F.Y.BMS FINANCIAL ACCOUNT
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F.Y.BMS Business Statistics MCQ:
F.Y.BMS BUSINESS COMMUNICATION
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1. Accrual
concept is based on
(A) Matching principle
(B) Dual aspect
(C) Cost
(D) Going concern
ANS: A
2. Income is measured on the basis of
(A) Matching concept
(B) Consistency
(C) Cost
(D) None of the above
ANS: C
3. Omission of paise and showing the round figures in financial statements is based on
(A) Conservatism
(B) Consistency
(C) Materiality
(D) Money measurement
ANS: C
4. Which of these is not a fundamental accounting assumption?
(A) Going concern
(B) Consistency
(C) Accrual
(D) Materiality
ANS: A
5. Due to which principle qualitative transactions are not recorded in the books
(A) Business entity
(B) Money measurement
(C) Historical cost
(D) Dual aspect
ANS: B
6. Which of the following highlights the correct order of the stages in the accounting cycle?
(A) Journalizing, final accounts, posting to the ledger and trial balance
(B) Journalizing, posting to the ledger, trial balance and final accounts
(C) Posting to the ledger, trial balance, final accounts and journalizing
(D) Posting to the ledger, journalizing, final accounts and trial balance
ANS: B
7. The first step in accounting process is
A) Measurement
B) Classification
C) Identification
D) Recording
ANS: C
9. What are the basis of accounting
(A) Cash Basis
(B) Accrual Basis
(C) Mixed Basis
(D) Both A & B
(E) All of the above
ANS: D
10. Outstanding expenses are recorded in which basis of accounting
(A) Cash Basis
(B) Accrual Basis
(C) Both method
(D) None of the above
ANS: B
11. Does cash basis of accounting violates GAAP
(A) No, as it doesn’t follow matching principle and accrual concept.
