted Date:-2022-01-03 07:11:30

Question:

Deficit balance can be shown in balance sheet as

1.Liability

2.Assets

3.Owner s equity

4.None of above

Posted Date:-2022-01-03 07:11:30

Question:

Depreciation applies to________

1.current assets

2.wasting assets

3.intangible assets

4.fixed assets

Posted Date:-2022-01-03 07:11:30

Question:

Depreciation arises because of_____

1.fall in the market value of an asset

2.physical wear and tear

3.fall in the value of money

4.rise in the value of money

Posted Date:-2022-01-03 07:11:30

Question:

Depreciation fund is also called ______

1.reserve fun

2.compensation fun

3.workers fun

4.sinking fun

Posted Date:-2022-01-03 07:11:30

Question:

Depreciation is a process of _________

1.valuation

2.reductionallocation

3.allocation

4.appreciation

Posted Date:-2022-01-03 07:11:30

Question:

Depreciation is charged on the_________

1.market value

2.Depreciable value

3.purchase value

4.sale value

Posted Date:-2022-01-03 07:11:30

Question:

Depreciation is charged on_________

1.continuous basis

2.temporary basis

3.daily basis

4.monthly basis

Posted Date:-2022-01-03 07:11:30

Question:

Diminishing balance method is also called _________

1.written down value method

2.annuity metho

3.depreciation fund metho

4.Fixed installment metho

Posted Date:-2022-01-03 07:11:30

Question:

ESI PF payable by employer should be divided among the different departments on the basis of ________

1.number of worker in each department

2.number of machines in each department

3.wages of each department

4.floor area occupied by each department

Posted Date:-2022-01-03 07:11:30

Question:

Estimated sale value of the asset at the end of its economic life is known as _____

1.purchase value

2.market value

3.written down value

4.residual value

Posted Date:-2022-01-03 07:11:30

Question:

Expenses which can be directly identified with or incurred for particular department are called __________

1.direct expenses

2.indirect expenses

3.monthly expenses

4.weekly expenses

Posted Date:-2022-01-03 07:11:30

Question:

Expenses which cannot be identified with a particular department are called_______

1.direct expenses

2.indirect expenses

3.monthly expenses

4.weekly expenses

Posted Date:-2022-01-03 07:11:30

Question:

Factory manger s salary should be divided among the different departments on the basis of _____________

1.time devoted to each department

2. time spent in each department

3.time assigned to each department

4. time wasted in each department

Posted Date:-2022-01-03 07:11:30

Question:

Fire insurance and repairs on assets should be divided among the different departments on the basis of _________

1.light points

2.HP of machine

3.value of each assets

4.floor are

Posted Date:-2022-01-03 07:11:30

Question:

If debit side of income and expenditure account is greater it is termed as

1.Excess of income over expenditure

2.Net income

3.Surplus balance

4.Deficit balance

Posted Date:-2022-01-03 07:11:30

Question:

If the asset is sold the provision for depreciation relating to the asset sold is transferred to _______

1.asset account

2.liability account

3.P & L account

4.trading account

Posted Date:-2022-01-03 07:11:30

Question:

Income and expenditure account is based on _________
 
 Accrual accounting

1.Cash accounting

2.Accrual accounting

3.Government accounting

4.Management accounting

Posted Date:-2022-01-03 07:11:30

Question:

Income tax authorities recognize this method ______

1.straight line method

2.written down value metho

3.annuity metho

4.depreciation fund metho

Posted Date:-2022-01-03 07:11:30

Question:

Mines quarries oilfields and forest are example of _______

1.fixed assets

2.current assets

3.wasting assets

4.intangible assets

Posted Date:-2022-01-03 07:11:30

Question:

Provision for depreciation account appears on the _______

1.Asset side

2.Liability side

3.P & L account debit side

4.P & L account credit side

Posted Date:-2022-01-03 07:11:30

Question:

Reciept and payment account includes _________

1.Revenue items

2. Capital items

3. Both capital and revenue items

4.None of above

Posted Date:-2022-01-03 07:11:30

Question:

Rent and rates should be divided among the different departments on the basis of ____

1.light points

2.HP of machine

3.sales ratio

4.floor are

Posted Date:-2022-01-03 07:11:30

Question:

Repairs to buildings maintenance of premises should be divided among the different departments on the basis of _________

