Showing posts with the label Accounting MCQsShow All

Interest in drawings is regarded as

6/26/2022 07:12:00 pm

A. Expenditure for the business B. Loss for the business C. Gain for the business D. L…

Sales are equal to

6/26/2022 07:09:00 pm

A. Cost of Goods Sold + Gross Profit B. Cost of Goods Sold – Gross Profit C. Gross Pro…

Repair incurred for using a second-hand car purchased recently

6/26/2022 07:05:00 pm

A. Capital expenditure B. Revenue expenditure C. Capital loss D. Deferred revenue expe…

Discount allowed on the issue of shares is an example of

6/26/2022 06:59:00 pm

A. Capital loss B. Capital expenditure C. Revenue expenditure D. Deferred revenue expe…

Revenue is said to be realized when

6/26/2022 06:36:00 pm

A. The sale is made B. Goods are manufactured C. Cash is received D. Sale is made and …

According to the money measurement concept, which transaction will be recorded in the books of the account?

6/26/2022 06:33:00 pm

A. Health of manager B. Quality of goods C. Value of building D. Qualifications of emp…

Salary paid to Rehman was recorded in the Cashbook as payment to Rehman. This is an error of

6/26/2022 06:28:00 pm

A. Omission B. Commission C. Compensating error D. Principle Details of MCQS: Errors o…

Overcasting of Purchases Journal would affect

6/26/2022 06:17:00 pm

a) Sales Account only b) Purchases Account only c) Supplier’s Account and Purchases Ac…

Which of the following expenses will be shown in the Profit and Loss Account?

6/26/2022 06:14:00 pm

A. Wages B. Carriage inwards C. None of the above D. Both (a) and (b) above Details of…

The book value of old furniture was Rs. 1,500. It was sold for Rs. 500. The difference is a ___.

6/26/2022 06:10:00 pm

A. Revenue expenditure B. Revenue loss C. Capital expenditure D. Capital loss Details …

Trial Balance contains the balances of

6/26/2022 06:06:00 pm

A. All real and personal accounts B. All personal and nominal accounts C. All nominal …

Sales to Ram Rs. 450 posted to his account as Rs. 550 would affect

6/26/2022 06:03:00 pm

A. Sales account B. Ram’s account C. Cash account D. None

Income from the sale of scrap is usually shown in

6/26/2022 06:00:00 pm

A. Profit and Loss account B. Trading account C. Manufacturing account D. A11 of the a…

A Bank Reconciliation Statement is a

6/26/2022 05:56:00 pm

A. Part of Pass Book B. Part of Cash Book C. Statement prepared by the bank D. Stateme…

Financial position of the business means

6/26/2022 05:51:00 pm

A. Position about profits and losses B. Position about incomes and expenses C. Positio…

The concept of conservatism takes into account

6/26/2022 05:47:00 pm

A. All expected income and losses B. All expected income but no losses C. All expected…

In the double-entry system, every business transaction affects

6/26/2022 05:42:00 pm

A. Two sides of the same account B. The same side of two accounts C. Two accounts only…

Who draws Bills of Exchange (B/E)?

6/26/2022 03:57:00 pm

A. Debtor B. Bank C. Fixed asset D. Creditor Details:  A bill of exchange is generally…

Petty Cashbook is prepared to

6/26/2022 03:51:00 pm

A. Meet the requirements of small business B. Meet the small expenses paid in cash C. …

Preliminary expenses are an example of

6/26/2022 03:46:00 pm

A. Capital expenditure B. Revenue expenditure C. Deferred Revenue expenditure D. Capit…