Question # 1

The amount brought propritier in the business should be credited to

Choose an answer

cash account

capital account

drawing account

Gross profit>Operating expenses=?

Choose an answer

Net profit

Cost of loss sold

Net loss

Gross loss

Which of the following account will be credit,if business sold goods for Rs 10,000 on credit?

Choose an answer

Cash account

Sales account

account receivable account

purchase account

We can say that business in profit when

Choose an answer

Assets exceeds expenditure

Assets exceeds liabilities

income exceeds expenditure

income exceeds liabilities

Firm charges 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 file

because the law states they must be reduced

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

Choose an answer

depreciation

accumulated depreciation

WDV

Double entry accounting system include:

Choose an answer

Accrual accounting only

Cash accounting only

Both A and B

^{None of the given}

Economic resource owned by a business and expected to benefit for the future operation are called :

Choose an answer

Expenses

Assets

Capital

Accrued expenses are the example of

Choose an answer

Current liabilities

Long term liabilities

Capital expenses

Commercial accounting is based on

Choose an answer

Single entry book keeping

Double entry book keeping

Both single and double entry book keeping

cash basic of book keeping

Which of the following essentials are shown in Bank book?1.Date of transaction ,2.Narration of transaction ,3.Cheque Number

Choose an answer

1,2

2,3

1,3

1,2,3

Which one of the following is equal to the carrying cost of an asset?

Choose an answer

original cost minus accumulated depreciation

original cost plus accumulated depreciation

original cost minus residual value

Which of the following is non profit-able organization?

Choose an answer

Partnership

Trust

Limited Company

Word credit is derived from

Choose an answer

latin

english

french

chinese

Accrued expenses are the example of

Choose an answer

Current liability

Long term liability

Capital expenses

Net profit + expenses =______

Choose an answer

Liabilities

assets

capital

income

Which of the following account will be credited,when the goods are purchase on cash?

Choose an answer

Stock Account

Cash Account

Supplier Account

Work in process 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

The stock of manufacturing concern consists of

Choose an answer

work in process inventory

raw material inventory

finished goods inventory

all of the given option

The basic purpose of depreciation is to achieve the :

Choose an answer

matching principle

Dual aspect principle

separate entity concept

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