Question # 1

Which of the following account balance will be shown on debit side of trail balance ?

Choose an answer

Capital account

Sundry credit accounts

Cash account

The main goal of bank reconciliation statement is:

Choose an answer

If the discrepancy is due to error rather than timing

If the discrepancy is due to timing rather than error

If the discrepancy is due to error rather than amount

If the discrepancy is due to amount rather than timing

A decrease in value of a fixed asset due to age wear and tear is known as

Choose an answer

depreciation

accumulated depreciation

administrative expenses

operating expenses

Bank book is a part of :

Choose an answer

Voucher

General journal

General ledger

trail balance

If a business purchase machinery for rs 30000 on 31 january 2008 having life of 8 years,this expenses will be realized under the concept of accrual accounting

Choose an answer

for the year 2008 only

for the last day of 10th year only

over 10 year

nothing can be said about it

Which of the following is NOT prepared by Non Profit organization?

Choose an answer

Profit and loss account

Income and expenditure account

Receipts and payments accounts

Balance sheet

Which of the following shows summary of a company financial position at a specific date?

Choose an answer

Profit and loss account

Cash flow statement

Balance Sheet

The amount brought propritier in the business should be credited to

Choose an answer

cash account

capital account

drawing account

Which of the following is the example of direct material cost?

Choose an answer

Polish and finish material for chair

A piece of wood for the production of wood

Production worker wages

Depreciation expenses

Which of the financial statement DO NOT show the financial health of a business at specific date?

Choose an answer

Profit and Loss account

Balane Sheet

Statement of financial position

Which of the following financial statement summarizes the profitability of an organization for a particular period?

Choose an answer

Trade and profit & loss account

cash flow statement

balance sheet

Net profit + expenses =______

Choose an answer

Liabilities

assets

capital

income

A decrease in value of a fixed asset due to age ,wear and tear is known as

Choose an answer

depreciation

accumulated depreciation

WDV

Firms chargers depreciation each year :

Choose an answer

To ensure there is enough money in the firm to replace the asset

To spread the cost of the asset over its working life

Because the law state must be reduced

Following are the inventories of Manufacturing Concern EXCEPT

Choose an answer

Raw material

work in process

finished goods

merchandise inventory

Which of the following statement is NOT TRUE about current liabilities?

Choose an answer

These are due with in one year

These are short term loans

These are consists of all debts,payable after 12 months

In working capital, these are deducted from current assets

Under the reducing balance method of depreciation :

Choose an answer

Amount of depreciation increase every year

Amount of depreciation remains constant for every year

Amount of depreciationdecrease every year

Accountancy cover which of the following series

Choose an answer

bookkeeping

accounting

auditing

all of the above

Cost incurred for the maintenance of the shop is considered as

Choose an answer

Deferred expense

Capital expenses

Revenue expenses

Preliminary expenses

The amount of depreciation charged on machinery will be debited to:

Choose an answer

machinery account

depreciation account

cash account

An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as :

Choose an answer

Budgeting

costing

Management

Auditing

More Classes

Other Links

MTH-501 Quiz Online Test 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