Subject Code: 2 5 3

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Pre-Test-2022_Accounting_MCQ_EV_ Sample Questions

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Subject Code: 2 5 3 BAF Shaheen College Dhaka

Pre-Test-2022

Subject: Accounting 1^st Paper MCQ Question 1. When the balances are transferred these are called ⎯

a C/F b B/F c C/O d C/D

2. Mr. Amin started business with cash Tk. 50,000 and furniture of Tk. 70,000. Goods sold to Mr. Madhoo Tk. 4000 and House Rent paid Tk. 5,000, what the balance of cash?

i. Tk. 55000 ii. Tk. 50000 iii. Tk. 45,000 Which one is correct?

a i b ii c iii d ii and iii 3. The balance of an account is meaning ⎯

a The summation of both sides b Difference between both sides c Summation of one side d The equalization of both side

4. The reason to differentiate between trade discount and cash discount is ⎯ i. Cash discount is relevent with business but trade discount is not ii. Tradd discount is not subjected to be recorded but the cash discount is

iii. Cash discount changes the situation of financial situation but trade discount does not Which one is correct?

a i and ii b i and iii c ii and iii d i, ii and iii

5. From purchasing goods up to selling period is called ⎯ a Accounting cycle b Accounting year c Operating period d Fiscal year 6. Which of the followings are not accounts?

a Leader, Trial balance b Trial balance; Balance sheet c Final account, Balance sheet d Ledger, balance sheet

7. To confirm the mathematical prove or correction which one of the following is prepared ⎯ a Trial balance b Ledger

c Adjusted trial balance d Balance sheet 8. If the owner pays any expense of the business ⎯

a Capital ⎯ cr b Cash ⎯ cr.

c Owners equity decreases d Creditors ⎯ cr.

9. Furniture purchase Tk. 2500. Carriage paid Tk. 500. Furniture will be debited ⎯ i. Tk. 2000 ii. tk. 2500 iii. Tk. 3000

Which one is correct?

a i b ii c iii d i and iii

10. Cash received Tk. 57000. Discount allowed 5%. What is the amount of discount?

i. tk. 2850 ii. Tk. 3000 iii. Tk. 3250 Which one is correct?

a i b iii c iii d ii and iii

11. Which one of the following is creating balance in cash book?

i. Cash Column ii. Bank Column iii. Discount Column

12. Mr. Alam received a cash cheque Tk. 5800 in full settlement of Tk. 6000 and paid to his creditors. The transaction will be posted at bauble column cash book ⎯

i. at Debit & Cridit side bank column Tk. 5,800 ii. at Debit & Cridit side cash column Tk. 5,800

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Pre-Test-2022_Accounting_MCQ_EV_ Sample Questions

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iii. at Debit & side discount column Tk. 200

13. Bank Tk. 20,000; closing stock Tk. 36,000 purchase Tk. 1,36,000, Sales Tk. 2,88,000, Wages & salary Tk.

27,000, Furniture Tk, 86,000, Capital Tk. 1,90,000. How much money will be posted at debit side of trial balance?

a Tk. 4,78,000 b Tk. 2,69,500 c Tk. 2,69,000 d Tk. 2,65,000

14. Azim enterprise prepared a trial balance but the summation of bath side was not equal. Why?

a Bills payable was credited

b Opening cash and bank was debited c Discount received was credited d Depreciation was credited

15. A transaction of Tk. 500 was wrongly recorded at Tk. 50. What sort of error is it?

a Error of commission b Error of Omission c Error of principle d Error of misposting

16. If the bill of exchange is dishonoured, how many entries should be written in each party’s book?

a 5 b 3 c 2 d 1

17. Noting charge ─

i. Should be debited in drawer’s book.

ii. is a cost for recording note for a dishonoured bill.

iii. is being paid to refaree Which one is correct ?

a i & ii b ii & iii c i & iii d i, ii & iii 18. ‘Bill is honoured’ means ─

i. the bill was duly accepted.

ii. the money was duly paid

iii. settelment between the concerning parties.

Which one is correct ?

a i & ii b i & iii c ii & iii d i, ii & iii

From the following stem answer question no. 4 & 5 :

Before adjusting any bad debts the debtors balance was Tk. 2050. Opening provision for bad debts is Tk. 1850. Bad debt’s Tk. 500. 10% provision for bad debts and 5% provision for discount allowed is maintained.

19. What is the amount of discount reserve?

a Tk. 2050 b Tk. 2000

c Tk. 905 d Tk. 900

20. How much amount should be debited at the debit side of profit and loss account as net provision for bad debts?

a Tk. 550 b Tk. 600 c Tk. 650 d Tk. 700

21. In 2011 Tk. 12000 was recorded as bad debts, and in the following year 67 paisa per taka of that bad debts was collected. So the journal will be─

a Cash A/C Dr. 8040

Sunday income A/C cr. 8040 b Cash A/C Dr. 3960

Bad debts recovered A/C Cr. 3960 c Cash A/C Dr. 8040

Bad debts recovered A/C Cr. 8040 d Cash A/C Dr. 11700

Profit & loss A/C Cr. 11700

22. Shawn and Awal are sharers in a partnership business sharing profits and losses 2:1. They have taken Mahbub as a new partner on 1/10^th of the partnership. So what will be their new profit sharing ratio?

a 6 : 3 : 1 b 5 : 3 : 2 c 3 : 6 : 1 d 2 : 3 : 6

23. A partner will get 10% commission on net profit. But this commission will be charged on the profit after charging his commission. At year ending the net profit was Tk. 1,10,000. So, how much will be the commission?

a Tk. 2550 b Tk. 5500

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c Tk. 10,000 d Tk. 11,000

24. What is being determined by adjusting payables and receivables among partners?

a Real profit b Gross profit c Retained earnings d Distributable profit

25. Opening stock of finished goods 1000 units and closing stock 800 units. Sold units 6200. Manufacturing cost Tk.

30,000. What is the amount of manufacture cost per unit?

a Tk. 4 b Tk. 5 c Tk. 6 d Tk. 7

26. To operate the company business the money needed is called a Capital b Share capital c Reserve d Cash

27. The determined price of share is called─

i. Per value ii. recorded value iii. Face value Which one is correct ?

28. When the money of call is collected and few of the money remains due ─ i. Bank A/C should be debited

ii. Calls-in-arrear should be debited iii. Share capital A/C should be credited Which one is correct ?

29. Under modern method which one of the following is prepared to calculate net profit of the business?

a Trading A/C b Profit & loss A/C c Income statement d Retained earnings A/C

30. In a trial balance ─ purchase Tk. 56,150 ; purchase return Tk. 1500, and in adjustment the unrecorded purchase is given Tk. 2850. 15% Vat was included in purchase. So, what is the amount of Vat should be purchase VAT?

a Tk. 4,350 b Tk. 6,000

c Tk. 7500 d Tk. 9000