Question # 1

Goods returned to supplier should be credited to:

Choose an answer

Supplier A/c

Purchase return A/c

Sales return A/c

Purchases A/c

Transaction which is omitted from record is known as

Choose an answer

Errors of omission

Errors of principle

Errors of commission

Compensating errors

Operating expenses represent

Choose an answer

G.P- Operative Exp

Selling + General Exp

Selling administrative Exp.D)

All of these

The cheque which is returned by the bank unpaid is called

Choose an answer

Cross cheque

Dishonour cheque

Bearer cheque

Order cheque

Trial balance is prepared to detect

Choose an answer

Errors of omission

Compensating errors

Errors of commission

Errors of principles

Which of theses assets is an intangible asset

Choose an answer

Building

Cash

Furniture

Good will

Balance sheet is a statement of

Choose an answer

Assets

Both first

Liabilities

None of these

Debit balance of cash book is also called

Choose an answer

Unfavourable balance

Favourable balance

Negative balance

Both un favourable and favourable balance

Which of these accounts is increased by credit entries:

Choose an answer

Machinery A/c

Rent A/c

Sales A/c

Purchase A/c

A bill of exchange is drawn by a

Choose an answer

Debtor

Holder

Creditor

None of these

Goods returned by a customer should be debited to

Choose an answer

Sales A/c

Customer A/c

Purchase A/c

Sales return A/c

A person is said to be insolvent when his

Choose an answer

Assets are sufficient

Assets are enough to pay his liabilities

Assets are not enough to pay his liabilities

None

What is amortization?

Choose an answer

Decrease in the value of fixed assets

Decrease in the value of intangible assets

Increase in the value of fixed assets

Increase in the value of intangible assets

Goodwill is ----------- for company.

Choose an answer

Intangible asset

Fixed asset

Current asset

Quick asset

In operating expense includes

Choose an answer

Marketing expense

Admin expense

Selling expense

All of the above

Which one is non-manufacturing costs?

Choose an answer

Direct material cost

Labour cost

Research and development cost

All of above

Work in process opening and closing inventory includes:-

Choose an answer

Arterial in process

Labour in process

F.o.H in process

All of the above

Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.

Choose an answer

Recognized

Not recognized

Paid

Received

Profit will be lower where prices are rising under

Choose an answer

FIFO method

LIFO method

Weighted average method

All of the above

What is accumulated depreciation?

Choose an answer

Depreciation expense of the current year

Sum of all depreciations in different accounting year

Depreciations of previous accounting year

None

A property which is received by virtue of a will of a person after his death is known as

Choose an answer

Legacy

Donation

Subscription

Gift

Costs whose consumption may be identified with specific production units in called

Choose an answer

Direct labour cost

Indirect labour cost

Direct material cost

Indirect material cost

More Classes

Other Links

Accounting Test Hard 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