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.Management Sciences
Category: Accounting Mcqs
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
Discount received is recorded on which of the following side of a cash book?
A. Receipts
B. Payments
C. Incomes
D. Expenditures
_________ is the first phase of accounting cycle?
A. Identifying an economic event or transaction
B. Preparing journals
C. Posting entries to ledger accounts
D. Making decisions about business
___________ helps business to classify transactions according to their nature?
A. General journal
B. Real accounts
C. Ledger accounts
D. Cash accounts
The periodic total of purchase day book is posted to____________?
A. Purchase register
B. Purchase A/c
C. Cash purchase A/c
D. Credit purchase A/c
Which of the following is a revenue expenses?
A. Raw material consumed
B. Plant purchased
C. Long term loan raised from bank
D. Share Capital
Find the cost of goods sold if goods are sold for 2,000 at 25% profit on cost?
A. 1,600
B. 1,500
C. 1,000
D. 1,800
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