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.Management Sciences
Category: Accounting Mcqs
Double entry means______________?
A. Entry in two sets of books
B. Entry at two ends
C. Entry at two dates
D. Entry for two aspects of the transaction
Which of the following is true about a trial balance?
A. It lists down the balances of accounts
B. It lists down the balances of a balance sheet
C. It is a kind of financial statement
D. It is not a part of accounting cycle
The amount payable to a person as consideration for the use of rights vested in him is
A. Dividend
B. Royalty
C. Purchase consideration
D. Installment
Debts which are payable in the course of a month are called _____________?
A. External liabilities
B. Fixed liabilities
C. Current liabilities
D. Liquid Liabilities
Which of the following is the closing balance of a ledger account?
A. Balance c/d
B. Balance b/d
C. Balance e/d
D. Balance f/c
Fresh capital introduction will increase____________?
A. Assets and liabilities
B. Assets and equity
C. Liabilities and equity and bank balance
D. Capital and liabilities
Journals are also referred as_____________?
A. Book of entries
B. Book of original entries
C. T account
D. Books of economic event
Which of the following statements is /are true?
A. Entering wrong amount in the subsidiary book affects the agreement of the Trial Balance
B. Undercasting or overcastting of a subsidiary book is an example or error of commission
C. Errors of principle do not affect the agreement of Trial Balance
D. Both B. and C. above
Net loss occurs when______________?
A. Expenses are greater than Income
B. Expenses are less than Income
C. Expenses=Income
D. Liabilities are greater than income
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