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Category: Accounting Mcqs
When owner withdraw cash for its private use, it is called ___________?
A. Profit
B. Income
C. Expense
D. Drawing
Bank reconciliation is a statement prepared to reconcile__________?
A. Trial balance
B. Cash book
C. Bank A/c
D. Cash as per cash book with bank balance as per bank pass book
Any donation received for a specific purpose is a_________?
A. Liability
B. Assets
C. Revenue receipts
D. Capital receipts
Which of the following is not a contingent liability?
A. Debts included in Sundry Debtors which are doubtful in nature
B. Uncalled liability on partly paid shares
C. Claims against the company not acknowledged as debts
D. Arrears of fixed cumulative dividend
(more…)
Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?
A. Added, Reduced
B. Added, Added
C. Deducted, Added
D. Deducted, Deducted
Benefits of preparing Bank Reconciliation Statement includes___________?
A. It bring out any errors committed in preparation of Cash book / Bank Pass Book
B. Highlights under delay in clearance of cheques deposited but not credited
C. Help know actual bank balance
D. All the three
In accounting an Economic event is referred to as:
A. Cash
B. Bank statement
C. Transaction
D. Exchange of money
________ is a separate legal entity that Total capital can be divided in many shares.
A. Partnership
B. Sole proprietorship
C. Company
D. Non-profit organization
In which of the following orders data is entered in journal?
A. Alphabetical order
B. Numeric order
C. Bullets order
D. Chronological order
Discount allowed is___________?
A. Expense of business
B. Income of business
C. Loss of business
D. Abnormal loss of business
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