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.Management Sciences
Category: Accounting Mcqs
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
(more…)
Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?
A. Error of principle
B. Error of commission
C. Error of omission
D. Error of duplication
Purchase of office equipment for cash will be recorded on which of the following sides of a cash book?
A. Receipts
B. Payments
C. Incomes
D. Expenditures
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
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