Practice Test

1) Generally,Which of the following measurement bases are usually accepted in accounting parlance ?

2) All accounts are classified into______

3) Accounts recording transaction with a person or group of persons are known_______

4) Personal accounts is/are of the following types.

5) Accounts relating to properties or assets are known as______

6) Real account can be further classified into______

7) ________accounts represent assets and properties which can be seen,touched,felt,measured,purchased and sold.

8) Accounts relating to income,revenue,gain expenses and losses are termed as_______

9) ________accounts represent assets and properties which cannot be seen,touched or felt but they can be measured in terms of money.

10) The rule for nominal accounts is_______

11) The rule for personal accounts is_________

12) The rule for real accounts is_________

13) Prepaid insurance,outstanding salaries are example of___________

14) Wages account,rent account,commission account,interest received account are examples of________

15) Goodwill accounts,patents account,trademarks account,copyright account are examples of______

16) Provision for doubtful debts account,stock reserve account etc are________

17) ____________is an intangible real account

18) Purchase is_________

19) Sales is_______

20) Discount allowed is____________

21) Drawing account is_____

22) Prepaid account is________

23) Bad debt recovered is______

24) Patents account is________

25) bill payable account is________

26) Proprietor's account is________

27) Rent account is__________

28) Trading account is a__________

29) Outstanding wages is a___________

30) Which of the following account is tangible real account ?

31) Which of the following account is the artificial personal account ?

32) Which of the following account is the odd one out ?

33) Which of the following account is the odd one out ?

34) Which of the following account is the odd one out ?

35) Salary can be classified as_________

36) Which of the following is a fictitious asset ?

37) Trademark is_________

38) There are_________systems of keeping records.

39) _______system recognizes the fact that every transaction has two aspects and records both aspects of each and every transaction

40) In double entry system of book-keeping every business transaction affects.

41) As per provisions of The Companies Act,1956,companies must maintain their accounts under_______

42) Which of the following is/are merit of double entry system ?

43) Measurement discipline deals with.

44) All of the following are valuation principles except

45) Book value of machinery on 31st March, 2016 Rs.10,00,000
Market value as on 31st March, 2016 if sold Rs.11,00,000
As on 31st March, 2016, if the company values the machinery at Rs.11,00,000, which of the following valuation principle is being followed?

46) The current cost of the machinery is

47) The present value of machinery is

48) The historical cost of machinery is

49) The realizable value of machinery is