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.Management Sciences
Category: Accounting Mcqs
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
Bank reconciliation statement is prepared by____________?
A. Accountant of the business
B. Manager of the business
C. Controller of the bank
D. Accountant of the bank
Consider the following data pertaining to the production of a company for a particular month :
Opening stock of raw material 11,570
Closing stock of raw material 10,380
Purchase of raw material during the month 1,28,450
Total manufacturing cost charged to product 3,39,165
Factory overheads are applied at the rate of 45% of direct labour cost.
The amount of factory overheads applied to production is
A. 65,025
B. 94,287
C. 95,020
D. 1,52,624
$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.
A. $5000 will be credited
B. $5000 will be debited
C. $10,000 will be credited
D. $10,000 will be debited
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