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.Management Sciences
Category: Accounting Mcqs
Which one of the following is a capital expenditure?
A. Compensation paid to Directors on termination of their services
B. Expenditure incurred in connection with the renewal of a Trade Mark.
C. Gratuities paid to Directors on termination of their services.
D. Royalty paid in installments for the purchase of rights to manufacture and sell patient medicines.
The process of recording transactions in different journals is called_________?
A. Posting
B. Entry making
C. Adjusting
D. Journalizing
Which of these is a Part of cash in hand?
A. Postage stamps
B. B/R
C. Cheque Deposited with Bank
D. B/R endorsed
Depreciation Account appearing in the Trial Balance is shown in:
A. Profit and Loss A/c
B. Trading A/c
C. Deducted from the concerned assets A/c
D. Shown on the liability side
If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?
A. Yes
B. No
C. Transactions can’t be omitted
D. none of these
Revenue is generally recognized as being earned at that point of time when?
A. sale is effected
B. cash is received
C. production is completed
D. debts are collected
The periodic total of sales day book is posted to___________?
A. Sales A/c
B. Cash sales A/c
C. Sales return A/c
D. Credit sales A/c
Debit balance as per bank pass book mean_____________?
A. Surplus cash
B. Bank Overdraft
C. Terms deposits with bank
D. None of these
During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true?
A. The cost of goods sold was overstated during 2011-2012 and income will be understated during 2012-2013
B. The income was overstated during 2011-12 and closing inventory will be overstated during 2012-2013
C. The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
D. The cost of goods sold was understated during 2011-2012 but retained earnings will not be affected during 2012-2013
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