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CMA Foundation Exam: Fundamentals of Accounting Practice Test
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Avg score: 15% • Most missed: “Which of the following transaction is not recorded in cash book?”

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CMA Foundation Exam: Fundamentals of Accounting Practice Test
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25 Questions

1. The value of an asset after deducting depreciation from the historical cost is known as
2. Which financial statement represents the a ccounting equation as – Assets = Liabilities + Owner’s equity?
3. Under straight line method of depreciation, the cost of the asset written off in equal proportion during its economic life.
4. Reduction in value of asset due to its continuous use is treated as
5. Capital Account is a real account in nature.
6. Endowment fund receipt is treated as
7. Incomplete record of accounting is also known as Single Entry System.
8. When goods are purchased for the joint venture, the account to be debited is
9. The discount column of the cash book is not posted is an example of error of omission.
10. The owner of the consignment stock is consignee.
11. Payment of Bills of Exchange is received
12. A withdrawal of cash from business by the proprietor should be credited to
13. When cash received for services rendered in the past
14. Goods of the invoice value of 2,40,000 sent out to consignee at 20% profit on cost, the loading amount will be
15. Total of Purchase Day Book is short by 10,000 will not affect trial balance.
16. Current assets + Current Liabilities = Working Capital.
17. From the following details ascertain the adjusted bank balance as per Cash Book – overdraft as per Cash Book 1,60,000; cheque received entered twice in the Cash Book 10,000; credit side of bank column cash short by 1,000; bank charges amounting to 400 entered twice:
18. Which of the following is a transaction of contra entry?
19. Fixed Assets and Current Assets are categorized as per concept of
20. Income and Expenditure account shows subscription at 2,50,000. Subscriptions accrued in the beginning of the year and at the end of the year were 25,000 and 37,500 respectively. The amount of subscriptions received appearing in re ceipts and payments account will be
21. Bill of Exchange is accepted by the Drawer.
22. Trial Balance is a part of Final Accounts.
23. Cost of the goods include all expenses incurred till the goods reach the premises of the consignee’s godown.
24. Demand bills are payable on a date calculated after adding three days of grace to the period of the bill.
25. Purchase price of Machine 8,90,000; Freight and Cartage 7,000; Installation charges 30,000; Insurance charges 20,000; Residual value is 40,000; estimated useful life 5 years. The amount of annual depreciation under straight line method will be

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