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.Management Sciences
Category: Accounting Mcqs
Which of the following error results in unadjusted cash book balance?
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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
Building account is classified as _________ account?
A. Nominal
B. Real
C. Cash
D. Capital
Budgeted sales for the next year is 5,00,000 units. Desired ending finished goods inventory is 1,50,000 units and equivalent units in ending W-I-P inventory is 60,000 units. The opening finished goods inventory for the next year is 80,000 units, with 50,000 equivalent units in beginning W-I-P inventory How many equivalent units should be produced?
A. 5,80,000
B. 5,50,000
C. 5,00,000
D. 5,75,000
(more…)
If unexpired insurance appears in the Trial Balance, it should be:
A. Credited to the Profit & Loss Account
B. Debited to the Profit & Loss Account
C. Shown on the liabilities side of the Balance Sheet
D. Shown on the assets side of the Balance Sheet
(more…)
Uncollected checks also referred as______________?
A. Unpresented checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checks
The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?
A. General Reserve A/c
B. Profit & Loss A/c
C. Asset A/c
D. Capital Reserve A/c
A cash book with cash, bank and discount column is commonly referred as________?
A. Cash book
B. Two columns cash book
C. Three columns cash book
D. Petty cash book
A systematic way to maintain the books of accounts is called_________?
A. Accountancy
B. Economics
C. Book Keeping
D. Auditing
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