Question # 1

Bank reconciliation represents

Choose an answer

Ledger

Statement

Journal

Both ledger and statement

Noting charges are paid when bill is

Choose an answer

Honoured

Discounted

Dishonoured

None of these

To any business bad debts is

Choose an answer

An asset

An Income

A loss

A liability

The person who draws a bill of exchange is known as

Choose an answer

Drawer

Payee

Drawee

Bank

Balance sheet is a statement of

Choose an answer

Assets

Both first

Liabilities

None of these

Accounting is called of business:

Choose an answer

Heart

Ear

Tongue

Eye

Transaction which is omitted from record is known as

Choose an answer

Errors of omission

Errors of principle

Errors of commission

Compensating errors

Bank reconciliation is prepared by

Choose an answer

Bank

Creditors

Auditor

Accountant

The cheque which is returned by the bank unpaid is called

Choose an answer

Cross cheque

Dishonour cheque

Bearer cheque

Order cheque

Trial balance is prepared to detect

Choose an answer

Errors of omission

Compensating errors

Errors of commission

Errors of principles

Payment for freight on raw material purchased is called

Choose an answer

Capital payment

Deferred revenue payment

Revenue payment

None of these

How many types of inventories are in cost of goods sold statement?

Choose an answer

1

2

3

4

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

Choose an answer

Trade bills

Bill of exchange

In-land bills

Foreign bills

How many of grace are given?

Choose an answer

5

4

3

2

Debentures are

Choose an answer

Fixed assets

Fixed liabilities

Capital

Prepaid expenses

Petty cash book is a book which record

Choose an answer

Assets

Liabilities

Large payments

Small payments

What is accounting period?

Choose an answer

It is a time for which business prepares its financial statements

It is time for which business prepares its profit and loss statement

It is a time for which business prepares its balance sheet

None

Office salaries are include in

Choose an answer

Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

The stages of accounting cycle are

Choose an answer

Transaction-ledger-journal-trial balance-final accounts

Transaction-journal-ledger-trial balance-final accounts

Transaction-journal-trial balance-ledger-final accounts

Transaction-journal-ledger-final accounts-trial balance

Treble column cash book has three columns of:

Choose an answer

Cash, bank and discount

Income, expense and bank

Cash, bank and profit or loss

None

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

What is accumulated depreciation?

Choose an answer

Depreciation expense of the current year

Sum of all depreciations in different accounting year

Depreciations of previous accounting year

None

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