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Drug Store and Business Management - MCQs

Drug Store and Business Management - MCQs



     These are four options provided for the answers of the question only one option is right answer. You have to click any of the option to check your answers


Q31.

Trial Balance is prepared on:

A. A particular date

B. End of the year

C. For the period ending

D. Both A and B

Right Answer is :B. End of the year

          

Q32.

The preparation of trial balance is for :

A. Help in locating errors

B. Ascertaining the arithmetical accuracy of ledger accounts

C. In obtaining a summary of ledger accounts

D. All of the above

Right Answer is :D. All of the above

          

Q33.

Trial balance is a:

A. Ledger

B. Account

C. Summary

D. Statement

Right Answer is :B. Account

          

Q34.

Method of preparation of Trial Balance are:

A. Total Method

B. Balance Method

C. Total Cum Balance Method

D. All of these

Right Answer is :D. All of these

          

Q35.

Posting on the credit side of an account is written as

A. To

B. Being

C. By

D. None of these

Right Answer is :C. By

          

Q36.

The column of ledger which links the entry with journal is -------.

A. L.F Column

B. J.F column

C. Particulars column

D. None of these

Right Answer is :B. J.F column


Q37.

Drug store licence is valid up to

A. 31st May of the next year

B. 31st December of the next year

C. 31st April of the same year

D. 31st December of the same year

Right Answer is :B. 31st December of the next year

          

Q38.

A cash book which maintained generally in large business concerns to reduce the burden of the main cash book is called-----.

A. Petty Cash Book

B. Single column cash Book

C. Purchase Book

D. Pass Book

Right Answer is :A. Petty Cash Book

          

Q39.

Following are the other day books except:

A. Purchase Book

B. Sales Return Book

C. Simple Cash Book

D. Sales Book

Right Answer is :C. Simple Cash Book

          

Q40.

The journal is the book of ------.

A. First entry

B. Original entry

C. Second Entry

D. Both a & B

Right Answer is :D. Both a & B

          

Q41.

"Debit what comes in & credit " what goes out is the rule of which account.

A. Real Account

B. Personal Account

C. Norminal Account

D. None of these

Right Answer is :A. Real Account

          




Q42.

For every debit, there must be a corresponding credit of equal amount and for every credit, there must be a corresponding debit of equal amount is the principle of -------.

A. Single entry stystem

B. Double entry system

C. Balance Sheet

D. None of these

Right Answer is :B. Double entry system


Q43.

What is the important object of accounting?

A. To maintain records

B. Depict the financial position

C. Make information available to various group & user

D. All of the above

Right Answer is :D. All of the above

          

Q44.

Nominal Account is classified under

A. Personal A/c

B. Impersonal A/c

C. Neither of the two

D. Both a & B

Right Answer is :B. Impersonal A/c

          

Q45.

Capital account is classified under

A. Personal A/c

B. Real A/c

C. Nominal A/c

D. None of these

Right Answer is :A. Personal A/c

          

Q46.

The Year That begins from Ist of january and ends on 31st of December,is

A. Calendar Year------.

B. Financial year

C. Leap Year

D. None of these

Right Answer is :A. Calendar Year------.

          

Q47.

Life Insurance Corporation of India in an example of -------.

A. Norminal A/c

B. Real A/c

C. Representative Personal A/c

D. Artificial Personal A/c

Right Answer is :D. Artificial Personal A/c

          

Q48.

Following are tangible assets except:

A. Goods

B. Building

C. Machinery

D. Goodwill

Right Answer is :D. Goodwill



Q49.
The account which recording transaction related to losses and gain are called----.
A. Real A/c
B. Personal A/c
C. Nominal A/c
D. Tangible A/c
Right Answer is :C. Nominal A/c
          
Q50.
The following transactions are recorded in Nominal Account except:
A. Interest
B. Commission
C. Salaries
D. Palants
Right Answer is :D. Palants
          
Q51.
Amount spent in order to produce and sell the goods and services is called------.
A. Expence
B. Sale
C. Revenue
D. Income
Right Answer is :A. Expence
          
Q52.
Sales return means good returned to the supplier due to------.
A. Good quality
B. Defective quality
C. Super quality
D. None of these
Right Answer is :B. Defective quality
          
Q53.
A written document in support of a transaction is called------.
A. Receipt
B. Credit note
C. Journal
D. Voucher
Right Answer is :D. Voucher
          
Q54.
-------indicates the state of affairs of the organization in terms of its assets and liabilities.
A. Profitability Statement
B. Balance Sheet
C. Journal
D. Ledger
Right Answer is :B. Balance Sheet



Q55.
-------indicates the state of affairs of the organization in terms of its assets and liabilities.
A. Profitability Statement
B. Balance Sheet
C. Journal
D. Ledger
Right Answer is :B. Balance Sheet
          
Q56.
Given the following which one is the correct step of accounting:
A. Recording ----->Classifying ----->Summarizing---->Interpreting
B. Recording ----->Summarizing---->Interpreting--->Classifying
C. Recording-------->Interpreting----->Classifying----->Summarizing
D. Recording----->Interpeting----->Classiflying----:>Summarizing
Right Answer is :A. Recording ----->Classifying ----->Summarizing---->Interpreting
          
Q57.
Following are the internal user of accounting except:
A. Owners
B. Management
C. Employees
D. Goverment
Right Answer is :D. Goverment
          
Q58.
Given the following institutes of central government provide long term finance except one:
A. Industrial Finance Corporation of India (IFCI)
B. Industrial Reconstruction Corporation of India (IRCL)
C. Industrial Development Bank of India (IDBI)
D. State Industrial Development Corporations (SIDC)
Right Answer is :D. State Industrial Development Corporations (SIDC)
          
Q59.
Mixed bank is a combination of
A. Commercial bank and Industrial Bank
B. Saving Bank and Co_operative Bank
C. Exchange Bank and Import export Bank
D. Land development Bank and Saving bank
Right Answer is :A. Commercial bank and Industrial Bank
          
Q60.
Given the following are the sources of long term finance except one:
A. Issue of Shares
B. Loan from Financial Institutions
C. Ploughing Back
D. Installment Credit
Right Answer is :D. Installment Credit

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