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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. Which of the following is artificial personal account?
2. Bill of Exchange is accepted by the Drawer.
3. Which balance is not considered for closing entries on t he basis of trial balance for transferring to Trading and Profit & Loss Account?
4. Cost of extension of building occupied on lease for five years is deferred revenue expenditure.
5. Noting charges are related to dishonor of bill.
6. Receipts and Payments account shows the financial position of a Non-profit concern.
7. Which of the following transaction is not recorded in cash book?
8. Which of the following items are shown in the income and expenditure account?
9. Goods worth 272 returned by Lala passed through the books as 722. In the rectification entry
10. Which of the following is a transaction of contra entry?
11. Cash book is a
12. Till the discounted bill is paid by the acceptor, it remains as
13. Payment of Bills of Exchange is received
14. Which one of the following is not the feature of a joint venture business?
15. Identify the Personal Account from the following
16. Difference in Bank Balance as per Pass book and Cash book may arise on account of
17. ___________________does fulfill the function of both a journal and a ledger.
18. The valuation procedure for stock is cost or net realisable value, whichever is lower. The procedure follows as per
19. Income tax of the sole trade paid is shown
20. Which of these items are taken into consideration for preparation of adjusted cash book?
21. Cash book is a form of
22. It is generally assumed that the business will not liquidate in the near forcible future because of entity concept.
23. When cash received for services rendered in the past
24. Capital Account is a real account in nature.
25. Total of Purchase Day Book is short by 10,000 will not affect trial balance.

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