Search
.Management Sciences
Category: Accounting Mcqs
Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book.
A. $500 will be debited
B. $500 will be credited
C. Non-adjustable
D. $1000 will be subtracted
Total depreciation of an asset cannot exceed its:
A. Scrap value
B. Residual value
C. Market value
D. None of these
If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then
A. Net Profit will decrease by 3,140
B. Gross Profit will increase by 3,320
C. Gross Profit will decrease by 3,500
D. Gross Profit will decrease by 3,320
Find out the value of assets if: Liabilities=$5000 and Capital=$1000
A. $4000
B. $6000
C. $7000
D. $3000
Obligation of the Business are known as___________?
A. Liabilities
B. Revenues
C. Expenses
D. Assets
Identify the asset from the following:
A. Cash and cash equivalent
B. Creditors
C. Notes payable
D. Bank loan
Which of the following statements is false ? select the false from below options
A. Balance Sheet discloses financial position of the business
B. A person who owes to the business is called Debtor
C. Decrease in the value of the asset could decrease the value of a liability
D. Assets are to be shown in the Balance Sheet at the realizable value
(more…)
Amount paid to Masood posted to the credit side of his account would affect___________?
A. Masood’s account
B. Cash account
C. Cash account and Gagan’s account
D. None of these
Which of the following error results in unadjusted cash book balance?
A. Outstanding checks
B. Unpresented checks
C. Deposit in transit
D. Omission of Bank charges
The amount invested by the proprietor to start the business is called:
A. Capital
B. Business
C. Drawings
D. All of them
Recent Comments