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.Management Sciences
Category: Accounting Mcqs
_________ will be credited if goods are given as charity?
A. Cash
B. Charity
C. Purchases
D. Sales
Accommodation bills are generally for?
A. Genuine trade reasons
B. For mutual financial accommodation
C. To help augment money supply
D. All the three
_________ Checks that are presented to bank but not yet credited by the bank.
A. Unpresented checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checks
Discount allowed is a kind of deduction from_____________?
A. Account payable
B. Account receivable
C. Cash account
D. Discount account
Provision is created for____________?
A. Unknown Liabilities
B. Known Liabilities
C. Creation of Secret Reserves
D. All the Three
Which of the following is the external user of financial statements?
A. Manager of the business
B. CEO of the business
C. Creditor of the business
D. Controller of the business
Property, Plant and Equipment are conventionally presented in the Balance Sheet at _________?
A. Replacement cost – Accumulated Depreciation
B. Historical cost – Salvage Value
C. Historical cost – Depreciation portion thereof
D. Original cost adjusted for general price-level changes
Cost of goods sold excludes___________?
A. Opening Stock
B. Carriage inward
C. Wages & Salary
D. Postage & Stamps
Which of the following is a current liability?
A. Prepaid expenses
B. Trademark
C. Discount on issue of shares
D. Outstanding Salaries
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