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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 owner of the consignment stock is consignee.
2. Closing stock appeared in the trial balance is taken to Trading Account.
3. Which financial statement represents the a ccounting equation as – Assets = Liabilities + Owner’s equity?
4. The trial balance checks
5. Goods purchased from Mr. A but wrongly entered in the account of Mr. B. The rectification of error will result in
6. On receipt of goods from the consignor the consignee debits which of these accounts?
7. Endowment fund receipt is treated as
8. It goods worth 1,750 returned to suppler is wrongly entered in sales returned book as 1,570 then
9. Difference in Bank Balance as per Pass book and Cash book may arise on account of
10. Error of omission will not affect trial balance.
11. Which of the following is a transaction of contra entry?
12. M/s. A.B. Enterprises has bank balance 8,800 as per cash book and the followings were found: (a)Three cheques deposited in bank for 5,800 but only one cheque for 2,000 was cleared. (b)Dividend collected by Bank 1,250 was wrongly entered in cash book as 1,520.What is balance as per pass book?
13. Life membership fees received by a club is a
14. Prepaid rent is a
15. Which one of the following is an example of Personal Account?
16. Cost of goods purchased for resale is an example of
17. Del-credere commission is paid to the consignee for increasing the cash sales.
18. Purchases book is used to record
19. It is generally assumed that the business will not liquidate in the near forcible future because of entity concept.
20. Renewal fee for patents is revenue expenditure.
21. X sends out certain goods to Y, costing 1,50,000 at cost plus 25% on invoice price. ¾ of the goods were sold by R at 1,76,000. Commission 5% upto invoice value a nd 10% of any surplus above invoice value. The amount of commission will be
22. Cash book is a form of
23. Statement of affairs means statement of assets and liabilities.
24. Bills receivable a/c is debited by the acceptor on discounting of a bill.
25. Goods bought for 25,000 passed through sales day book will result an increase in gross profit.

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