CA Foundation Accounting Practice Test: Assess Your Skills and Knowledge

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1. Long haul resources with practically no actual presence, in any case, are called to have a worth

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2. Copyrights, Patents, and Trademarks are instances of

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3. The resources that can be effectively changed over into cash inside a brief period, i.e., 1 year or less, are known as

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4. Gross profit is

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5. The obligations that are to be reimbursed within a brief period (a year or less) are alluded to as

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6. Net benefit is determined in which of the accompanying records?

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7. The charges of putting products into a saleable condition ought to be charged to

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8. Provider’s a/c is found in the

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9. Deals invoices are first placed in

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10. Entered in the Purchases Journal is

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Answer key (1) Ans. B (2) Ans. D (3) Ans. D (4) Ans. B (5) Ans. C (6) Ans. B (7) Ans. B (8) Ans. C (9) Ans. D (10) Ans. C

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CA Foundation Accounting Practice Test: Assess Your Skills and Knowledge

1. Long haul resources with practically no actual presence, in any case, are called to have a worth

(a)Investments (b)Intangible resources (c)Current resources (d)Fixed resources Checkout Last Page for Answer

Select Your Answer:

2. Copyrights, Patents, and Trademarks are instances of

(a)Fixed resources (b)Current resources (c)Investments (d)Intellectual property Checkout Last Page for Answer

Select Your Answer:

3. The resources that can be effectively changed over into cash inside a brief period, i.e., 1 year or less, are known as

(a)Investments (b)Intangible resources (c)Fixed resources (d)Current resources Checkout Last Page for Answer

Select Your Answer:

4. Gross profit is

(a)Sales – Purchases (b)Sales – Cost of products sold (c)Cost of products sold + Opening stock (d)Net benefit – costs Checkout Last Page for Answer

Select Your Answer:

5. The obligations that are to be reimbursed within a brief period (a year or less) are alluded to as

(a)Contingent liabilities (b)Fixed liabilities (c)Current Liabilities (d)All the above-mentioned Checkout Last Page for Answer

Select Your Answer:

6. Net benefit is determined in which of the accompanying records?

(a)Balance sheet (b)Profit and loss account (c)Trading account (d)Trial balance Checkout Last Page for Answer

Select Your Answer:

7. The charges of putting products into a saleable condition ought to be charged to

(a)Balance Sheet (b)P and L a/c (c)Trading account (d)None of the above-mentioned Checkout Last Page for Answer

Select Your Answer:

8. Provider’s a/c is found in the

Select Your Answer:

(a)General Ledger (b)Purchases Ledger (c)Nominal record (d)Sales Ledge Checkout Last Page for Answer

9. Deals invoices are first placed in

Select Your Answer:

(a)The Sales Account (b)The Cash Book (c)The Purchases Journal (d)The Sales Journal Checkout Last Page for Answer

10. Entered in the Purchases Journal is

Select Your Answer:

(a)Trade limits (b)Discounts got (c)Purchases invoices. (d)Payments to providers Checkout Last Page for Answer

Answer key (1) Ans. B (2) Ans. D (3) Ans. D (4) Ans. B (5) Ans. C (6) Ans. B (7) Ans. B (8) Ans. C (9) Ans. D (10) Ans. C

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