Accounting Objective Questions and Answers

694. Which of the following transactions has no effect in the current ratio?

695. Which of the following is/are kind of depreciation expenses?

696. If total sales are Rs. 1,00,000 cash sales included in total sales Rs. 20,000, sales back Rs. 7,000. Total debtors for sale as on 31^st March, 1993 Rs. 9,000, and bills receivable as on 31^st March, 1993 is only Rs. 2,000. The average payout period would be for the year 1992 - 93.

697. Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31^st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry

A. Asha will be debited with Rs. 1,500 and Vipasha will be credited with Rs. 1,500

B. Asha will be credited with Rs. 1,500 and Vipasha will be debited with Rs. 1,500

C. Asha will be debited with Rs. 5,000 and Vipasha will be debited with Rs. 2,000

D. Asha will be credited with Rs. 5,000 and Vipasha will be credited with Rs. 2,000

Discussion

698. The following error will affect the Trial Balance

A. Error of partial omission

B. Error of principle

C. Error of complete omission

D. All of the above

Discussion

699. According to double entry system, interest on bank loan is shown in