Fundamentals Of Accounting And Auditing - Accounting And Auditing Section 1

Avatto > > CS foundation > > PRACTICE QUESTIONS > > Fundamentals Of Accounting And Auditing > > Accounting And Auditing Section 1

21. Human resources will not appear in the balance sheet according to ______ concept.

A
Accrual
B
Going concerned
C
Money measurement concept
D
None

Answer
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Option : C
Explanation :

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22. Provision for discount on debtors is calculated on the number of debtors.

A
Before deducting provision for doubtful debts.
B
After deducting provision for doubtful debts.
C
Before deducting actual debts and provision for doubtful debts.
D
After adding actual bad and doubtful debts.

Answer
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Option : B
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23. Which of the following is not a Real Account?

A
Cash A/c
B
Investments A/c
C
Outstanding rent A/c
D
Purchases A/c

Answer
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Option : C
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24. Value of goods withdrawn by the proprietor for his personal use should be credited to ____

A
Capital A/c
B
Sales A/c
C
Drawings A/c
D
Purchases A/c

Answer
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Option : D
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25. Which of the following is incorrect?

A
Good will intangible asset
B
Sundry debtors - current asset
C
Loose tools tangible fixed asset
D
Outstanding expenses -current asset.

Answer
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Option : D
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