1.light points

2.HP of machine

3.sales ratio

4.floor are

Posted Date:-2022-01-03 07:11:30

Question:

Selling expenses should be divided among the different department on the basis of _______

1.light points

2.HP of machine

3.sales ratio

4.floor are

Posted Date:-2022-01-03 07:11:30

Question:

The amount of depreciation charged on machinery will be debited to_____

1.machinery account

2.depreciation account

3.cash account

4.bank account

Posted Date:-2022-01-03 07:11:30

Question:

The asset account appears in the books at original cost when a ______

1.P & L account is maintaine

2.balance sheet is maintaine

3.provision for depreciation account is

4.maintaine

Posted Date:-2022-01-03 07:11:30

Question:

The control of non-trading concern rest in the hand of

1.Directors

2.Managing agents

3.Governing body

4.Promoters

Posted Date:-2022-01-03 07:11:30

Question:

The difference between the book value at the beginning and at the end (revaluation amount) is __________

1.depreciation

2.appreciation

3.reduction

4.computation

Posted Date:-2022-01-03 07:11:30

Question:

The main objective of providing depreciation is _______

1.to calculate true profit

2.to calculate financial position

3.to reduce tax burden

4.to reduce profit

Posted Date:-2022-01-03 07:11:30

Question:

The main source of income for non-trading concern is _________

1.Subscription

2.Sales

3.Dividend on investment

4.entrance fee

Posted Date:-2022-01-03 07:11:30

Question:

The receipts and payments account of a non-profit organization is a __________

1.Nominal account

2.Real account

3.Income statement account

4.Financial statement

Posted Date:-2022-01-03 07:11:30

Question:

Under annuity method the amount of depreciation is found out from _____

1.log tables

2.sinking fund tables

3.annuity tables

4.present value tables

Posted Date:-2022-01-03 07:11:30

Question:

Under depreciation fund method the amount of depreciation is calculated with reference to ________

1.log tables

2.sinking fund tables

3.annuity tables

4.present value tables

Posted Date:-2022-01-03 07:11:30

Question:

Under the diminishing balance method depreciation is calculated on____

1.original value

2.written down value

3.scrap value

4.market value

Posted Date:-2022-01-03 07:11:30

Question:

Under the straight line method of charging depreciation depreciation ____

1.increases every year

2.decreases every year

3. is constant

4.fluctuate every year

Posted Date:-2022-01-03 07:11:30

Question:

Under which method of depreciation the earlier year of the life of the asset profits are more _____

1.straight line metho

2.written down value metho

3.annuity metho

4.depreciation fund metho

Posted Date:-2022-01-03 07:11:30

Question:

Workmen s amenities and welfare expenses should be divided among the different departments on the basis of ____________

1.number of worker in each department

2.number of machines in each department

3.wages of each department

4.floor area occupied by each department

Posted Date:-2022-01-03 07:11:30

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General knowledge(GK)/ Sample Test,Sample questions

Question: If debit side of receipt and payment account exceeds credit it represents __________

Question: Lighting expenses should be divided among the different departments on the basis of _________

Question: Loss of usefulness occasioned by improved production methods is known as_______

Question: Power expenses should be divided among the different departments on the basis of _____

Question: The balance in the asset account will not be reduced to zero under this method _____

Question: The permanent continuing and gradual shrinkage in the book value of a fixed asset is called _______

Question: Under depreciation fund method depreciation is charged to ______

Question: An advance receipt of subscription from a member of the non-profit organization is considered as an __________

Question: Carriage inward expenses should be divided among the different departments on the basis of ___________

Question: Deficit balance can be shown in balance sheet as

Question: Depreciation applies to________

Question: Depreciation arises because of_____

Question: Depreciation fund is also called ______

Question: Depreciation is a process of _________

Question: Depreciation is charged on the_________

Question: Depreciation is charged on_________

Question: Diminishing balance method is also called _________

Question: ESI PF payable by employer should be divided among the different departments on the basis of ________

Question: Estimated sale value of the asset at the end of its economic life is known as _____

Question: Expenses which can be directly identified with or incurred for particular department are called __________

Question: Expenses which cannot be identified with a particular department are called_______

Question: Factory manger s salary should be divided among the different departments on the basis of _____________

Question: Fire insurance and repairs on assets should be divided among the different departments on the basis of _________

Question: If debit side of income and expenditure account is greater it is termed as

