Search
.Management Sciences
Category: Accounting Mcqs
Income earned but not received is called ____________?
A. Fictitious assets
B. Quick asset
C. Real asset
D. Outstanding asset
Debit side of Bank Pass book corresponds to___________?
A. Credit side of Cash Book
B. Debit side of Cash Book
C. Debit side of Trial Balance
D. Credit side of Balance Sheet
The first step in accounting process is___________?
A. Recording the transaction
B. Identifying the transaction
C. Posting the transaction
D. Preparing the source documents
Sales return is also known as____________?
A. Return received
B. Return Payed
C. Return inward
D. Return outward
(more…)
Which of the following shall not be deducted from net profit while calculating managerial remuneration?
A. Loss on sale of undertaking
B. Debts considered bad and written off
C. Liability arising from a breach of contract
D. Director‘s remuneration
(more…)
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
Recent Comments