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CS Executive Practice Test: Introduction to Financial Accounting – Corporate and Management Accounting
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CS Executive Practice Test: Introduction to Financial Accounting – Corporate and Management Accounting
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25 Questions

1. A debit note for ₹ 20,000 issued to Mr. Z for goods returned by us is to be accounted for in
2. Current Assets Current liabilities =
3. A bill receivable of ₹ 10,000, which was received from a debtor in full settlement for a claim of ₹ 11,000 dishonored will be recorded in
4. Journal is the book in which every transaction is recorded before being posted into the ledger
5. Which of the following statements is correct
6. Personal accounts are of the following types:
7. Mr. Bhandari purchased a car for ₹ 50,000, making a down payment of ₹ 10,000 and signing a ₹ 40,000 bill payable due in 60 days. As a result of this transaction:
8. Amounts paid for wages, salary, carriage of goods, repairs, rent, and interest, etc. are items of
9. The realizable value of machinery is
10. Amounts paid for wages, salary, carriage of goods, repairs, rent, and interest, etc. are items of
11. The process of recording transaction in the ledger is known as:
12. The investment was sold on credit for ₹ 1,00,000 at par will be recorded in
13. All sums spent up to the point an asset is ready for use should also be treated as
14. A specific accounting policy refers to
15. Which of the following is/are examples of capital expenditure
16. The investment was sold in cash for ₹ 1,00,000 at par will be recorded in
17. Ledger book is popularly known as
18. All accounts are classified into
19. Book value & Market value of machinery on 31.3.2015 was ₹ 1,00,000 & ₹ 1,10,000 respectively. As of 31.3.2019, if the company values the machinery at ₹ 1,10,000, which of the following valuation principle is being followed
20. is a book in which all the business transactions are originally recorded in chronological order and from which they are posted to the ledger accounts at any convenient time
21. At the end of the accounting year, all the nominal accounts of the ledger book are
22. Depreciation on fixed assets is
23. The rule for nominal accounts is
24. The present value of machinery is
25. Ledger is the____of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded

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