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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. Accumulated depreciation account can be located in the debit side of the trial balance.
2. Under straight line method of depreciation, the cost of the asset written off in equal proportion during its economic life.
3. A withdrawal of cash from business by the proprietor should be credited to
4. It is generally assumed that the business will not liquidate in the near forcible future because of entity concept.
5. An entry of 1,560 has been debited to a Debtor’s Personal Account at 1,650. It is an error of
6. 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
7. Journal proper uses to record _________________.
8. Statement of affairs means statement of assets and liabilities.
9. Fixed assets are kept in the business for use over a longer period.
10. Current assets + Current Liabilities = Working Capital.
11. Fixed assets are shown in the balance sheet at their market value less depreciation.
12. Which balance is not considered for closing entries on t he basis of trial balance for transferring to Trading and Profit & Loss Account?
13. If a bill drawn on 13th July 2018 for 60 days, payment must be made on
14. In case of endorsement of bill, endorser debits endorsee and credits B/P Account.
15. A sale of goods to Laxman for cash should be debited to
16. Goods worth 272 returned by Lala passed through the books as 722. In the rectification entry
17. Closing stock appearing in the trial balance is shown in
18. Under W.D.V method, the depreciation of an asset decreases every year.
19. Payment of Bills of Exchange is received
20. Joint venture account is of the nature of
21. Goods sent on consignment account is of the nature of
22. Nominal Account represents
23. Bill of Exchange is accepted by the Drawer.
24. The policy of anticipate no profi t and provide for all pr obable losses arises due to the convention of conservatism.
25. Legal charges paid to defend a suit on firm’s factory site is

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