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.Management Sciences
Category: Accounting Mcqs
The normal balance of liability account is____________?
A. Debit balance
B. Credit balance
C. Cash balance
D. Neither debit nor credit balance
Depreciation is a process of____________?
A. Valuation
B. Valuation and allocation
C. Allocation
D. Appropriation
Current assets – Current liabilities=?
A. Capital
B. Absorbed capital
C. Net assets
D. Net working capital
Auditing is what?
A. Reporting the financial information
B. Examination of financial statements
C. Preparation financial statements
D. maintaining the ledger records
Which of the following is known as the base for preparing trial balance?
A. Journal
B. Cash account
C. Ledger account
D. Balance sheet
Which of the following is the internal user of financial statements?
A. Creditor of the business
B. Government agency
C. Shareholder of the business
D. Manager of the business
The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?
A. Sales
B. Purchases
C. Inward returns
D. Closing stock
_________ is the evidence that a transaction took place?
A. Source documents
B. Ledger
C. Bonds
D. Journals
Which of the following specialised journals will record “goods returned by the BUSINESS “?
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal
Which of the following are/is a current asset?
A. Sundry Debtors
B. Stock
C. Prepaid insurance
D. All of A. B. and C. above
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