CA Foundation Accounting

Partnership and LLP Accounts Which document is created to outline the rights and duties of partners?a) Memorandum of Associationb) Articles of Associationc) Partnership Deed d) LLP Agreement In the absence of a partnership deed, partners share profits and losses:a) Equally b) In capital ratioc) Based on aged) Based on experience Which account is not prepared […]

Preparation of Final Accounts & Sole Proprietor 1. Final accounts include which of the following?A. Trial BalanceB. LedgerC. Trading and Profit & Loss Account and Balance SheetD. Cash BookAnswer: C 2. The main objective of preparing final accounts is to find out:A. Net SalesB. Financial Position and Profit or LossC. Cash in handD. Number of […]

Cash book Questions & Answers 1. What is a Cash Book? Answer:A Cash Book is a financial journal that records all cash receipts and payments, including bank transactions. It serves as both a journal and a ledger for cash transactions. 2. How many types of cash books are there? Answer:There are three types of cash […]

Subsidiary Books – MCQs Q1. Which of the following is not a subsidiary book?A. Purchase BookB. Sales BookC. Journal ProperD. Trial Balance Answer: D. Trial Balance Q2. Cash Book is a type of:A. LedgerB. Subsidiary BookC. Journal ProperD. Memorandum Book Answer: B. Subsidiary Book Q3. The purchase return book is used to record:A. All purchasesB. […]

Trial Balance – MCQs with Answers Q1. What is a trial balance?A. A statement showing balances of all ledger accountsB. A summary of cash transactionsC. A financial statementD. None of the above Answer: A Q2. A trial balance is prepared to:A. Prepare final accountsB. Detect arithmetic errorsC. Check the accuracy of ledger postingsD. All of the […]