Search
.Management Sciences
Category: Accounting Mcqs
Which of the following is not a feature of a promissory note?
A. It must be in writing
B. It contains an unconditional promise to pay
C. It is payable to the bearer
D. It must be signed by the maker
(more…)
If the total liabilities of a business decrease by $5000 what will be the effect on total asset?
(assuming the amount of capital remain same)
A. Remain constant
B. Decrease by $5000
C. Increase by $5000
D. Increase by $10,000
The Profit and Loss Account shows the:
A. Financial results of the concern for a period
B. Financial position of the concern on a particular date
C. Financial results of the concern on a particular date
D. Cost of goods sold during the period
(more…)
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
Recent Comments