Specialised Accounting VVI MCQs Objective question Answers PDF

Special Accountancy Account hons VVI Objective question for Account hons exam. top vvi account objective question for Account hons.

Top VVI Objective question for Specialised Accounting Account Hons VVI Objective question in English.

1. For non-trading organization Honorariums :

1. A capital Expenditure
2. A Revenue Expenditure
3. An Income
4. None of these

2. Legacies should be treated as

1. A liability
2. A revenue receipts
3. An Income
4. None of these

3. Life membership fees received by club is shown in :

1. Income and Expenditure Account
2. Balance sheet
3. Receipts and payments Account
4. None of these

4.The excess of assets over liabilities in non-trading concerns is treated as :

1. Capital fund
2. Capital
3. Profit
4. Net-Profit

5. In non-trading concerns excess of Income over expenditure is called

1. Profit
2. Surplus
3. Loss
4. Deficit

6. The interest on Partner’s Capital Account is to be credited to ;

1. Profit & Loss Account
2. Interest Account
3. Partner’s Capital Account
4. None of these

7. The Interest on Partner’s drawing is debited to :

1. Partner’s capital Account
2. Profit & Loss Account
3. Drawing Account
4. Profit & Loss App.. Account

8. Good will is :

1. Tangible Assets
2. Intasngible Assets
3. Current Assets
4. None of these

9. On the admission of a new partners increase in the value of asset is debited to :

1. Revaluation Account
2. Assets Account
3. Old Partner’s Account
4. None of These

10. Interest on Partner’s capital is calculated on :

1. Capital in the beginning
2. Capital at the end
3. Average Capital
4. None of these

11. A, B and C are three partner sharing profits and losses in the ration of 4:3:2 D is admitted for 1/10 share, the new ration will be :

1. 10:7:7:4
2. 5:3:2:1
3. 4:3:2:1
4. None of these

12. Under the provision of companies Act. a company can issue :

1. Only Equity shares
2. Only preference shares
3. Both
4. Preference shares, Equity shares and Deferred shares

13. Balance of forfeited shares A/c after reissue of forfeited shares is transferred to :

1. Profit & Loss Account
2. Capital Reserve Account
3. General Reserve Account
4. None of these

14. Equity shareholder are :

1. Creditors
2. Owners
3. Customers of the company
4. None of these

15. Debenture is a :

1. Loan certificate
2. Cash certificate
3. Credit certificate
4. None of these

16. Payment of credit balance of partner’s capital accounts at the time of dissolution of a firm is made to :

1. Partners
2. Firm
3. Wife
4. None of these

17. Discount on issue of debentures is :

1. Fixed Assets
2. Current Assets
3. Real Assets
4. Fictitious Assets

18. Financial Statements are :

1. Anticipated Facts
2. Recorded facts
3. Etiolated facts
4. None of these

19. Comparative statements are also known as :

1. Dynamic Analysis
2. Horizontal Analysis
3. Vertical Analysis
4. External Analysis

20. The term “current assets” does not include :

1. Stock
2. Debtors
3. Car
4. All of these

21. Which on of the following in not a not-cash item :

1. Cash Sales
2. Goodwill written off
3. Depreciation
4. Prevision for bad debts

22. The excess of assets over liabilities is none trading concerns is termed as :

1. Capital fund
2. Capital
3. Profit
4. None of these

23. Life membership fees of non-trading concerns is

1. Capital receipts
2. Revenue Receipts
3. Both a and b
4. None of these

24. All receipts of capital nature are shown in :

1.  Income Expenditure account
2. Balance sheet
3. Receipts and payments Account
4. Trading account

25. for a non-trading concern, honorarium is :

1. an Income
2. an asset
3. an expense
4. none of these