Question: If the asset is sold the provision for depreciation relating to the asset sold is transferred to _______

Question: Income and expenditure account is based on _________ Accrual accounting

Question: Income tax authorities recognize this method ______

Question: Mines quarries oilfields and forest are example of _______

Question: Provision for depreciation account appears on the _______

Question: Reciept and payment account includes _________

Question: Rent and rates should be divided among the different departments on the basis of ____

Question: Repairs to buildings maintenance of premises should be divided among the different departments on the basis of _________

Question: Selling expenses should be divided among the different department on the basis of _______

Question: The amount of depreciation charged on machinery will be debited to_____

Question: The asset account appears in the books at original cost when a ______

Question: The control of non-trading concern rest in the hand of

Question: The difference between the book value at the beginning and at the end (revaluation amount) is __________

Question: The main objective of providing depreciation is _______

Question: The main source of income for non-trading concern is _________

Question: The receipts and payments account of a non-profit organization is a __________

Question: Under annuity method the amount of depreciation is found out from _____

Question: Under depreciation fund method the amount of depreciation is calculated with reference to ________

Question: Under the diminishing balance method depreciation is calculated on____

Question: Under the straight line method of charging depreciation depreciation ____

Question: Under which method of depreciation the earlier year of the life of the asset profits are more _____

Question: Workmen s amenities and welfare expenses should be divided among the different departments on the basis of ____________

More MCQS

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Question:
If debit side of receipt and payment account exceeds credit it represents __________

Question:
Lighting expenses should be divided among the different departments on the basis of _________

Question:
Loss of usefulness occasioned by improved production methods is known as_______

Question:
Power expenses should be divided among the different departments on the basis of _____

Question:
The balance in the asset account will not be reduced to zero under this method _____

Question:
The permanent continuing and gradual shrinkage in the book value of a fixed asset is called _______

Question:
Under depreciation fund method depreciation is charged to ______

Question:
An advance receipt of subscription from a member of the non-profit organization is considered as an __________

Question:
Carriage inward expenses should be divided among the different departments on the basis of ___________

Question:
Deficit balance can be shown in balance sheet as

Question:
Depreciation applies to________

Question:
Depreciation arises because of_____

Question:
Depreciation fund is also called ______

Question:
Depreciation is a process of _________

Question:
Depreciation is charged on the_________

Question:
Depreciation is charged on_________

Question:
Diminishing balance method is also called _________

Question:
ESI PF payable by employer should be divided among the different departments on the basis of ________

Question:
Estimated sale value of the asset at the end of its economic life is known as _____

Question:
Expenses which can be directly identified with or incurred for particular department are called __________

Question:
Expenses which cannot be identified with a particular department are called_______

Question:
Factory manger s salary should be divided among the different departments on the basis of _____________

Question:
Fire insurance and repairs on assets should be divided among the different departments on the basis of _________

Question:
If debit side of income and expenditure account is greater it is termed as

Question:
If the asset is sold the provision for depreciation relating to the asset sold is transferred to _______

Question:
Income and expenditure account is based on _________ Accrual accounting

Question:
Income tax authorities recognize this method ______

Question:
Mines quarries oilfields and forest are example of _______

Question:
Provision for depreciation account appears on the _______

Question:
Reciept and payment account includes _________

Question:
Rent and rates should be divided among the different departments on the basis of ____

Question:
Repairs to buildings maintenance of premises should be divided among the different departments on the basis of _________

Question:
Selling expenses should be divided among the different department on the basis of _______

Question:
The amount of depreciation charged on machinery will be debited to_____

Question:
The asset account appears in the books at original cost when a ______

Question:
The control of non-trading concern rest in the hand of

Question:
The difference between the book value at the beginning and at the end (revaluation amount) is __________

Question:
The main objective of providing depreciation is _______

Question:
The main source of income for non-trading concern is _________

Question:
The receipts and payments account of a non-profit organization is a __________

Question:
Under annuity method the amount of depreciation is found out from _____

Question:
Under depreciation fund method the amount of depreciation is calculated with reference to ________

Question:
Under the diminishing balance method depreciation is calculated on____

Question:
Under the straight line method of charging depreciation depreciation ____

Question:
Under which method of depreciation the earlier year of the life of the asset profits are more _____

Question:
Workmen s amenities and welfare expenses should be divided among the different departments on the basis of ____________