Category: Accounting Mcqs
Which of the following specialised journals will record “goods returned by the BUSINESS “?
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal
Which of the following are/is a current asset?
A. Sundry Debtors
B. Stock
C. Prepaid insurance
D. All of A. B. and C. above
If actual bad debts are more than the provision for bad debts, then there will be a_____________?
A. Credit balance of Provision for Bad Debts Account
B. Debit balance of Provision for Bad Debts Account
C. Debit balance of Bad Debts Account
D. Debit balance of Discount on Debtors Account
Which of the following is a type of cash receipt journal + cash payment journal?
A. Bank statement
B. Statement of cash flow
C. Cash book
D. Cash documents
Petty cash fund is supposed to be replenished?
A. Every day
B. Every half year
C. Every year
D. At the end of every accounting period
The concession received on the price of defective goods is called:
A. Discount
B. Cash discount
C. Allowance
D. Trading discount
Specialized journals are more adequate for which TYPE OF BUSINESSES?
A. Small businesses
B. Big businesses
C. Sole proprietorship
D. Partnership
Cash brought by the owner to start business is called__________?
A. Capital
B. Loan
C. Drawing
D. None of these
Which of the following entries is correct in respect of reserve for discounts on accounts payable?
A. Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c
B. Debit Accounts Payable A/c and Credit P&L A/c
C. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
D. Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c
(more…)
Discount for quick repayment of debt is normally referred as____________?
A. Trade discount
B. Prompt payment discount
C. Cash discount
D. Bulk discount
Recent Comments