useful for students

1. MANAGEMENT
ACCOUNTING
ACCOUNTING
QUIZ

2. ROUND 01

3. QUESTION 1
RECOGNITION OF EXPENSES IN THE SAME PERIOD AS
ASSOCIATED REVENUE IS CALLED __________ CONCEPT
OR CONVENTION
A. GOING CONCERN CONCEPT
B. MONEY MEASUREMENT CONCEPT
C. CONSISTENCY CONVENTION
D. MATCHING CONCEPT
ACCOUNTING AVENGERS 3

4. QUESTION 2
IF A FIRM RECEIVES AN ORDER FOR GOODS, IT WOULD
NOT BE INCLUDED IN THE SALES FIGURE OWING TO THE
A. OBJECTIVITY CONCEPT
B. COST CONCEPT
C. ACCOUNTING PERIOD CONCEPT
D. REVENUE RECOGNITION CONCEPT
ACCOUNTING AVENGERS 4

5. QUESTION 3
CASH BOOK IS A _____ JOURNAL
A. ORDINARY JOURNAL
B. SPECIAL JOURNAL
C. NORMAL JOURNAL
D. SUPER SPECIAL JOURNAL
ACCOUNTING AVENGERS 5

6. QUESTION 4
_________ HELPS TO ENSURE THE ACCURACY AND
COMPLETENESS OF ITS FINANCIAL REPORTING
A. LEDGER
B. TRIAL BALANCE
C. JOURNAL
D. BALANCE SHEET
ACCOUNTING AVENGERS 6

7. QUESTION 5
IS THE TOTAL OF DEBIT AND CREDIT SIDE OF TRIAL
BALANCE THE SAME ?
A. NO, THERE ARE SOME TIMES GOOD REASON WHY
THEY DIFFER
B. YES, ALWAYS
C. YES, EXACTLY WHERE THE TRIAL BALANCE IS
EXTRACTED AT THE YEAR END
D. NO, BECAUSE IT IS NOT A BALANCE SHEET
ACCOUNTING AVENGERS 7

8. QUESTION 6
________ ARE USED TO RECORD AND ORGANIZE SPECIFIC
TYPES OF TRANSACTIONS IN A BALANCE SHEET
A. SUBSIDIARY BOOK
B. CASH BOOK
C. PURCHASE BOOK
D. SALES BOOK
ACCOUNTING AVENGERS 8

9. ROUND 02

10. QUESTION 1
WHICH OF THE FOLLOWING ERRORS WILL NOT AFFECT
THE TRIAL BALANCE AGREEMENT
A. INCORRECT ACCOUNT BALANCE
B. POSTING OF AMOUNT IN WRONG SIDE
C. INCORRECT CASTING OF SUBSIDIARY BOOKS
D. COMPLETELY OMITTING AN ENTRY FROM THE
SUBSIDIARY BOOK
ACCOUNTING AVENGERS 10

11. QUESTION 2
YOU ARE A SENIOR ACCOUNTANT OF RAMRAJ
ENTERPRISE LIMITED. WHAT 3 STEPS WOULD YOU TAKE
TO MAKE YOUR COMPAN’S FINANCIAL STATEMENT
UNDERSTANDABLE AND DECISION USEFUL ?
A. RELIABILITY
B. RELAVANCE
C. UNDERSTANDABILITY
D. COMPARABILITY
ACCOUNTING AVENGERS 11

12. QUESTION 3
__________ IS AN ESSENTIAL COMPONENT OF ANY
ACCOUNTING SYSTEM WHICH PROVIDES A DETAILED
RECORD OF A COMPANY’S FINANCIAL TRANSACTIONS
A. BALANCE SHEET
B. LEDGER
C. INCOME STATEMENT
D. SUBSIDIARY BOOKS
ACCOUNTING AVENGERS 12

13. QUESTION 4
IF A FIRM BELIEVES THAT SOME OF ITS DEBTORS MAY
‘DEFAULT’, IT SHOULD ACT ON THIS BY MAKING SURE
THAT ALL POSSIBLE LOSSES ARE RECORDED IN THE
BOOKS.
THIS IS AN EXAMPLE OF ________ PRINCIPLE
A. BUSINESS ENTITY PRINCIPLE
B. CONSERVATISM PRINCIPLE
C. DUAL ASPECT PRINCIPLE
D. FULL DISCLOSURE PRINCIPLE
ACCOUNTING AVENGERS 13

