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CA Foundation

Category: CA Foundation Accounts

CA Foundation - Principles and Practice of Accounting

CA Foundation Accounts - All Chapters

CA Foundation - Principles and Practice of Accounting  - All Chapters Consolidated Quiz

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At the end of the accounting year all the nominal accounts of the ledger book are

2 / 10

The process of transferring the debit and credit items from a Journal to their respective accounts in the ledger is termed as

3 / 10

Mohan purchased goods for Rs. 15,00,000 and sold 4/5th of the goods amounting Rs. 18,00,000 and met expenses amounting Rs. 2,50,000 during the year, 2015. He counted net profit as Rs. 3,50,000. Which of the accounting concept was followed by him?

4 / 10

The weekly or monthly total of the Purchase Book is ___________________________

5 / 10

All the following items are classified as fundamental accounting assumptions except

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Accounting Standards do not permit following method of inventory valuation

7 / 10

Financial statements do not consider

8 / 10

The total of discounts column on the debit side of the cash book, recording cash discount deducted by customers when paying their accounts, is posted to the __________________________

9 / 10

Entrance fee of Rs. 2,000 received by Ram and Shyam Social Club is

10 / 10

In the case of ___________, either outflow of resources to settle the obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability.

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CA Foundation Accounts - Meaning and Scope of Accounting

CA Foundation Principles and Practice of Accounting - Meaning and Scope of Accounting

1 / 10

Which of the following is not a sub-field of accounting?

2 / 10

Book-keeping is mainly concerned with

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Users of accounting information include

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Financial position of the business is ascertained on the basis of

5 / 10

Purposes of an accounting system include all the following except

6 / 10

All of the following are functions of Accounting except

7 / 10

On March 31, 2015 after sale of goods worth Rs. 2,000, he is left with the closing inventory of Rs. 10,000. This is

8 / 10

Financial statements are part of

9 / 10

On January 1, Sohan paid rent of Rs.  5,000. This can be classified as

10 / 10

Financial statements do not consider

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CA Foundation Accounts - Sale of Goods on Approval or Return Basis

CA Foundation Principles and Practice of Accounting - Sale of Goods on Approval or Return Basis

1 / 9

A company sends its cars to dealers on ‘sale or return’ basis. All such transactions are however treated like actual sales and are passed through the sales day book. Just before the end of the financial year, two cars which had cost Rs. 55,000 each have been sent on ‘sale or return’ and have been debited to customers at Rs. 75,000 each, cost of goods lying with the customers will be

2 / 9

Sale or Return Day Book and Sale or Return Ledger are known as

3 / 9

A trader has credited certain items of sales on approval aggregating Rs. 60,000 to Sales Account. Of these, goods of the value of Rs. 16,000 have been returned and taken into Inventories at cost Rs. 8,000 though the record of return was omitted in the accounts. In respect of another parcel of Rs. 12,000 (cost being Rs. 6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should be

4 / 9

Under sales on return or approval basis, when transactions are few, the seller, while sending the goods, treats them as

5 / 9

When a large number of articles are sent frequently on a sale or return basis, it is necessary to maintain

6 / 9

A sent some goods costing Rs. 3,500 at a profit of 25% on sale to B on sale or return basis. B returned goods costing Rs. 800. At the end of the accounting period i.e. on 31st December, 2016, the remaining goods were neither returned nor were approved by him. The Inventories on approval will be shown in the balance sheet at Rs.

7 / 9

Under sales on return or approval basis, when transactions are few and the seller at the end of the accounting year reverse the sale entry, then what will be the accounting treatment for the goods returned by the customers on a subsequent date?

8 / 9

Umesh sends goods on approval basis as follows:

Date
January, 2016
Customer’s NameSale price of Goods Sent
Rs.
Goods Accepted
Rs.
Goods Returned
Rs.
8Anna3,5003,000500
10Babu2,8002,800-
15Chandra3,680-3,680
22Desai1,2601,000260

The Inventories of goods sent on approval basis on 31st January will be

9 / 9

A merchant sends out his goods casually to his dealers on approval basis. All such transactions are, however, recorded as actual sales and are passed through the sales book. On 31-12-2016, it was found that 100 articles at a sale price of 200 each sent on approval basis were recorded as actual sales at that price. The sale price was made at cost plus 25%. The amount of Inventories on approval will be amounting

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