Category: Accounting Mcqs

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

A. Current Asset
B. Current Liability
C. Fixed Asset
D. Income
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A. Purchase journal
B. Sales journal
C. General journal
D. Cash receipt journal

A. Outstanding Salary A/c
B. Rent A/c
C. SBI A/c
D. Bad debts A/c

A. 30th June,2018
B. 1st July,2018
C. 4th July,2018
D. 4th August,2018
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A. Error of casting affects personal accounts
B. Omission of a transaction from a subsidiary record affects only one account
C. Error of carry forward affects two accounts
D. Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue

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A. Specialized journal
B. Day book
C. Cash book
D. Record book

A. 1981
B. 1881
C. 1871
D. 2001

A. Cash flow statement
B. Income statement
C. Statement of changes in equity
D. Statement of financial position