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.Management Sciences
Category: Accounting Mcqs
The assets which come into existence upon the happening of a certain event are called__________?
A. Contingent assets
B. Fixed assets
C. Fictitious assets
D. Quick assets
Cash book records?
A. Only cash sales
B. All types of cash receipts and payments
C. Only revenue receipts
D. Only capital receipts
Which of the following is a real account?
A. Office equipment
B. Rent expenses
C. Rent income
D. Insurance expense
The gross decrease in economic benefits for the business are what?
A. Expenses
B. Obligations
C. Creditors
D. Income or gain
The adjustment to be made for income received in advance is:
A. Add income received in advance to respective income and show it as a liability
B. Deduct income received in advance from respective income and show it as a liability
C. Add income received in advance to respective income and show it as asset
D. Deduct income received in advance from respective income and show it as an asset in the Balance Sheet
If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.
A. Arithmetic accuracy
B. Errors of commission
C. Omissions of economic events
D. Understatements of balances
Gross Profit is equal to_________?
A. Sales – Cost of goods sold
B. Sales – Closing Stock + Purchases
C. Opening Stock + Purchases – Closing Stock
D. None of the above
Cash book records:______________?
A. Cash payments
B. Cash receipts
C. Cash payments and cash receipts
D. Neither cash payments nor cash receipts
Goodwill A/c is a/an__________?
A. Nominal A/c
B. Tangible Asset
C. Intangible Asset
D. Fictitious Asset
_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
A. Depreciation
B. Drawings
C. Outflow of cash
D. Appreciation
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