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.Management Sciences
Category: Accounting Mcqs
Cash discount is provided on _______________?
A. Purchases
B. Prompt payment
C. Sales
D. Sales return
Keeping the log of financial information in books of original entries is called__________?
A. Recording
B. summarizing
C. Grouping
D. Processing
When bill discounted with the bank is dishonored?
A. Acceptor‘s Account is debited in the books of drawer
B. Bills Receivable Account is credited in the books of drawer
C. Bank Account is debited in the books of drawer
D. Bills Payable Account is debited in the books of drawer
(more…)
Posting is the process of____________?
A. Posting the letters in drop box
B. Posting suitable person to a suitable job
C. Entering in the ledger the information contained in the ledger
D. All the three
Modern system of book keeping is called______________?
A. Double entry system
B. American system
C. Single entry system
D. Italic system
BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?
A. Cash receipts journal
B. Cash payments journal
C. Sales journal
D. Purchase journal
In which of the following methods, the cost of the asset is spread over in equal proportion during its useful economic life?
A. Straight-line method
B. Written down value method
C. Units-of-production method
D. Sum-of-the years‘-digits method
Favorable balance of bank statement implies that
A. Credit balance
B. Debit balance
C. Bank overdraft
D. Adjusted balance
A journal entry in which two or more account is debited or credited is referred as____________?
A. Journal entry
B. Multi entry
C. Additional entry
D. Compound entry
When production is equal to sales, which of the following is TRUE?
A. No change occurs to inventories for either use absorption costing or variable costing methods
B. The use of absorption costing produces a higher net income than the use of variable costing
C. The use of absorption costing produces a lower net income than the use of variable costing
D. The use of absorption costing causes inventory value to increase more than they would though the use of variable costing
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