BASIC ACCOUNTING ( PART II )

[00:00:03][music] [music] >> Question number 26.

[00:00:16]Which of the following errors will be disclosed in the preparation of a trial balance? Option A, recording the wrong amount of for a transaction to both the account debited and the account credited. Option B, duplication of a transaction in the accounting records.

[00:00:29]Option C, posting only the debit portion of a particular journal entry. Option D, none of these.

[00:00:43]Recording the wrong amount for a transaction to both the account debited and the account credited.

[00:00:56]Option B, duplication of a transaction in the accounting records.

[00:01:07]Posting only the debit portion of a particular journal entry.

[00:01:27]Question number 27.

[00:01:29]A minimum quantity of stock always held as precaution against out of stock situation is called dash. Option A, zero stock. Option B, risk stock. Option C, base stock. Option D, none of the above.

[00:01:50]Answer with another option C.

[00:01:54]Question number 28.

[00:01:56]If amount of any known liability can be determined with substantial accuracy, then dash. Option A, a provision should be created. Option B, a contingent liability should be created. Option C, a definite liability should be created.

[00:02:08]Option D, a reserve should be created.

[00:02:23]A definite liability should be created.

[00:02:26]Question number 29 Which of the following statement is not true about provision? Option A, it is an appropriation of profit. Option B, a charge against profit. Option C, shown as liability in balance sheet. Option D, uncertainty as a matter of financial prudence.

[00:02:48]It is an appropriation of profit.

[00:02:57]Option B A charge against profit.

[00:03:05]Option B Shown as liability in balance sheet.

[00:03:14]Uncertainty as a matter of financial prudence.

[00:03:24]You would have not Option A, it is an appropriation of profit.

[00:03:34]Question number 30 Which one of the following is a non-current item? Option A, securities premium. Option B, outstanding wages.

[00:03:41]Option C, trade payables. Option D, bank balance.

[00:03:50]Securities premium. Option Option B, outstanding wages. Outstanding wages in the balance >> Question number 31.

[00:04:13]Ideal time is option A, time spent by workers in factory. Option B, time spent by workers in the office. Option C, time spent off their job. Option D, time spent by workers on their job.

[00:04:50]Total of all direct cost is termed as option A, prime cost. Option B, works cost. Option C, cost of sales. Option D, cost of production.

[00:05:07]Prime cost and the prime Direct material plus direct labor plus direct expenses on Option A, prime cost. Question number 33. Liquid asset does not include option A, bills receivable. Option B, debtors.

[00:05:38]Option C, bank balance. Option D, prepaid expense.

[00:05:48]expenses on >> Question number 34. Decrease in the value of natural asset is dash. Option A, depreciation. Option B, depletion.

[00:06:04]Option C, amortization. Option D, none of the above.

[00:06:15]Option B, depletion.

[00:06:30]VED analysis is connected with the dash.

[00:06:32]Option A, spares. Option B, finished goods. Option C, raw material. Option D, work in progress.

[00:06:45]VED stands for vital, essential, and desirable.

[00:06:59]Answer Option A, spares. Next question.

[00:07:03]Question number 36. Which of the following item does not match with the receipt and payment account? First one, it is a summarized cash book. Second one, transactions are recorded in it on cash basis. Third one, it records revenue transactions only. Fourth one, it serves the purpose of a real account.

[00:07:21]Option A, two and three. Option B, only three. Option C, only four. Option D, all of these.

[00:07:36]It is a summarized cash book.

[00:07:43]Second statement.

[00:07:44]>> Transactions are recorded it in it on cash basis.

[00:07:55]It records revenue transactions only.

[00:08:06]It is of the purpose of a real account.

[00:08:20]Only three.

[00:08:23]Question number 37.

[00:08:24]All the following accounts are transferred to trading account except dash.

[00:08:28]Carriage inward. Option B, opening stock. Option C, sales. Option D, carriage outward.

[00:08:53]Bad debt arises from dash. Option A, sales on account. Option B, cash sales.

[00:08:59]Option C, account receivable. Option D, account payable.

[00:09:17]Answer is option C.

[00:09:19]Question number 39.

[00:09:21]Adjustments made for outstanding expenses, prepaid expenses, etc. in financial statement is based on dash concept. Option A, matching. Option B, cost. Option C, materiality. Option D, conservatism.

[00:09:56]>> Question number 40.

[00:09:57]Rupees 5,000 spent on repairs of machine purchased secondhand is dash expenditure. Option A, capital. Option B, revenue. Option C, deferred revenue.

[00:10:07]Option D, miscellaneous.

[00:10:33]Question number 41. Goods purchased from Mr. Y passed through sales book. The affected accounts are option A, purchases account. Option B, purchases and sales account. Option C, purchases and Y's account. Option D, purchases, sales, and Y's account. What question is chosen in the question?

[00:11:33]Cash column in cash book always shows option A, debit balance, option B, credit balance, option C, debit or credit balance, option D, not balanced.

[00:11:51]debit balance on debit balance on option A on question number 43 The allowance provided by seller for settlement within the period of credit.

[00:12:10]Option A, trade discount, option B, quantity discount, option C, cash discount, option D, rebate.

[00:12:28]cash discount cash discount option C on cash discount question number 44 Additional cost or difference in cost due to increase or decrease of producing one unit from normal production. Option A, differential cost, option B, sunk cost, option C, marginal cost, option D, opportunity cost.

[00:13:07]marginal cost question number 45 Debtors turnover ratio. Option A, average debtors divided by credit sales, option B, credit sales divided by average debtors, option C, cost of goods sold divided by average stock, option D, sales divided by current assets.

[00:13:28]Answer with another option credit sales are divided by average of debtors.

[00:13:36]Opening debtors plus closing debtors divided by two on option B on credit sales divided by average of debtors.

[00:13:48]Question number 46.

[00:13:49]Bills receivable comes under option A bad debts, option B floating assets, option C full debts, option D working capital. Bills receivable option B on floating asset. Floating asset in the matter of error on the current asset. Answer by another option B on floating asset. Question number question number 47. Human resources cannot be recorded in the books of accounts. It is based on dash concept.

[00:14:15]Option A cost, option B entity, option C going concern, option D money measurement. Human resources number books of accounts record Answer by another option D on money measurement. Money measurement concept monetary terms in the number measure in a better items of matter on books of accounts Answer by another option D on money measurement. Question number question question number 48. Fixed cost per unit increases when dash. Option A volume of production increases, option B volume of production decreases, option C variable cost per unit decreases, option D variable cost remain unchanged.

[00:15:01]Fixed cost per unit increases in the Answer by another option B on volume of production decreases. Fixed cost in the matter of error total light fixed item in the in the better unit in the matter of error production volume production volume calling the answer to better unit fixed cost in the matter of error >> Question number 49.

[00:15:32]Purchase of building and payment through bank account will dash. Option A, increase in total assets. Option B, no effect in total assets. Option C, decrease in total assets. Option D, increase in liability.

[00:15:53]Answer will be the option B, no effect in total assets.

[00:16:09]Answer will be the option B, no effect in total assets. Answer will be the option number 50. In Taylor's differential piece rate system, dash piece rates are set for each job. Option A, one. Option B, two. Option C, three.

[00:16:23]Option D, four.

[00:16:35]Two.

[00:16:48]Two type are there. Answer will be the option number 52.

[00:16:51]>> [music]