CA Foundation Business Economics Questions 2023 - Part 32
Fri, 03 Mar 2023
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Accounting Skills Assessment Practice Questions 2023 - Part 18
1. A company sold Rs. 400,000 of merchandise for cash and Rs. 120,000 of merchandise to credit customers who will pay for the merchandise in a later time period. How much revenue should be reported on the income statement of the current time period?
A) Rs. 120,000
B) Rs. 280,000
C) Rs. 400,000
D) Rs. 520,000
2. Voucher is used to record transactions that do not affect cash or bank?
A) Payment Voucher
B) Cash Voucher
C) Journal Voucher
D) None of these
3. In the purchasing procedure which document will usually follow the goods received note?
A) Delivery note
B) Invoice
C) Statement
D) Advice note
4. The accounting system, in which accounting entries are made on the basis of amount having become due for payment or receipt, is known as?
A) Cash system of accounting
B) Current accounting period
C) Accrual system of accounting
D) None of the given options
5. Accounting which recognizes an event as the transaction when cash is received or paid?
A) Cash basis of accounting
B) Accrual basis of accounting
C) Cost accounting
D) None of the above
A) Rs. 120,000
B) Rs. 280,000
C) Rs. 400,000
D) Rs. 520,000
2. Voucher is used to record transactions that do not affect cash or bank?
A) Payment Voucher
B) Cash Voucher
C) Journal Voucher
D) None of these
3. In the purchasing procedure which document will usually follow the goods received note?
A) Delivery note
B) Invoice
C) Statement
D) Advice note
4. The accounting system, in which accounting entries are made on the basis of amount having become due for payment or receipt, is known as?
A) Cash system of accounting
B) Current accounting period
C) Accrual system of accounting
D) None of the given options
5. Accounting which recognizes an event as the transaction when cash is received or paid?
A) Cash basis of accounting
B) Accrual basis of accounting
C) Cost accounting
D) None of the above
1. Right Answer: D
Explanation:
2. Right Answer: C
Explanation:
3. Right Answer: B
Explanation:
4. Right Answer: C
Explanation:
5. Right Answer: A
Explanation:
Explanation:
2. Right Answer: C
Explanation:
3. Right Answer: B
Explanation:
4. Right Answer: C
Explanation:
5. Right Answer: A
Explanation:
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