Question

ACT APTITUDE TEST SET -2

1. _______ is an example of Personal Account.
A Proprietor’s Account
B Rent Account
C Cash Account
D Discount Account

2. Bank Overdraft is a _____________.
A Current Asset
B Fixed Asset
C Current Liability
D Contingent Liability

3. Which of these items would be accounted for as a revenue expenditure?
A Repayment of a bank loan
B Dividends to stockholders
C Purchase of land
D Payment of the current period's rent

4. Preference shareholders get a
A Fixed rate of interest
B Fixed rate of dividend
C Fixed rate of profit
D Fixed rate of bonus

5. Buying Rate is the rate at which ______________.
A an individual sells dollars to bank
B an individual buys dollars from bank
C Bank buys from SEBI
D Bank buys from RBI

6. Journalise the given transaction. GBL & Co. incurred Rs. 85,000 in Salaries Payable.

A) Dr. Salary A/c for Rs. 85,000 & Cr. Bank A/c for Rs. 85,000

B) Dr. Capital A/c for Rs. 85,000 & Cr. Salaries Payable A/c for Rs. 85,000

C) Dr. Salary Expense A/c for Rs. 85,000 & Cr. Salaries Payable A/c for Rs. 85,000

D) Dr. Salary Payable A/c for Rs. 85,000 & Cr. Salaries Expenses A/c for Rs. 85,000

7. Profit and Loss Appropriation Account is prepared by
A) Not-for-Profit Organisation
C) Corporate Business Entities
D) HUF business
E) Sole Proprietorship

8. What is Return on Investment (ROI) ?
A) The ratio measuring the firm's ability to repay long term debts.
B) The ratio of net income to total assets.
C) Net Income divided by total book value of Owner’s Equity.
D) Earnings before interest and taxes divided by net operating assets.

9) Which of the following should be deducted from the Paid Up Capital to find out Actual paid up capital?
A) Calls-in-advance
B) First call money
C) Allotment money
D) Calls-in-arrears


10. Multi-lingual capability in Tally.ERP 9 enables the user to enter information in any Indian language to generate bills, invoices and reports.
A) True
B) False​

Answer 1

Answer:

Propriteors Account

Current Liability

Explanation: