Question # 1

In payroll include the remunerations of

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Direct labour

Indirect labour

Both a & b

None of the above

The stages of accounting cycle are

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Transaction-ledger-journal-trial balance-final accounts

Transaction-journal-ledger-trial balance-final accounts

Transaction-journal-trial balance-ledger-final accounts

Transaction-journal-ledger-final accounts-trial balance

Cash or goods taken away by owner for personal use from business are known as:

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Capital

Drawings

Revenue

Expense

Which one is not a classification according to the accounting period?

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Capital expenditure

Revenue expenditure

Product cost

Administrative cost

Doubtful debt are:

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Definite loss to the business

Definite profit to the business

Expected loss to the business

Expected profit to the business

A--------------- is an account in which those transaction are entered which cannot be placed to their accounts

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Nominal account

Suspense account

Personal account

Debtor account

Accounts which are related with properties are known as

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Real accounts

Nominal accounts

Property accounts

A and C are correct Accounting principles:

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

How many branches are there in accounting?

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1

3

2

4

Assets which have to no market value are called

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Fictitious assets

Liquid assets

Intangible assets

Real assets

Depreciation is a loss due to wear and tear of an asset.

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Correct

Incorrent

May be

None

Outstanding expenses are also known as

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Prepared expenses

Accrued expenses

Un-earned income

None

Trading account shows ----------- result.

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Net

Gross

Profit

Loss

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

None of above

Tenor is the period of time ------------ which a bill becomes payable

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Before

After

Both a and b

None

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NAT II Management Science Finance & Accounting MCQs With Answers

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