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.Management Sciences
Category: Accounting Mcqs
Which of the following is not a deferred revenue expenditure?
A. Expenses in connection with issue of equity shares
B. Preoperative expenses
C. Heavy advertising expenses to introduce a new product
D. Legal expenses incurred in defending a suit for breach of contract to supply goods
The real accounts are accounts of Assets, liabilities and ___________?
A. Expenses
B. Revenues
C. Capital
D. Drawing
The concept of conservatism will have the effect of______________?
A. Overstatement of Assets
B. Understatement of Assets
C. Overstatement of Liabilities
D. Understatement of Liabilities
Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).
A. Cash receipt journal
B. Cash payment journal
C. Cash book
D. Financial statements
Trial balance is commonly prepared?
A. Frequently during the year
B. At the end of an accounting period
C. At the end of a month
D. At the end of a year
Which of the following accounts can be classified as a real account?
A. Rent expenses account
B. Rent income account
C. insurance expenses account
D. Cash account
Short term Assets expected to be converted into cash within 1 year or less than?
A. Current Assets
B. Fixed Assets
C. Current Assets& current liabilities
D. All of the above
_________is the cost of converting raw material into finished products?
A. Prime cost
B. Explicit cost
C. Job order cost
D. Conversion cost
The person to whom goods are sold on credit is called___________?
A. Buyer
B. Seller
C. Debtor
D. Creditor
Assets having physical existence are called ___________?
A. Current asset
B. intangible asset
C. Tangible asset
D. Liquid asset
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