Category: Accounting Mcqs

____________is also known as Appraisal system of depreciation?

Hamad Accounting Mcqs 19/04/2021

A. Inventory system
B. Survey system
C. Annuity system
D. Insurance

Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.

Hamad Accounting Mcqs 19/04/2021

A. 50,000
B. 55,000
C. 60,000
D. 65,000

Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000

Hamad Accounting Mcqs 18/04/2021

A. $6000
B. $10,000
C. $5000
D. $1000

Financial statements differ from management account because

Hamad Accounting Mcqs 16/04/2021

A. They are mainly prepared for external users of financial information
B. They are more complex and hard to prepare
C. The are the summary of accounting data
D. The are prepared on basis of actual concept

Which of the following methods is not a practical way of realizing revenue?

Hamad Accounting Mcqs 15/04/2021

A. Delivery method
B. Percentage-of-completion method
C. Production method
D. Moving average method

Which of the following specialized journals records “goods returned by customers”?

Hamad Accounting Mcqs 14/04/2021

A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal

Which of the following should not be treated as revenue expenditure?

Hamad Accounting Mcqs 13/04/2021

A. Interest on loans and debentures
B. Annual fire insurance premiums on Plant and Equipment
C. Sales tax paid in connection with the purchase of office equipment
D. Small expenditures on long- lived assets, such as ` 20 for a paper weight.