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    List of Attempted Questions and Answers

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    api-3699463
    This document contains examples of accounting questions and answers related to financial statements, rectification entries, cost accounting methods, and the purpose of trading accounts. It includes multiple choice, true/false, and fill in the blank questions along with the correct answers provided for comparison to the user's answers. The questions cover topics such as balance sheets, bad debt recovery, salary payment entries, overhead apportionment methods, time rate differentials, types of journal entries, and analyzing business performance through trading accounts.

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    List of Attempted Questions and Answers

    Uploaded by

    api-3699463
    28 views3 pages
    This document contains examples of accounting questions and answers related to financial statements, rectification entries, cost accounting methods, and the purpose of trading accounts. It includes multiple choice, true/false, and fill in the blank questions along with the correct answers provided for comparison to the user's answers. The questions cover topics such as balance sheets, bad debt recovery, salary payment entries, overhead apportionment methods, time rate differentials, types of journal entries, and analyzing business performance through trading accounts.

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    Shilpa

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    This document contains examples of accounting questions and answers related to financial statements, rectification entries, cost accounting methods, and the purpose of trading accounts. It includes multiple choice, true/false, and fill in the blank questions along with the correct answers provided for comparison to the user's answers. The questions cover topics such as balance sheets, bad debt recovery, salary payment entries, overhead apportionment methods, time rate differentials, types of journal entries, and analyzing business performance through trading accounts.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    28 views3 pages

    List of Attempted Questions and Answers

    Uploaded by

    api-3699463
    This document contains examples of accounting questions and answers related to financial statements, rectification entries, cost accounting methods, and the purpose of trading accounts. It includes multiple choice, true/false, and fill in the blank questions along with the correct answers provided for comparison to the user's answers. The questions cover topics such as balance sheets, bad debt recovery, salary payment entries, overhead apportionment methods, time rate differentials, types of journal entries, and analyzing business performance through trading accounts.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 3

    LIST OF ATTEMPTED QUESTIONS AND ANSWERS

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

    True/False
    Question Balance sheet is considered to be a part of the financial
    statements.
    Correct Answer True

    Your Answer True

    Multiple Choice Multiple Answer


    Question Select the appropriate rectification entries for the following
    transactions (i) Rs.200/- received in respect of a bad debt
    previously written off was credited to Debtors account. (ii) Paid
    Rs.6,000/- to a Mr. Rao, clerk, as salary in lieu of notice. This
    amount was debited to his personal account (iii) Interest @ 5%
    p.a. on a loan of Rs.5,000/- was debited to general expenses
    account.
    Correct Answer Debtors A/c ..........Dr. Rs.200/- to bad debts recovered A/c
    Rs.200/- , Rs.6,000/- to Rao's A/c Rs.6,000/- , Rs.250/- to
    General Expenses A/c Rs.250/-
    Your Answer Debtors A/c ..........Dr. Rs.200/- to bad debts recovered A/c
    Rs.200/- , Profit and Loss A/c .......... Dr. Rs.5000/- , Rs.250/- to
    General Expenses A/c Rs.250/-

    Select The Blank


    Question The most appropriate method for apportionment of overheads of
    the purchasing and stores department is percentage on
    ________.
    Correct Answer Direct Material

    Your Answer Direct Material

    Select The Blank


    Question Under Differential Time Rate method payment is made at Rs.
    1.40 per hour when the level of efficiency is between________.
    Correct Answer 90% to 100%

    Your Answer 80% to 100%

    Multiple Choice Multiple Answer


    Question Select the transactions which can be entered in the Journal
    proper :-
    Correct Answer Opening entries , Closing entries , Rectification entries

    Your Answer Opening entries , Closing entries , Average entries

    True/False
    Question Trading account is an important account which will be used to
    analyze how successful and how efficiently the firm runs its

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