✅ SHORTAGE AND SURPLUS – 50 MCQs (Railway Stores Accounting)
Q1. Shortage of stores means:
A. Excess stock
B. Physical stock less than book balance
C. Purchase loss
D. Budget deficit
Q2. Surplus of stores means:
A. Physical stock less than ledger
B. Physical stock more than ledger
C. Loss
D. Expense
Q3. Shortage is generally treated as:
A. Asset
B. Expense
C. Liability
D. Income
Q4. Surplus is generally treated as:
A. Expense
B. Liability
C. Gain
D. Asset
Q5. Shortage detected during verification is adjusted through:
A. Issue note
B. Journal voucher
C. Receipt note
D. Cash book
Q6. Surplus stock is brought into account by:
A. Debit entry
B. Credit entry
C. Adjustment entry
D. Ignore
Q7. Shortage due to theft is:
A. Normal loss
B. Abnormal loss
C. Income
D. Asset
Q8. Shortage due to evaporation is:
A. Normal loss
B. Abnormal loss
C. Gain
D. Liability
Q9. Responsibility for shortage lies with:
A. Store keeper
B. Accounts
C. Audit
D. Railway Board
Q10. Surplus may arise due to:
A. Recording error
B. Excess receipt
C. Measurement error
D. All
Q11. Numerical: Ledger 500 units, Physical 480 → shortage?
A. 10
B. 15
C. 20
D. 25
Q12. Numerical: Ledger 200 units, Physical 230 → surplus?
A. 20
B. 25
C. 30
D. 35
Q13. Shortage is written off when:
A. Approved by authority
B. Ignored
C. Audit disallows
D. None
Q14. Surplus is recorded at:
A. Market price
B. Ledger rate
C. Replacement cost
D. Scrap value
Q15. Shortage affects:
A. Cost
B. Profit
C. Financial statements
D. All
Q16. Numerical: Ledger ₹10,000, physical ₹9,500 → shortage?
A. ₹400
B. ₹500
C. ₹600
D. ₹700
Q17. Numerical: Ledger ₹20,000, physical ₹21,000 → surplus?
A. ₹500
B. ₹1000
C. ₹1500
D. ₹2000
Q18. Shortage due to negligence is:
A. Normal
B. Abnormal
C. Income
D. Asset
Q19. Surplus stock is treated as:
A. Income
B. Expense
C. Liability
D. Loss
Q20. Adjustment of shortage requires:
A. Approval
B. Investigation
C. Documentation
D. All
Q21. Numerical: Ledger 1000 units, shortage 50 → % shortage?
A. 2%
B. 5%
C. 10%
D. 15%
Q22. Shortage is recorded by:
A. Debit entry
B. Credit entry
C. Ignore
D. None
Q23. Surplus is recorded by:
A. Debit
B. Credit
C. Ignore
D. None
Q24. Shortage due to handling loss is:
A. Normal
B. Abnormal
C. Income
D. Liability
Q25. Shortage due to fraud is:
A. Normal
B. Abnormal
C. Income
D. Asset
Q26. Numerical: Ledger 800 units, physical 760 → shortage value @₹10?
A. ₹200
B. ₹300
C. ₹400
D. ₹500
Q27. Surplus due to wrong issue entry is:
A. Real surplus
B. Accounting error
C. Income
D. Liability
Q28. Shortage requires:
A. Adjustment
B. Write-off
C. Recovery
D. All
Q29. Surplus requires:
A. Adjustment
B. Recording
C. Investigation
D. All
Q30. Numerical: Ledger ₹50,000, physical ₹52,000 → surplus %?
A. 2%
B. 4%
C. 5%
D. 10%
Q31. Shortage beyond limit requires:
A. Approval
B. Investigation
C. Recovery
D. All
Q32. Surplus is included in:
A. Income
B. Asset
C. Liability
D. Expense
Q33. Shortage reduces:
A. Asset
B. Liability
C. Income
D. Capital
Q34. Numerical: Ledger 400 units, shortage 20 → value @₹5?
A. ₹50
B. ₹75
C. ₹100
D. ₹125
Q35. Surplus increases:
A. Asset
B. Liability
C. Expense
D. Loss
Q36. Shortage due to natural causes is:
A. Normal
B. Abnormal
C. Income
D. Asset
Q37. Shortage must be reported to:
A. Store keeper
B. Accounts
C. Higher authority
D. Vendor
Q38. Surplus must be:
A. Ignored
B. Recorded
C. Destroyed
D. Sold
Q39. Numerical: Ledger ₹30,000, shortage ₹1500 → %?
A. 2%
B. 5%
C. 10%
D. 15%
Q40. Shortage affects:
A. Profit
B. Cost
C. Inventory
D. All
Q41. Surplus indicates:
A. Error
B. Gain
C. Both
D. None
Q42. Shortage leads to:
A. Loss
B. Profit
C. Asset
D. Liability
Q43. Shortage is adjusted at:
A. Market price
B. Ledger rate
C. Replacement cost
D. Scrap value
Q44. Numerical: Ledger 100 units, physical 110 → surplus value @₹20?
A. ₹100
B. ₹200
C. ₹300
D. ₹400
Q45. Surplus is credited to:
A. Expense
B. Income
C. Liability
D. Asset
Q46. Shortage due to carelessness is:
A. Normal
B. Abnormal
C. Income
D. Asset
Q47. Surplus affects:
A. Profit
B. Cost
C. Inventory
D. All
Q48. Shortage must be:
A. Ignored
B. Investigated
C. Hidden
D. Sold
Q49. Surplus must be valued at:
A. Market price
B. Ledger rate
C. Replacement cost
D. Scrap
Q50. Shortage and surplus are part of:
A. Inventory control
B. Financial accounting
C. Costing
D. All
✅ ANSWER KEY (1–50)
1-B, 2-B, 3-B, 4-C, 5-B
6-A, 7-B, 8-A, 9-A, 10-D
11-C, 12-C, 13-A, 14-B, 15-D
16-B, 17-B, 18-B, 19-A, 20-D
21-B, 22-A, 23-B, 24-A, 25-B
26-C, 27-B, 28-D, 29-D, 30-B
31-D, 32-A, 33-A, 34-C, 35-A
36-A, 37-C, 38-B, 39-B, 40-D
41-C, 42-A, 43-B, 44-B, 45-B
46-B, 47-D, 48-B, 49-B, 50-D
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