Category: Accounting Mcqs

If actual bad debts are more than the provision for bad debts, then there will be a_____________?

Hamad Accounting Mcqs 11/11/2023

A. Credit balance of Provision for Bad Debts Account
B. Debit balance of Provision for Bad Debts Account
C. Debit balance of Bad Debts Account
D. Debit balance of Discount on Debtors Account

Which of the following is a type of cash receipt journal + cash payment journal?

Hamad Accounting Mcqs 05/11/2023

A. Bank statement
B. Statement of cash flow
C. Cash book
D. Cash documents

Petty cash fund is supposed to be replenished?

Hamad CASH BOOK MCQS 04/11/2023

A. Every day
B. Every half year
C. Every year
D. At the end of every accounting period

The concession received on the price of defective goods is called:

Hamad Principles of Accounting 21/09/2023

A. Discount
B. Cash discount
C. Allowance
D. Trading discount

Specialized journals are more adequate for which TYPE OF BUSINESSES?

Hamad Accounting Mcqs 11/09/2023

A. Small businesses
B. Big businesses
C. Sole proprietorship
D. Partnership

Cash brought by the owner to start business is called__________?

Hamad Principles of Accounting 09/09/2023

A. Capital
B. Loan
C. Drawing
D. None of these

Which of the following entries is correct in respect of reserve for discounts on accounts payable?

Hamad Accounting Mcqs 08/09/2023

A. Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c
B. Debit Accounts Payable A/c and Credit P&L A/c
C. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
D. Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c
(more…)