Accounting Test Online - Part 18

Once again, we are starting Online Accounting Test. This is end of the month ( 30th Sept. 2015). Hope, you will study our accounting content whole month. For verify your knowledge, we are taking a simple objective type accounting test online. Hope, it will also gain from it.

If you did not attend the class, read and understand our written lecture again at here. Now, ready to answers the following questions on your blank page.

Question 1. Why did we pass following entry for 

stolen inventory -

Loss of Stolen Inventory Account  Account Debit

Inventory (Closing Stock) Account  Credit

(a) Because there is loss which will always debit and there is decrease of current asset which will always credit. 

(b) Because We have added into sale.

(c) Because We have shown already it in incomes.

(d) Because we want to get insurance money. 

Question 2. What are the objectives of financial 


(a) To show more net profit than what is actually.

(b) To show more expenses than what are actually.

(c) To show strong financial position than what is actually.

(d) To Show a True and Fair View of Financial Results of the Business

Question 3. Is to write SWIFT Code necessary for 

wire transfer internationally

(a) No

(a) Yes

(c) Yes for USA only

(d) No for USA only

Question 4. Are trade secrets Intangible Assets

(a) Yes

(b) No

(c) If it is in written it is not intangible asset.

(d)  If it is not in written, it is intangible asset. 

Question 5. What is full form of IMPS

(a) International Mobile Payment Service

(b) Imported Payment Service

(c) Immediate payment service

(d) Indian Main Payment System

Question 6. What is Application of Computer in 


To Keep Accounting  Record of Big Company is Possible

(b)  Separate Payroll Accounting is Possible

(c)  Automation of All Financial Accounts

(d) All above

Question 7. Which is correct out of following 


(a) Fixed expenses will change if there is the change in the production.

(b)  Fixed expenses will not change if there is the change in the production.

(c)  Fixed asset  will change if there is the change in the production.

(d)  Fixed asset will not change if there is the change in the production.

Question 8. Which is correct out of following statements. 

(a) Direct material and direct labor cost is the part of factory overhead.

(b) Factory overhead is the indirect cost of production.

(c) Factory overhead and manufacturing overheads are not same.

(d) There will not be any chance of variance in factory overhead.

Question 9. Which is correct out of following statements. 

(a) To Control of our Physical Stock is the purpose of accounting information system

(b) To Control of our Physical Stock is not the purpose of accounting information system

(c)  Maintain Salaries Records is not purpose of accounting information system.

(d) Above all are wrong statements. 

Question 10. Which is correct out of following statements. 

(a) There is no effect of use of electricity on decreasing the expenses.

(b) If we do more expenses, we will get income resources automatically.

(c) More expenses means more power of spending

(d) Less use of electricity will surely decrease your expenses.

Answers : 10.  (d) 9. (a)  8. (b) 7. (b)   6. (d)  5. (c)  4. (a) 3.(a)  2. (d) 1.(a) 


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Accounting Education: Accounting Test Online - Part 18
Accounting Test Online - Part 18
Accounting Education
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