Accounting For Managers MCQS With Answers 51 to 60

 

Accounting For Managers

51. Which one of the following is not an example of Intangible Assets?

1. Patents
2. Trade Marks
3. Copyright
4. Land

Correct answer: (D)
Land

52. Creating provision against fluctuation in the price of investment is application of accounting concept

1. Convention of conservatism
2. Convention of full disclosure
3. Convention of consistency
4. None of these

Correct answer: (A)
Convention of conservatism

53. Debit what come in Credit what goes out rule for

1. Real a/c
2. Personal a/c
3. Nominal a/c
4. None of these

Correct answer: (A)
Real a/c

54. The following comments each relate to the recording of journal entries. Which statement is true?

1. For any given journal entry, debits must exceed credits.
2. It is customary to record credits on the left and debits on the right.
3. The chart of accounts reveals the amount to debit and credit to the affected accounts.
4. Journalization is the process of converting transactions and events into debit/credit format.

Correct answer: (D)
Journalization is the process of converting transactions and events into debit/credit format.

55. Going concern concept assumes

1. Business as a dissolving concern
2. Business on relishing values
3. Business as a going concern
4. Asset = liability

Correct answer: (C)
Business as a going concern

56. Management Accounting relates to

1. Recording of accounting data
2. Recording of cost data
3. Presentation of account data
4. None of the above

Correct answer: (C)
Presentation of account data

57. Which items does not come under the balance sheet

1. sales
2. Share capital
3. Reserves and surplus
4. Unsecured loan

Correct answer: (A)
sales

58. Which of the following is not related with Money Measurement Concept ?

1. All business transaction should be expressed only in money
2. The transactions which cannot be expressed in money, will not be recorded in accounting books
3. Business is treated as separate from the proprietor
4. None of These

Correct answer: (B)
The transactions which cannot be expressed in money, will not be recorded in accounting books

59. Depreciation is a charge against

1. Profit
2. Assets
3. Company
4. Books of A/c

Correct answer: (A)
Profit

60. Fixed assets and current assets are categorized as per concept of:

1. Separate entity
2. Going concern
3. Consistency
4. Time period

Correct answer: (B)
Going concern

Accounting For Managers

Wednesday, December 29, 2021

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