Accounting is the art of recording classifying and summarize financial transactions in the preparation of financial statements.It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm’s assets, liabilities and owners’ equity.It encompass Financial Cost Advance, and managerial Accounting as well. Latest GAAP principles have been updated over here in form of Mcqs respectively.Just follow the Mcqs online quiz being dispatched over here with respect to your preparation for entry admission test NTS PPSC OTS PTS and missllenous job exams simultaneously.
Here we have large collection of Accounting Mcqs for all Students and jobs test preparation purpose. These Accounting Mcqs will be updated on daily basis and added more multiple choice question about Accounting frequently.You can prepare your Accounting Subject for different Entry Test, Jobs Test,Recruitment Test and interviews here.
Accounting Mcqs Online with Answer for Entry Test NTS PPSC PTS OTS
Accounting
Latest Accounting Mcqs Online with Answers.
Depreciation is calculated on the?
A. Cost price of asset
B. Market price
C. Cost+ Transport+ Installation expenses
D. Cost or market values whichever is less
Right Answer: Cost+ Transport+ Installation expenses
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The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?
A. General Reserve A/c
B. Profit & Loss A/c
C. Asset A/c
D. Capital Reserve A/c
Right Answer: Capital Reserve A/c
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What is equity?
A. Cash from the business
B. liability of a business
C. Owner’s claim on total assets
D. Owner’s claim on total liabilities
Right Answer: Owner’s claim on total assets
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A systematic way to maintain the books of accounts is called?
A. Accountancy
B. Economics
C. Book Keeping
D. Auditing
Right Answer: Book Keeping
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Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?
A. Cash payments journal
B. Cash receipts journal
C. Purchases return journal
D. General journal
Right Answer: General journal
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Which of the following statement is considered as the accountant’s snapshot of firm’s accounting value as of a particular date?
A. Income Statement
B. Balance Sheet
C. Cash Flow Statement
D. Retained Earning Statement
Right Answer: Balance Sheet
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Keeping the log of financial information in books of original entries is called?
A. Recording
B. summarizing
C. Grouping
D. Processing
Right Answer: Recording
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During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?
A. Rs. 33,000
B. Rs. 25,000
C. Rs. 17,000
D. Rs. 8,000
Right Answer: Rs. 17,000
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Which one of the following should be considered a revenue expenditure?
A. 1000 paid for the execution of a new plant
B. Loss of 10,000 incurred in increasing the sitting accommodation of a hotel
C. Damage paid on account of breach of a contract to supply certain goods
D. Repair to machinery purchased, second hand.
Right Answer: Damage paid on account of breach of a contract to supply certain goods
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Goods return to customer are known as?
A. Merchandise return
B. Purchase return
C. Return inwards
D. Sales return
Right Answer: Purchase return
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The portion of the acquisition cost of the asset yet to be allocated is known as?
A. Written down value
B. Accumulated value
C. Salvage value
D. Residual Value
Right Answer: Written down value
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If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then?
A. Net Profit will decrease by 3,140
B. Gross Profit will increase by 3,320
C. Gross Profit will decrease by 3,500
D. Gross Profit will decrease by 3,320
Right Answer: Gross Profit will decrease by 3,320
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Identify the nominal account?
A. Machinery account
B. Building account
C. Creditors account
D. Rent expenses account
Right Answer: Rent expenses account
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Which of the following is known as the base for preparing trial balance?
A. Journal
B. Cash account
C. Ledger account
D. Balance sheet
Right Answer: Ledger account
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Sales on credit is recorded in which of the following journal?
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal
Right Answer: Sales journal
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Which of the following is true?
A. Error of casting affects personal accounts
B. Omission of a transaction from a subsidiary record affects only one account
C. Error of carry forward affects two accounts
D. Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue
Right Answer: Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue
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The assets which come into existence upon the happening of a certain event are called?
A. Contingent assets
B. Fixed assets
C. Fictitious assets
D. Quick assets
Right Answer: Contingent assets
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Which of the following accounts can be classified as a real account?
A. Rent expenses account
B. Rent income account
C. insurance expenses account
D. Cash account
Right Answer: Cash account
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Double entry implies that?
A. Recording entries in journal
B. Recording entries in Ledger account
C. Recording two aspects of every transaction
D. Recording every transaction in books
Right Answer: Recording two aspects of every transaction
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Benefits of preparing Bank Reconciliation Statement includes?
A. It bring out any errors committed in preparation of Cash book / Bank Pass Book
B. Highlights under delay in clearance of cheques deposited but not credited
C. Help know actual bank balance
D. All the three
Right Answer: All the three
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The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is?
A. Depreciation
B. Physical deterioration of the asset
C. Decrease in market value of the asset
D. Valuation of an asset at a point of time
Right Answer: Depreciation
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Which of the following is an item of capital expenditure?
A. Research and development costs during the year
B. Interest on borrowed fund utilized for acquisition of Office Furniture
C. Installation charges paid in conjunction with the purchase of Office Equipment
D. Monthly rent of a machinery used in the business
Right Answer: Installation charges paid in conjunction with the purchase of Office Equipment
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Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
A. Identifying transactions
B. Preparing “T Accounts”
C. Preparing financial statements
D. Preparing trial balances
Right Answer: Preparing financial statements
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Which of the following statements is true?
A. If a Trial Balance tallies, it always means that none of the transactions has been completely omitted
B. A Trial Balance will not tally if a transaction is omitted
C. A customer to whom goods have been sold on credit cannot avail himself of a cash discount
D. A credit balance in the Pass Book indicates excess of deposits over withdrawals
Right Answer: A credit balance in the Pass Book indicates excess of deposits over withdrawals
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Which of the following specialized journals records “goods returned by customers”?
