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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 source document or voucher used for recording entries in Sales Book is
2. Which of the following is artificial personal account?
3. Endowment fund receipt is treated as
4. Closing Stock, when it appears in the trial balance is taken only in the trading account.
5. Trade discount is allowed for prompt payment.
6. ________________________is not objective of accounting.
7. Cost of extension of building occupied on lease for five years is deferred revenue expenditure.
8. Goods of the invoice value of 2,40,000 sent out to consignee at 20% profit on cost, the loading amount will be
9. A withdrawal of cash from business by the proprietor should be credited to
10. There are 250 members in the Srikrishna Clu b where annual subscription is 500. During 2016-17, subscription received 97,500 and subscription receivable is 47,500. What amount of subscription received in advance during 2016-17?
11. Purchases book is used to record
12. Closing stock appeared in the trial balance is taken to Trading Account.
13. The discount column of the cash book is not posted is an example of error of omission.
14. Single entry system records only one aspect either debit or credit.
15. Insurance claim received on account of machinery damaged completely by fire is
16. Which of the following items are shown in the income and expenditure account?
17. If unsold goods costing 20,000 is taken over by venturer at 15,000, the joint venture account will be credited by
18. In sole trade, income tax is treated and recorded as drawings.
19. Till the discounted bill is paid by the acceptor, it remains as
20. An entry of 1,560 has been debited to a Debtor’s Personal Account at 1,650. It is an error of
21. Which one of the following character is not related to Financial Accounting?
22. Freight paid on purchase of machinery is to be treated as revenue expenditure.
23. Which one of the following is an external cause for depreciation
24. The capital receipts and payments in receipts and payment account are to be taken to the Balance Sheet.
25. Which of the following errors affects the agreement of a trial balance?

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