Question # 1

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

In an accounting if credit sale < debit side then the balance is known as :

Choose an answer

Negative balance

debit balance

positive balance

credit balance

The basic purpose of depreciation is to achieve the :

Choose an answer

matching principle

Dual aspect principle

separate entity concept

When a liability is reduced or decreased,it is recorded on the

Choose an answer

Right or the debt side of the account

Left or the debt side of the account

Left or the credit side of the account

Right or the credit side of the account

We can say that business in profit when

Choose an answer

Assets exceeds expenditure

Assets exceeds liabilities

income exceeds expenditure

income exceeds liabilities

Bank book is a part of :

Choose an answer

Voucher

General journal

General ledger

trail balance

In an account if credit< debit side then the balance is known as

Choose an answer

Negative Balance

Debit Balance

Positive Balance

Credit Balance

Which of the following is NOT include in the specimen of a payment voucher?

Choose an answer

Name of organization

cash payment amount

date of transaction

Bank receipt

The time span in which financial statements of the business are prepared is called

Choose an answer

Financial year

Accounting period

Business life cycle

Accounting Cycle

Depreciation arises because

Choose an answer

fall in market value of an asset

fall in the value of money

physical wear and tear

all of the above

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

Choose an answer

depreciation

accumulated depreciation

WDV

Which of the following account will be credited if business purchased a vehicle on cash?

Choose an answer

vehicle account

cash account

bank account

The asset which have limited useful life are termed as :

Choose an answer

Limited assets

Depreciation assets

Unlimited assets

None of the given option

The product that are ready for sale are known as

Choose an answer

raw material

work in process

finished in goods

closing stock

A book in which receipts and payments are recorded is known as

Choose an answer

Pass book

Cash book

Purchase book

Sales book

Which of the following is not an item of Balance Sheet?

Choose an answer

Accounts receivable

accounts payable

sales revenue

marketable securities

Cost incurred for the maintenance of the shop is considered as

Choose an answer

Deferred expense

Capital expenses

Revenue expenses

Preliminary expenses

Which of the following items appears in Trading account of business?

Choose an answer

Interest expenses

Wages and salaries

Depreciation expenses

Discount allowed

Accountancy cover which of the following series

Choose an answer

bookkeeping

accounting

auditing

all of the above

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

Choose an answer

Expenses

Assets

Capital

The basic purpose of depreciation is to achieve the

Choose an answer

Matching principle

Dual aspect principle

Separate entity concept

Money measurement 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

Choose an answer