Question # 1

Expenditure is revenue expenditure because

Choose an answer

It is intended to benefit the current period

The amount involved is small

It is deducted from the gross sale proceeds

None of these

Usually every ______ entry affect both income statement and balance sheet

Choose an answer

Adjusting

Work sheet

Balance sheet

Ledger

Bad debts are business

Choose an answer

Expenses

Liabilities

Assets

Revenue

Expenditure is a capital expenditure because

Choose an answer

The amount involved is heavy

It is the personal expenditure of the owner out of his capital

It is intended to benefit the future period

It is a recurring expenditure

An error completely omitted to be entered in the journal

Choose an answer

partial error

error of posting

error of casting

complete error

The debts, the recovery or realization of which is uncertain are known as

Choose an answer

Bad bets

Doubtful debts

Provision for doubtful debts

Loan

Disagreement in balances may arise owing to mistake or mistakes in the:

Choose an answer

Cash book only

Bank statement

Cash book or bank statement

Bank column of the cash book only

The favorable balance of bank statement is

Choose an answer

Credit balance

Debit balance

Zero balance

All of these

Debit Signifies

Choose an answer

Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

Which one of the following is a direct expense?

Choose an answer

Custom duty

Carriage

Wages

All of above

Contra Refers to

Choose an answer

Same Side

Parallel Side

Opposite Side

None of these

The periodical report which is prepared by consignee and send to consignor, which shows the detail about the sales of goods is called.

Choose an answer

Sales account

Performa invoice

Account sales

None of these

In case of los on revaluation of assets and liabilities should be debited to.

Choose an answer

Retiring partners capital accounts

All partners capital accounts

Remaining patners capitala account

None of these

If some proparty is owned jointly with out any attention to carry on a business it is called.

Choose an answer

Partnership

Co- ownership

Sole ownership

Agency

In case of retirement when the good will raised with retiring partner written off among the remaining partner.

Choose an answer

In gaiing ratios

Sacrifing ratios

Capital ratios

New ratio

Share applicaton account is in the nattur eof.

Choose an answer

Real account

Personal account

Nominal account

None of the above

On the admission of a new partneer the decreasein the value of assets is debited to.

Choose an answer

Revaluation account

Assets account

Old parner's capital account

New partner capital account

The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.

Choose an answer

All partners capital accounts

Only retiring partners capitals accounts

Remaiingng partners capital account

None of these

An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.

Choose an answer

Bonus

Commission

Del creder commision

Credit commission

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

Choose an answer

Balance sheet

Trading account

Trial balance

Statement of affairs

The powers of company are governed by the.

Choose an answer

Sharehoders

Memorandum of association

Prospectus

Articles of association

North worth of an organizaton means the excess of its total assets over total.

Choose an answer

Liabilities

Income

Expenses

None of the above

More Classes

Other Links

Accounting Test Easy Mode MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer