Accounting Test Online - Part 10

Today is 1st August  and today is the date of your test. Following are the 10 objective type questions which have been taken from July's contents. Know whether you have knowledge to give correct answers of all these 10 questions. You can also give all past accounting test at here. 

Question 1. What is Systemic Risk?

(a) The risk of whole market due to weakness of market structure. (b) The risk of sink whole financial system due to weakness of a single unit of the system. (c) This is synonym of financial crisis. (d) This is beta.

Question 2. What is Write- Down Value of Assets?

(a) It means to sell the assets at high profit. (b) It means to decrease the value of our liabilities. (c) It means to decrease the value of asset. (d) It is synonym of depreciation.

Question 3. What is Lien?

(a) This is an expense in the income statement. (b) This is a liability in the balance sheet. (c) This is an asset in the balance sheet. (d) A legal document which is needed for securing of your given debt money.

Question 4. What is revised eTDS?

(a) For correcting the mistake, an assessee files the eTDS again after filling original eTDS. (b) It is the refund of money to assessee. (c) To correct the accounting mistake in the journal entry of eTDS. (d)  One life time eTDS with high amount.

Question 5. What is accounting worksheet?

(a) It is the rough paper for accounting calculation. (b) It is the statement in which we show unadjusted trial balance, adjusted trial balance, income statement and balance sheet together. (c) It is footnote of balance sheet. (d) It is unaudited financial statement.

Question 6. What is 445 Calendar?

(a) This is 445 days calendar. After one year and 80 days, we make our special financial statement. So, this is important to calculate 445 calendar. (b)  Total accounting period which is converted into weeks. One year will be divided in to 4 quarters. Every quarter will be divided into week like 4 week+4 week +5 week.

Question 7. What will Sound Financial Management?

(a) The  manage fund with miserliness.   (b) In which every risk is calculated and controlled.

Question 8. What is Constant Purchasing Power Accounting?

(a) It is record of updated stock market data. (b) It means to record all transactions on the basis of book value. (c) It means to record the products whose price is constant one year. (d) It means to record and update the accounting items on the basis of daily consumer price index.

Question 9. What is Controlling Account?

(a) The account which shows only controlled value of goods. (b) The account which is controlled by different accounts (c) The account which is used to control the different accounts. (d) The balance sheet

Question 10. What is Main Importance of Convention of Consistency?

(a) For comparing the financial statements of different years. It is also helpful to compare different companies in any industry. (b) It is helpful to compare India with USA. (c) It is helpful to increase the value of Rupee. (d) It is the old convention of India which is helpful to secure our culture. Please see the correct answer at here.