Search
.Management Sciences
Category: Accounting Mcqs
Cash purchases is recorded in which of the following specialized journals?
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Cash payments journal
Which of the following statements is correct about Trial Balance?
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
The portion of the acquisition cost of the asset yet to be allocated is known as___________?
A. Written down value
B. Accumulated value
C. Salvage value
D. Residual Value
In a three column cash book_______________does not exist?
A. Cash column
B. Bank column
C. Petty cash column
D. Discount column
Computers taken on hire by a business for a period of twelve months should be classified as:___________?
A. Current assets
B. Intangible assets
C. Deferred revenue expenditure
D. Not an asset
(more…)
Favorable balance of cash book implies that
A. Credit balance of cash book
B. Debit balance of cash book
C. Bank overdraft
D. Adjusted balance of cash book
Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?
A. Cash payments journal
B. Cash receipts journal
C. Purchases return journal
D. General journal
Carriage on goods purchased is shown in:___________?
A. Profit and Loss A/c
B. Capitalized with work in progress
C. Trading A/c
D. Shown in Balance Sheet
Financial accounting provides financial information to all of the following external users except:
A. Government agencies
B. investors
C. Creditors
D. Managers
Recent Comments