Fundamentals of Accounting MCQs and Notes
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Q 11. Whenever errors are noticed in the accounting records, they should be rectified.
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Q 12. The original cost of the machine is 19,00,000; machine installation charges are 1,00,000; working life of the machine is 5 years and residual value is 40,000. If the depreciation is charged on Straight Line basis then 4th year’s depreciation will be:
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Q 13. The Depreciation Account is closed at the end of the year by transfer to the
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Q 14. The process of transfer of entries from day book to ledger is called as
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Q 15. The periodical total of Returns Inward Day Book is posted to 5
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Q 16. A cash book with discount and bank column is called as
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Q 17. Goods taken from business for personal use by the proprietor should be credited to
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Q 18. Life Insurance Corporation Account is a
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Q 19. Import duty of raw material purchased is a
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Q 20. Capital expenditures are shown in the
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