Syllabus MCQ - Questions
Quiz by Vitthal Gavade
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- Q1
IFRS refers to
International Financial Reporting Standards
Indian financial reporting standards
Internal financial reporting standards
International financial record system
30s - Q2
Copyrights, Patents and Trademarks are examples of
Intangible assets
Investments
Fixed assets
Current assets
30s - Q3
Net profit is calculated in which of the following account?
Profit and loss account
Balance sheet
Trial balance
Trading account
30s - Q4
If a trial balance totals do not agree, the difference must be entered in
A Suspense Account
The Capital Account
A Nominal Account
The Profit and Loss Account
30s - Q5
Which of the following is the relation that the law of demand defines?
Income and quantity demanded
Quantity demanded and quantity supplied
Price and quantity of a commodity
Income and price of a commodity
30s - Q6
What do you mean by a mixed economy
Public and private sectors
Modern and traditional industries
Commercial and subsistence farming
Foreign and domestic investments
30s - Q7
Name the process that converts a message into communication symbols.
Encoding
Feedback
Media
Decoding
30s - Q8
The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as
Investments
Fixed assets
Intangible assets
Current assets
30s - Q9
Gross profit is
Sales – Purchases
Cost of goods sold + Opening stock
Net profit – expenses
Sales – cost of goods sold
30s - Q10
In India, which banks/institutions have the highest share in the disbursement of credit to agriculture and allied activities?
Commercial banks
Cooperative banks
Regional Rural Banks
Microfinance institutions
30s - Q11
If we take goods for own use we should
Debit Drawings Account, Credit Purchases Accoun
Debit Purchases Account: Credit Drawings Account
Debit Sales Account: Credit Stock Account
Debit Drawings Account: Credit Stock Account
30s - Q12
Suppliers personal a/c are seen in the
General Ledger
Sales Ledger
Nominal ledger
Purchases Ledger
30s - Q13
Sales invoices are first entered in
The Sales Journal
The Cash Book
The Sales Account
The Purchases Journal
30s