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.Management Sciences
Category: Accounting Mcqs
Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?
A. Drawings
B. Cash
C. Business
D. Stock
Identify the correct sequence of accounting process
A. Communicating→Recording→Identifying
B. Recording→Communicating→Identifying
C. Identifying→communicating→recording
D. Identifying→recording→communicating
Tax deducted at source appears in the Balance Sheet
A. On the assets side under current assets
B. On the assets side under loans and advances
C. On the liabilities side under current liabilities
D. On the liabilities side under provisions
Sales on credit is recorded in which of the following journal?
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal
What is the basic accounting equation?
A. Capital+Liabilities=Assets
B. Assets+ liabilities =Capital
C. Capital+assets=liabilities
D. Liabilities+Capital
Goods returned by customer should be debited to which of the following accounts?
A. Sales income account
B. Sales account
C. Return inward account
D. Expenses account
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
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