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.Management Sciences
Category: Accounting Mcqs
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
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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
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
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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
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