M.C.Q (1 Marks)

MCQ 11 Mark

Unearned income means

A
Income due but not received
B
Income of the firm in the year of receipt
C
Income earned but not received
✓
Income received in advance

Answer

Correct option: D.

Income received in advance

(D) Income received in advance
Explanation:
Income received in advance is called unearned income.

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MCQ 21 Mark

Insurance paid Rs. 4000 (including premium of Rs. 3000 per annum) paid up to 30 th June by what amount insurance prepaid amount should be debited

A
Rs. 750
✓
Rs. 1000
C
Rs. 4000
D
Rs. 3000

Answer

Correct option: B.

Rs. 1000

(B) Rs.1000
Explanation:
per annum premium is 3000 so 1000 is extra paid for next year so it is prepaid

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MCQ 31 Mark

Carriage Outward is shown in:

A
Trading Account
✓
Profit and Loss Account
C
Any of Trading Account or
D
Balance Sheet Profit & Loss Account.

Answer

Correct option: B.

Profit and Loss Account

(B) Profit and Loss Account
Explanation:
Carriage Outward is an indirect expense hence it is shown in Profit and Loss Account.

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MCQ 41 Mark

Generally, incomplete records are maintained by:

A
Society
B
Company
C
Government
✓
Trader

Answer

Correct option: D.

Trader

(D) Trader
Explanation:
Generally, incomplete records are maintained by the trader. Incomplete records may be due to a partial recording of transactions, as is the case with small shopkeepers such as grocers and vendors.

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MCQ 51 Mark

Calculate the profit from the following information: Opening capital: Rs. $1,20,000$, closing capital - Rs. $1,80,000$, Drawings - Rs. 10,000 , capital added during the yearRs.20,000.

A
Rs. 60,000
B
Rs. 40,000
✓
Rs. 50,000
D
Rs. 50,000

Answer

Correct option: C.

Rs. 50,000

Opening capital:	1,20,000
less: closing capital	1,80,000
less: Drawings	10,000
add: capital added during the year	20,000
Profit	50,000

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Account M.C.Q (1 Marks)

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