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.Management Sciences
Category: Accounting Mcqs
Debit note is the basis for recording a transaction in which of the following journals?
A. General journal
B. Cash journal
C. Purchase journal
D. Purchase return journal
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Which of the following statements are / is true? – Events after Balance Sheet are?
A. All the significant events after the Balance Sheet date
B. The events after Balance Sheet date but before submitting it to the Registrar of Companies
C. The events after Balance Sheet date but before its approval by the board
D. All changes after Balance Sheet date before its approval
Payment of rent expenses is recorded on which side of cash book?
A. Receipts
B. Payments
C. Income
D. Expense
Bad debts recovered is:
A. Credited to P&L A/c
B. Debited to P&L A/c
C. Reduced from debtors in Balance Sheet
D. Added to debtors in Balance Sheet
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Institute of Chartered Accountants of Pakistan was established in____________?
A. 1949
B. 1956
C. 1961
D. 1972
One of the most important tools in cost planning is__________?
A. Direct cost
B. Cost Sheet
C. Budget
D. Marginal Costing.
The maintenance of accounts in a systematic way is called__________?
A. Accounting
B. Reading
C. Book Keeping
D. Auditing
Which of these is not a special purpose journal?
A. Cash journal
B. Purchase journal
C. Debtors journal
D. Sales journal
Which of the following is not correct about Errors?
A. Errors which affect one account can be errors of posting
B. Errors of omission arise when any transaction is left to be recorded
C. Errors of carry forward from one year to another year affect both Personal and Real A/c
D. Errors of commission arise when any transaction is recorded in a fundamentally incorrect manner
Which of the following is a Nominal A/c ?
A. Outstanding Salary A/c
B. Rent A/c
C. SBI A/c
D. Debtors A/c
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