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.Management Sciences
Category: Accounting Mcqs
An asset posses which of the following?
A. Future economic benefits for the business
B. All kind of benefits for the business
C. Expenses for the business
D. Merits and Demerits for the business
Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be?
A. Written down to zero or its scrap value
B. Shown in the Balance Sheet at its replacement cost
C. Shown in the Balance Sheet at cost, but classified as a non-current asset
D. Carried in the accounting records at cost until it is sold
In the Bank reconciliation statement “Deposit in transit” is usually:
A. Subtracted from bank balance
B. Added to bank balance
C. Added to Cash book balance
D. Subtracted from cash book balance
The process of recording is done?
A. Two times a year
B. once a year
C. Frequently during the accounting period
D. At the end of a accounting period
Which of these items are taken into consideration for preparation of adjusted Cash Book
A. Mistake in Cash Book
B. Mistake in Pass Book
C. Cheque issued but not presented for payment
D. Cheques deposited but not cleared
Which of the following will be debited if a business purchases goods on credit?
A. Cash
B. Debtor
C. Creditor
D. Purchases
Which of the following equations is correct?
A. Gross Profit+ Sales+ Direct expenses+ Purchases+ Closing stock = Opening stock
B. Gross Profit+ Sales+ Direct expenses+ Purchases- Closing stock = Opening Stock
C. Gross Profit + Opening Stock + Direct expenses + Purchases- Closing stock = Sales
D. Gross Profit – Opening Stock + Direct expenses + Purchases +Closing stock = Sales
Which of the following is not a cause of difference in balance as per cash book and balance as per bank pass book___________?
A. Errors in cash book
B. Errors in pass book
C. Cheques deposited and cleared
D. Cheques issued but not presented for payment
Which of the following bases is not appropriate for apportionment of Transport department‘s cost ?
A. Crane hours
B. Crane value
C. Truck Mileage
D. Truck value
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