Category: Accounting Mcqs

A.  Lots in , Few out
B.  Link input, Format Output
C.  Last input, First Output
D.  Last in, First Out

A. Complete omission of a transaction
B. Partial omission of a transaction
C. Error of principle
D. Compensating errors

A. Mistake in balancing an account
B. Omitting to record a transaction entirely in the subsidiary books
C. Recording of a wrong entry in the subsidiary books
D. Posting an entry on the correct side but in the wrong account

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A. 6441
B. 5431
C. 7150
D. 5876

A. The amount of depreciation keeps increasing every year while the rate of depreciation keeps decreasing
B. The amount of depreciation and the rate of depreciation decrease every year
C. The amount of depreciation decreases while the rate of depreciation remains the same
D. The amount of depreciation and the rate of depreciation increases every year

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A. Regular reduction of asset value to correspond to changes in market value as the asset ages
B. A process of correlating the market value of an asset with its gradual decline in physical efficiency
C. Allocation of cost in a manner that will ensure that Plant and Equipment items are not carried on the Balance Sheet in excess of net realizable value
D. Allocation of the cost of an asset to the periods in which services are received from the asset

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A. 111%
B. 120%
C. 95%
D. 117%

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

A. The Trial Balance is prepared after preparing the Profit and Loss Account
B. The Trial Balance shows only balances of Assets and Liabilities
C. The Trial Balance shows only nominal account balances
D. The Trial Balance has no statutory importance from the point of view of law

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