(B) Yes, It follows GAAP
(C) Yes, it follow GAAP but only in case of few transactions
(D) Both b & C
ANS: A
12. Which doesn’t relates to accrual basis of accounting
(A) It includes recording of cash Expenses
(B) It includes recording of outstanding and prepaid Expenses
(C) It includes future expenses also
(D) None of the above
ANS: A
13. Which accounting method is recognised by Companies Act, 2013
(A) Accrual Basis
(B) Cash Basis
(C) Both a & B
(D) Companies Act 2013 has no relation with accounting method
ANS: A
14. The concept of capital and revenue item exist in
(A) Accrual Basis
(B) Cash Basis
(C) Both a & B
(D) None of the above
ANS: A
15. Which statement is true related to Hybrid or Mixed system of accounting,
(A) Revenue and assets are recorded on cash basis
(B) Revenue and assets are recorded on Accrual basis
(C) Expenses and Liabilities are recorded on cash basis
(D) None of the above
ANS: A
16. Which accounting standard is applicable for valuation of inventories?
(A) AS -1
(B) AS-2
(C) AS-3
(d) As-4
ANS: B
17. How many standards are issued by ICAI which are mandatory?
(A) 28
(B) 32
(C) 10
(D) None of these
ANS: B
18. Which accounting standard is applicable for fixed assets?
(A) AS- 1
(B) AS-10
(C) AS-19
(D) (d)AS-18
ANS: B
19. Which accounting standard is applicable for intangible assets?
(A) AS- 10
(B) AS-6
(C) AS-26
(d) AS-1
ANS: C
20. Which accounting standard is applicable for depreciation accounting?
(A) As-6
(B) AS-9
(c) AS-1
(d) AS-3
ANS: A
21. Which accounting standard is applicable for revenue recognition?
(A) AS-9
(B) AS-10
(c)As-3
(d)AS-23
ANS: A
22. Which accounting standard is applicable for cash flow statement?
(A) AS- 1
(B) AS-10
(C) AS-19
(d) AS-3
ANS: D
23. Which accounting standard is applicable for contingencies and events occurring after the balance sheet date?
(A) AS- 1
(B) AS-10
(C) AS-4
(d)AS-18
ANS: C
24. Which accounting standard is applicable for impairment of assets?
(A) AS- 1
(B) AS-10
(C) AS-19
(d) AS-28
ANS: D
25. Which accounting standard is withdrawn and included in AS-26?
(A) AS-3
(B) AS-8
(C) AS-23
(D) None of these
(A) Matching principle
(B) Dual aspect
(C) Cost
(D) Going concern
ANS: A
2. Income is measured on the basis of
(A) Matching concept
(B) Consistency
(C) Cost
(D) None of the above
ANS: C
3. Omission of paise and showing the round figures in financial statements is based on
(A) Conservatism
(B) Consistency
(C) Materiality
(D) Money measurement
ANS: C
4. Which of these is not a fundamental accounting assumption?
(A) Going concern
(B) Consistency
(C) Accrual
(D) Materiality
ANS: A
5. Due to which principle qualitative transactions are not recorded in the books
(A) Business entity
(B) Money measurement
(C) Historical cost
(D) Dual aspect
ANS: B
6. Which of the following highlights the correct order of the stages in the accounting cycle?
(A) Journalizing, final accounts, posting to the ledger and trial balance
(B) Journalizing, posting to the ledger, trial balance and final accounts
(C) Posting to the ledger, trial balance, final accounts and journalizing
(D) Posting to the ledger, journalizing, final accounts and trial balance
ANS: B
7. The first step in accounting process is
A) Measurement
B) Classification
C) Identification
D) Recording
ANS: C
8. Transactions
recorded in books are of
(A) Non-financial and Quantitative in nature
(B) Financial and Quantitative in nature
(C) financial and Qualitative in nature
(D) None of the above
ANS: B
(A) Non-financial and Quantitative in nature
(B) Financial and Quantitative in nature
(C) financial and Qualitative in nature
(D) None of the above
ANS: B
9. What are the basis of accounting
(A) Cash Basis
(B) Accrual Basis
(C) Mixed Basis
(D) Both A & B
(E) All of the above
ANS: D
10. Outstanding expenses are recorded in which basis of accounting
(A) Cash Basis
(B) Accrual Basis
(C) Both method
(D) None of the above
ANS: B
11. Does cash basis of accounting violates GAAP
(A) No, as it doesn’t follow matching principle and accrual concept.
(B) Yes, It follows GAAP
(C) Yes, it follow GAAP but only in case of few transactions
(D) Both b & C
ANS: A
12. Which doesn’t relates to accrual basis of accounting
(A) It includes recording of cash Expenses
(B) It includes recording of outstanding and prepaid Expenses
(C) It includes future expenses also
(D) None of the above
ANS: A
13. Which accounting method is recognised by Companies Act, 2013
(A) Accrual Basis
(B) Cash Basis
(C) Both a & B
(D) Companies Act 2013 has no relation with accounting method
ANS: A
14. The concept of capital and revenue item exist in
(A) Accrual Basis
(B) Cash Basis
(C) Both a & B
(D) None of the above
ANS: A
15. Which statement is true related to Hybrid or Mixed system of accounting,
(A) Revenue and assets are recorded on cash basis
(B) Revenue and assets are recorded on Accrual basis
(C) Expenses and Liabilities are recorded on cash basis
(D) None of the above
ANS: A
16. Which accounting standard is applicable for valuation of inventories?
(A) AS -1
(B) AS-2
(C) AS-3
(d) As-4
ANS: B
17. How many standards are issued by ICAI which are mandatory?
(A) 28
(B) 32
(C) 10
(D) None of these
ANS: B
18. Which accounting standard is applicable for fixed assets?
(A) AS- 1
(B) AS-10
(C) AS-19
(D) (d)AS-18
ANS: B
19. Which accounting standard is applicable for intangible assets?
(A) AS- 10
(B) AS-6
(C) AS-26
(d) AS-1
ANS: C
20. Which accounting standard is applicable for depreciation accounting?
(A) As-6
(B) AS-9
(c) AS-1
(d) AS-3
ANS: A
21. Which accounting standard is applicable for revenue recognition?
(A) AS-9
(B) AS-10
(c)As-3
(d)AS-23
ANS: A
22. Which accounting standard is applicable for cash flow statement?
(A) AS- 1
(B) AS-10
(C) AS-19
(d) AS-3
ANS: D
23. Which accounting standard is applicable for contingencies and events occurring after the balance sheet date?
(A) AS- 1
(B) AS-10
(C) AS-4
(d)AS-18
ANS: C
24. Which accounting standard is applicable for impairment of assets?
(A) AS- 1
(B) AS-10
(C) AS-19
(d) AS-28
ANS: D
25. Which accounting standard is withdrawn and included in AS-26?
(A) AS-3
(B) AS-8
(C) AS-23
(D) None of these
ANS: B
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