14. QUESTION 5
RETURN OF GOODS PURCHASED ON CERDIT TO THE
SUPPLIER WILL BE ENTERED IN ________ JOURNAL
A. SALES RETURN JOURNAL
B. PURCHASE JOURNAL
C. PURCHASE RETURN JOURNAL
D. CASH JOURNAL
ACCOUNTING AVENGERS 14

15. QUESTION 6
EVERYTHING A FIRM OWNS, IT ALSO OWNS OUT TO
SOMEBODY. THIS CO-INCIDENCE IS EXPLAINED BY THE
________
A. CONSISTENCY CONVENTION
B. BUSINESS ENTITY CONCEPT
C. MATERIALITY CONVENTION
D. DUAL ASPECT CONCEPT
ACCOUNTING AVENGERS 15

16. QUESTION - 7
The concept or convention
requires that accounting transaction
should be free from the bias of
accountants and others.
A.Objectivity concept
B.Revenue recognition concept
C.Going concern concept
D.Accounting period concept.

17. QUESTION-8
When a company sales goods on
credit to the customer, it is recorded
as bills receivable, it is the example of
which concept.
A.Realization concept
B.Accounting cost concept
C.Accrual concept
D.Matching concept

18. QUESTION-9
From the following transactions which is the example
for realization concept?
A.Ajay thinks of buying a polo car which cost ₹ 7 lakh
B.Ajit is planning to sell his building ₹ 1 crore
C.Anil purchased a machinery of ₹ 20000
D.Santosh promises his employer that he will increase
their salary by 10%.

19. ROUND 03
19

20. QUESTION 1
DURING THE LIFETIME OF AN ENTITY ACCOUNTING
PRODUCE WITH WHICH BASIC ACCOUNTING CONCEPT
A. CONSERVATISM CONVENTION
B. MATCHING CONCEPT
C. ACCOUNTING PERIOD CONCEPT
D. NONE OF THE ABOVE
ACCOUNTING AVENGERS 20

21. QUESTION 2
DEEPA WANTS TO BUY A BUILDING TODAY. WHICH OF THE
FOLLOWING IS RELEVANT DATA FOR HER DECISION ?
A. SIMILAR BUILDING COST IN AUGUST 2005 Rs. 25 LAKHS
B. BUILDING COST DETAILS OF 1995
C. BUIDLING COST DETAILS OF 2003
D. SIMILAR BUSINESS ACQUIREDTHE REQUIRED
BUILDING IN 2000 WITH Rs. 10,00,000
ACCOUNTING AVENGERS 21

22. QUESTION 3
WHICH QUANTITATIVE CHARACTERISTICS OF
ACCOUNTING REFLECTED WHEN ACCOINTING
INFORMATION CLEARLY PRESENTED
A. UNDERSTANDABILITY
B. COMPARABILITY
C. RELEVANCE
D. RELIABLITY
ACCOUNTING AVENGERS 22

23. QUESTION 4
USE OF COMMON UNITS OF MEASUREMENT AND
COMMON FORMAT OF REPORTING PROMOTES ________
A. COMAPRABILITY
B. RELEVANCE
C. UNDERSTANDABILITY
D. RELIABILITY
ACCOUNTING AVENGERS 23

24. QUESTION 5
A CREDITOR IS NOT MOST LIKELY TO USE AN ENTITIES
FINANCIAL REPORT TO DETERMINE WHETHER OR NOT
THE BUSINESS ENTITY IS ELIGIBLE FOR LOAN
TRUE OR FALSE
ACCOUNTING AVENGERS 24

25. QUESTION 6
AB & Co. HAS A CAPITAL OF Rs. 50,000. ITS LIABILITIES ARE
EQUAL TO 75% OF ITS ASSETS. THE LIABILITIES OF AB &
Co. ARE
A. Rs. 1,20,0000
B. Rs. 1,75,000
C. Rs.1,50,000
D. Rs.2,00,000
ACCOUNTING AVENGERS 25

26. THANK YOU ABID KHAN
BHARATH HS
DHARSHINI R
TASMIYA KOUSAR
VEENA G P
VISHWAS S V