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.Management Sciences
Category: Accounting Mcqs
Capital expenses are shown in___________?
A. Balance Sheet
B. Profit and Loss A/c
C. Trading A/c
D. None of these
Transferring entries from journal to ledger account is commonly known as____________?
A. Recording
B. Transferring
C. Posting
D. Entry making
Standing orders are ________
A. Credited in the cash book
B. Debited in the cash book
C. Entered in the bank statement
D. Entered in the petty cash balance
A brief explanation recorded below every entry in general journal is commonly known as__________?
A. Narration
B. Explanation
C. Summary
D. Other information
If debit side of a bank account is greater than credit side it indicates which of the following?
A. Cash at bank
B. Bank understatement
C. Bank overdraft
D. Balance overstatement
A chart of accounts generally start with which of the following types of accounts?
A. Assets accounts
B. liability accounts
C. Cash accounts
D. Revenue accounts
Which of the following statements is true?
A. If a Trial Balance tallies, it always means that none of the transactions has been completely omitted
B. A Trial Balance will not tally if a transaction is omitted
C. A customer to whom goods have been sold on credit cannot avail himself of a cash discount
D. A credit balance in the Pass Book indicates excess of deposits over withdrawals
Goods Return by the customer are termed as :
A. Purchase return
B. Customer return
C. Sales return
D. Inventory return
Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
A. Identifying transactions
B. Preparing “T Accounts”
C. Preparing financial statements
D. Preparing trial balances
Which of the following error is an error of principle
A. 5,000 received from Sham credited to Ram A/c
B. 5,000 incurred on installation of new plant debited to travelling expenses A/c
C. 500 paid for wages debited to salary A/c
D. 500 being purchase of raw material debited to purchase A/c ` 50
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