Mcq With Answers 6h63p

JAMAL MOHAMED COLLEGE TIRUCHIRAPALLI-21 DEPARTMENT OF COMMERCE (SF-WOMEN) FINANCIAL ANCY-11

1. ----------------is also called as Sales ledger. a. Personal ledger b. impersonal ledger c. Debtors ledger d. Creditors ledger 2. General ledger also known as ____ a) Impersonal Ledger b) purchase ledger c) sold ledger d) bought ledger 3. ---------is also called as Purchase ledger a) personal ledger b) Nominal ledger c) Debtors ledger d) Creditors ledger 4. Bought ledger is opened in--------------A. Creditors ledger B. Debtors ledger C. General ledger D. Sales ledger 5. General ledger adjustment a/c are opened in ______ A. Debtors ledger B. Creditors ledger C. Debtors and Creditors ledger D. Bills receivable ledger 6. In departmental s expenses like director fees, interest is transferred to ___________ A. Balance Sheet B. Trading C. General P & L D. P & L Appropriation 7. Under stock and debtor’s system of branch , branch adjustment is opened when goods sent to branch is at ______ A. Cost price B. Invoice price C. Market price D. Normal price

8. Royalty is a _____ to lessee

A. Income B. Expenses C. Both income and expenses D. None of the above 9. Excess of Minimum rent over royalties is called A. short workings B. dead rent C. royalties D. none of the above 10. Only personal and cash are opened in ____ A. Single entry system B. Double entry system C. Accrual system D. Mercantile system 10. All the royalties and short workings irrecoverable should be transferred to A. Trading B. Balance sheet C. Profit & Loss d. None of the above 11. Royalty is in the nature of A. Real B. Nominal C. Personal D. Revenue 12. Irrecoverable short workings are transfer to A. Trading B. P&L C. Balance sheet D. P&L Appropriation 13. When royalty is paid, in the books of lessee, it is debited to A. Royalty B. P&L C. Land lord D. Lessee 14. When short workings are to be recovered the to be debited is A. Land lord B. Short workings C. P&L D. Lessee 15. Short working means A. Excess of minimum rent over royalty B. Excess of royalty over minimum rent C. Surplus of royalty D. Actual minimum rent 16. Royalty are connected with the following type of business A. Manufacturing industry B. Mining industry C. Construction business D. Trading business 17. Royalty is the agreement between the following persons A. Seller and buyer

B. Banker and customer C. Trustee and beneficiary D. Land lord and tenant 18. Dead rent is also called A. Outstanding rent B. Minimum rent C. Prepaid rent D. Future rent 19. The right of lessee to recoup short working is related to a. First three years b. Subsequent two years c. and agreements d. No specify 20. Royalty payable is debited to _____by lessee. A. Royalty B. Land lord C. P&L D. Trading 21. In case the right to require short workings has expired, the balance in the short workings is transfer to A. Land lord B. P&L C. Royalty D. Trading 22. In case of sub-lease royalty earned by the lessor is credited to A. Sub-lessee B. P&L C. Royalty receivable D. Sub-lessor 23.