Question # 1

Operating expenses represent

Choose an answer

G.P- Operative Exp

Selling + General Exp

Selling administrative Exp.D)

All of these

Compound entry affected at least

Choose an answer

Two account

One account

Three account

Four account

Petty cash book is a branch of

Choose an answer

Pass book

Journal

Cash book

Ledger

The modern system of book keeping is based on:

Choose an answer

Double account system

Single entry system

Single account system

Double entry system

Business debts are known as

Choose an answer

Liabilities

Expenses

Assets

Owner's

The discount which is calculated on list price of goods is called

Choose an answer

Trade discount

Rebate

Cash discount

None of these

Payment for freight on raw material purchased is called

Choose an answer

Capital payment

Deferred revenue payment

Revenue payment

None of these

The science and art of correctly recording business dealing in a set of books is called

Choose an answer

Book keeping

Auditing

Accounting

Recording

The person to whom goods are sold on credit is called

Choose an answer

Seller

Creditor

Debtor

Buyer

For payment of bill of exchange grace days are

Choose an answer

2 days

3 days

5 days

4 days

Carriage paid on purchase of furniture is a

Choose an answer

Revenue expenditure

Capital expenditure

Revenue Loss

Capital loss

Profit will be lower where prices are rising under

Choose an answer

FIFO method

LIFO method

Weighted average method

All of the above

The objective of financial accounting is to ascertain:

Choose an answer

True results of profit

True results of loss

True results of profit or loss

None

Which one of the following is not a negotiable instrument?

Choose an answer

Cheque

Promissory note

Bill of exchange

None of the above

How many branches are there in accounting?

Choose an answer

1

3

2

4

Work in process opening and closing inventory includes:-

Choose an answer

Arterial in process

Labour in process

F.o.H in process

All of the above

A property which is received by virtue of a will of a person after his death is known as

Choose an answer

Legacy

Donation

Subscription

Gift

Assets which have to no market value are called

Choose an answer

Fictitious assets

Liquid assets

Intangible assets

Real assets

If applied factory overhead is less than actual factory overhead, it is called

Choose an answer

Applied F.o.H

Over applied F.o.H

Under-applied F.o.H

None of above

Difference in cost of alternative choices is called

Choose an answer

Total costing

Differential costing

Full costing

Variable costing

Excess of assets over liabilities is known as:

Choose an answer

Capital fund

Accumulated fund

Surplus fund

All options are correct

Cost which is calculated before manufacture operation is called

Choose an answer

Sunk cost

Mixed cost

Standard cost

None of above

More Classes

Other Links

Accounting Test Hard 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