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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. Insurance claim received on account of machinery damaged completely by fire is
2. Statement of affairs means statement of assets and liabilities.
3. Accumulated depreciation account can be located in the debit side of the trial balance.
4. Which one of the following is not the feature of a joint venture business?
5. Payment of Bills of Exchange is received
6. An entry of 1,560 has been debited to a Debtor’s Personal Account at 1,650. It is an error of
7. In sole trade, income tax is treated and recorded as drawings.
8. Errors in carry forward of closing balances from one year to another which affects
9. Under W.D.V method, the depreciation of an asset decreases every year.
10. The Consignment Accounting is made on the following basis
11. Closing stock appearing in the trial balance is shown in
12. Cash book is a form of
13. Rent outstanding is real account and shown in asset side of the balance sheet.
14. Single entry system records only one aspect either debit or credit.
15. On which of the following asset, depreciation is charged on ‘Depletion method’
16. Narration is given at the end of
17. Kasi draws a bi ll on Shyam for 5,000 and Kasi endorsed it to Ram. Ram endorese it toRahul. The payee of the bill will be
18. Incomplete record of accounting is also known as Single Entry System.
19. In case of endorsement of bill, endorser debits endorsee and credits B/P Account.
20. Expenses paid but not accrued means
21. At the time of preparation of financial accounts, balance of Bad Debts Recovered Account will be transferred to
22. When incomes recognised on cash basis and expenditure recognised on accrual basis, the system termed as
23. Import duty of raw material purchased is a
24. A bill of exchange is a conditional order in writing given by a debtor to a creditor.
25. ___________________does fulfill the function of both a journal and a ledger.

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