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.Management Sciences
Category: Accounting Mcqs
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
In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is?
i. Debit Bills Receivable Account
ii. Debit Drawee‘s Account
iii. Credit Drawee‘s Account
iv. Credit Sales Account
A. Only (i) above
B. Both (ii) and (iv) above
C. Both (i) and (iii) above
D. Both (i) and (iv) above
(more…)
Which of the following accounts will be credited if a company purchases building for cash?
A. Capital account
B. Fixed assets account
C. Building account
D. Cash account
Which of the following items should not be capitalized relating to fixed assets?
A. Interest payable on loans or deferred credits taken for the acquisition or construction of fixed assets before they are ready for use
B. Stand by equipment and servicing equipment
C. Expenditure incurred on test runs and experimental production
D. Administration and general expenses
Which of the following form of business organization is least regulated?
A. Sole-proprietorship
B. General Partnership
C. Limited Partnership
D. Corporation
Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve
A. Debit of 800 to Trading Account and credit of 600 and 200 to insurance company and
Profit and Loss Account respectively
B. Deduct the 800 from closing stock in the Trading Account
C. Credit insurance company for 600
D. Debit of 600 and 200 to insurance company and Profit and Loss Account respectively and
credit of 800 to Trading Account
Insurance prepaid is shown as:___________?
A. Current Asset
B. Current Liability
C. Fixed Asset
D. Income
(more…)
SALE of old furniture” will be recorded in which of the following specialised journals?
A. Purchase journal
B. Sales journal
C. General journal
D. Cash receipt journal
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