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.Management Sciences
Category: Accounting Mcqs
Closing stock in the Trial Balance implies that______________?
A. It is already adjusted in the opening stock
B. It is adjusted in the Purchase A/c
C. It is adjusted in the Cost of Sale A/c
D. It is adjusted in the Profit &Loss A/c
If a company has contingent liabilities, they appear in the__________?
A. Balance Sheet
B. Directors‘ report
C. Notes on account to Balance Sheet
D. Chairman‘s report
Contingent liabilities are disclosed in the notes to Balance Sheet
What is equity?
A. Cash from the business
B. liability of a business
C. Owner’s claim on total assets
D. Owner’s claim on total liabilities
A club paid subscription fees of `1,400. Out of which ` 200 is prepaid. In such case
A. P&L A/C is debited with 1,400
B. P&L A/C is debited with 1,200
C. 200 is shown as current asset
D. Both B. and C. above
(more…)
Which of the following is not a financial statement?
A. Profit and Loss Account
B. Balance Sheet
C. Funds Flow Statement
D. Trial Balance
(more…)
The total cost incurred in the operation of a business undertaking other than the cost of manufacturing and production is known as________?
A. Direct cost
B. Variable cost
C. Commercial cost
D. Conversion cost
Prepaid expenses are valued on the Balance Sheet at
A. Replacement cost
B. Current cost
C. Cost to acquire less accumulated amortization
D. Cost less expired portion
(more…)
Identify the nominal account
A. Machinery account
B. Building account
C. Creditors account
D. Rent expenses account
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