Accounting Mcqs | Test For NTS PPSC FPSC, TEST

A few errors committed in Ahhiwalia’s books of account are given below. State which errors would affect the Trial Balance.

Hamad Accounting Mcqs 26/11/2024

(a). Sales of `950 to Ram completely omitted from books of account
(b). Purchases of `720 from Shyam entered in the purchases journal as `700
(c). Purchases Journal is overcast by `1,000
(d). Sales returns journal is undercast by `200
(e) Amount paid to Agarwal wrongly posted to the debit to Mittal’s account
(f) Bank overdraft shown under debit column in the Trial Balance
(g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq
(h) Wages paid for installation of machinery debited to wages account

A. a, c and g
B. c, d and f
C. c, d, e and h
D. c, d, f and h

Which of the following is an item of capital expenditure?

Hamad Accounting Mcqs 23/11/2024

A. Research and development costs during the year
B. Interest on borrowed fund utilized for acquisition of Office Furniture
C. Installation charges paid in conjunction with the purchase of Office Equipment
D. Monthly rent of a machinery used in the business

Postage stamps on hand are considered as_________?

Hamad CASH BOOK MCQS 10/11/2024

A. Bank
B. Prepaid expenses
C. Accounts receivable
D. Creditor

A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on SLM method, find the profit or loss on sale of the car?

Hamad Accounting Mcqs 27/10/2024

A. 20,000 Loss
B. 20,000 Profit
C. 10,000 Loss
D. 10,000 Profit

Building and furniture are called ____________?

Hamad Principles of Accounting 16/10/2024

A. Current asset
B. Fictitious asset
C. Tangible asset
D. Fixed assets

Which of the following is not true with regard to preparation of Profit & Loss Account?

Hamad Accounting Mcqs 28/08/2024

A. Profit & Loss Account is prepared for a certain period and hence it is an interim statement
B. Profit & Loss Account does not disclose the effect of non-financial items
C. Net Profits are ascertained on the basis of current costs
D. Net Profits as disclosed by P&L Account is not absolute