Quiz for Financial Students and Professionals: Check how good you are ? May 1, 2018April 27, 2018 by dwapp Welcome to your Financial QuizWhy are accounting Standard important ? For correct valuation of assets For making financial statements For correct treatment of depreciation and lease and investment All of the aboveThe exchange of goods and services is made more efficient by which of the below ? Money Barter Government When an owner withdraw goods, it is debited to his drawing account because of ? Entity Concept Conservatism Continuity concept Non of the aboveWhen sale item is said to be realised ? Cash is received Goods are sold Production is completed Goods are dispatchedWork in Progress is valued on the basis of cost incurred because of principle of ? Realisation Conservatism Going ConcernFinancial institution that obtains most of its funds from deposits is an ? Trust Commercial Bank Investment Bank InsurerFinancial markets are : Facilitate the exchange of financial assets Provide a channel for funds to flow between the providers and users of funds Provide information about prices of financial assets All of the aboveFixed Assets are not shown at their realizable value in accounts because of ? Going Concern Concept of Objectivity None of the aboveWhen Branch pays expenses for H.O. the following account is debited in the books of the branch ? Expenses is debited Branch account is debited H.O. a/c is debited None of the aboveBonds of Rs. 3,00,000 are received against work done in joint venture business and they are sold for Rs. 2,70,000, then Rs………… is recorded on debit side of Joint Venture A/c. Rs. 3,00,000 Rs. 30,000 Rs. 2,70,000 None of the aboveP and Q are partners sharing profit and loss in the proportion 2:1 in the Joint Venture. P keeps accounts of joint venture. Q gave Rs. 5,000 to P for joint venture business. P Prepared accounts and showed profit of Rs. 2,250. P settled Q’s account. In the books of Q, Rs. …………. Profit is credited. Rs. 2,250 Rs. 750 Rs. 1,500 Rs. 5,750 HO sends goods to branch at 20% profit on invoice price, therefore the percentage of profit on cost comes to ? 20% 25% 35% 33%Opening balance of debtors a/c is Rs 1,40,000. Credit sales is Rs 10,74,000 and closing balance of Debtors a/c is Rs 1,90,000. What is the amount of cash collection from the debtors? Rs 8,42,000 Rs 11, 52,000 Rs 8,84,000 Rs 10,24,000 Cash purchases Rs. 60,000, Credit Sales Rs. 3,52,000, Cash Sales Rs. 80,000, Closing Stock is Rs. 30,000, Opening Stock is Rs. 50,000, Rate of gross profit on cost is 20%, then credit purchases are ? 2,65,800 2,54,400 2,80,000 3,52,000 Your new question!