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.Management Sciences
Category: Accounting Mcqs
An asset must be _______ by the business to be shown as an asset in its “balance sheet”
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A. Possessed
B. Owned
C. Controlled
D. Used
An account records the ___________ in the balance of an item?
A. Increase
B. Decrease
C. Increase or decrease
D. Appreciation
Depreciation is calculated on the____________?
A. Cost price of asset
B. Market price
C. Cost+ Transport+ Installation expenses
D. Cost or market values whichever is less
When a person purchasing goods on credit he becomes a_________in the books of the seller?
A. Debtor
B. Creditor
C. Defaulter
D. Offender
Capital of a business decreases if there is an increase in___________?
A. Drawings
B. Income
C. Gains
D. Fresh capital
An increase in provision for bad debt will____________?
A. Decrease net income
B. Decrease liabilities
C. Increase net income
D. Increase liabilities
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
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