Question # 1

Goods withdrawn by the proprietor for personal use should be credited to

Choose an answer

Purchase a/c

Drawings a/c

Expenses a/c

Revenue a/c

Unfavorable balances mean

Choose an answer

Credit balance in the pass book

Credit balance in the cash book

Debit balance in bank statement

Both b & c

An expenditure incurred to the increases the profit earning of the concern is a:

Choose an answer

Revenue expenditure

Current expenditure

Capital receipt

Capital expenditure

Unearned income are known as:

Choose an answer

Incomes

Expenses

Liabilities

Assets

A document given by the seller to the buyer for credit sale of goods or assets is called

Choose an answer

Cash memo

Invoice

Voucher

None of these

Financial statement is prepared from the amount given in

Choose an answer

Trail balance columns

Adjustments columns

Cash columns

Adjusted trail balance columns

Disagreement in balances may arise owing to mistake or mistakes in the:

Choose an answer

Cash book only

Bank statement

Cash book or bank statement

Bank column of the cash book only

Book used to record petty expenses and receipts

Choose an answer

Single Column Cash Book

Petty Cash Book

Double Column Cash Book

Treble Column Cash Book

The balance of the trading account is the transferred to:

Choose an answer

Profit and loss account

Balance sheet

Work sheet

Position statement

The expenditures which reduce revenue (profit) of the business are:

Choose an answer

Revenue expenditures

Capital expenditure

Fixed expenditures

Future expenditures

The margin that is available to cover the other expenses for a period and to yield net income is known as

Choose an answer

Net profit

Gross profit

Net sales

Cost of goods sold

Non-profit making organizations

Choose an answer

Buy goods

Manufacture goods

Sell goods

None of these

Cash paid to creditors can be woked out from.

Choose an answer

Debtora account

Creditors account

Balance sheet

None of theses

A prospectus for subscription of shares can be issued only by.

Choose an answer

Public company

A private company

Both public and private company

None of these

The owner wquity in a company is commonly called.

Choose an answer

Shareholder equity

promotors equity

Directors equity

None of these

premium on issue of shares is shown in.

Choose an answer

Assets side of balance sheet

Liabilities side of balance sheet

Trading account

Profit and loss account

Depreciation is charged at fixex rate on the reducing balance, under the.

Choose an answer

Written - down value method

Annuity method

Sinking fund method

Depletion method

The assets which have not got physical existence are called.

Choose an answer

Intangible assets

Intangible fixed assets

Current assets

Tangible fixed assets

A partner who is newly admitted to the firm with the consent of all the parties is called.

Choose an answer

Salaried partner

Incoming partner

Junior partner

Minor partner

The rules and regulation foverning the internal management and administration of the company are called.

Choose an answer

Memorandum of assocaition

Articles of association

Prospectus

None of these

In case of del creder commission the liability of bad debts is on

Choose an answer

Consignee

Consignor

Both on consignee and consignor

None of the above

Joint stock company is an Artificaial person created by

Choose an answer

Law

Federal Govt

Registrar

Employees

More Classes

Other Links

Accounting Test Easy 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