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal
Right Answer: Sales return journal
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Which of the following is an one sided error?
A. 500 purchase of old equipment not recorded in the books of A/c at all
B. 500 being expense on travelling expense credited to travelling expenses
C. Both
D. None
Right Answer: 500 being expense on travelling expense credited to travelling expenses
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Modern system of book keeping is called?
A. Double entry system
B. American system
C. Single entry system
D. Italic system
Right Answer: Double entry system
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The closing balance of a petty cash book is a / an?
A. Liability
B. Gain
C. Assets
D. Loss
Right Answer: Assets
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Which of the following is a capital expenditure?
A. Repair of plant and machinery
B. Salary paid to workers
C. Cost of stand by equipment
D. Annual whitewash of the office building
Right Answer: Cost of stand by equipment
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__ is the first phase of accounting cycle?
A. Identifying an economic event or transaction
B. Preparing journals
C. Posting entries to ledger accounts
D. Making decisions about business
Right Answer: Identifying an economic event or transaction
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Which of the following error is an error of principle?
A. 5,000 received from Sham credited to Ram A/c
B. 5,000 incurred on installation of new plant debited to travelling expenses A/c
C. 500 paid for wages debited to salary A/c
D. 500 being purchase of raw material debited to purchase A/c ` 50
Right Answer: 5,000 incurred on installation of new plant debited to travelling expenses A/c
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If credit side of a bank account is greater than the debit side, it indicates which of the following?
A. Bank overdraft
B. Cash at bank
C. Bank balance
D. Current Asset
Right Answer: Bank overdraft
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The systems of accounting are?
A. Two
B. Three
C. Five
D. Six
Right Answer: Two
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Auditing is what?
A. Reporting the financial information
B. Examination of financial statements
C. Preparation financial statements
D. maintaining the ledger records
Right Answer: Examination of financial statements
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Which of these types of expenditure would not be treated as a Capital Expenditure?
A. Acquisition of an Asset
B. Extension of an Asset
C. Improvement of the existing Asset
D. Maintenance of the Asset
Right Answer: Maintenance of the Asset
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Revenue is generally recognized as being earned at that point of time when?
A. sale is effected
B. cash is received
C. production is completed
D. debts are collected
Right Answer: sale is effected
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When a person purchasing goods on credit he becomes a_________in the books of the seller?
A. Debtor
B. Creditor
C. Defaulter
D. Offender
Right Answer: Debtor
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If a company has contingent liabilities, they appear in the?
A. Balance Sheet
B. Directors‘ report
C. Notes on account to Balance Sheet
D. Chairman‘s report
Right Answer: Notes on account to Balance Sheet
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If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting?
A. Arithmetic accuracy
B. Errors of commission
C. Omissions of economic events
D. Understatements of balances
Right Answer: Arithmetic accuracy
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Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?
A. Added, Reduced
B. Added, Added
C. Deducted, Added
D. Deducted, Deducted
Right Answer: Deducted, Added
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Investment in own share A/c appears in?
A. Asset side
B. Liability side
C. Netted from Capital
D. Profit & Loss A/c
Right Answer: Asset side
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Which of the following account with normal balance is shown at the credit side of a trial balance?
A. Cash account
B. Bank account
C. Equipment account
D. Accrued expenses account
Right Answer: Accrued expenses account
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SALE of old furniture” will be recorded in which of the following specialised journals?
A. Purchase journal
B. Sales journal
C. General journal
D. Cash receipt journal
Right Answer: General journal
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________ is the gross inflow of economic benefits?
A. Assets
B. Liabilities
C. Income
D. Expenses
Right Answer: Income
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Credit memo or credit note No. is entered in which of the following journal?
A. General journal
B. Cash journal
C. Purchase journal
D. Sales return day book
Right Answer: General journal
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Tax deducted at source A/c appears in?
A. Assets side
B. Liability side
C. Profit & Loss A/c
D. Debited to Capital A/c
Right Answer: Assets side
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The compensation paid by the borrower of fund to lender, from the borrower point of the cost of borrowing fund is called?
A. Interest Rate
B. Required rate of return
C. Nominal interest rate
D. All of the above
Right Answer: Interest Rate
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Average Accounting Return is a measure of accounting profit relative to?
A. Book value
B. Intrinsic value
C. Cost
D. Market value
Right Answer: Book value
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Obligation of the Business are known as?
A. Liabilities
B. Revenues
C. Expenses
D. Assets
Right Answer: Liabilities
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________ is a separate legal entity that Total capital can be divided in many shares?
A. Partnership
B. Sole proprietorship
C. Company
D. Non-profit organization
Right Answer: Company
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________ is the common base for preparing a trial balance?
A. Ledger accounts
B. General Journal
C. Specialized journals
D. Balance sheet
Right Answer: Ledger accounts
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Which of the following statements is/are true ?
A. A sale of an asset is recorded in the Sales Book
B. Total of Return Outward Book is debited to Return Outward Account
C. The balance of Petty Cash Book is a liability
D. Cash Book is a subsidiary book as well as a ledger
Right Answer: Cash Book is a subsidiary book as well as a ledger
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The amount invested by the proprietor to start the business is called?
A. Capital
B. Business
C. Drawings
D. All of them
Right Answer: Capital
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In a three column cash book_______________does not exist?
A. Cash column
B. Bank column
C. Petty cash column
D. Discount column
Right Answer: Petty cash column
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Transferring entries from journal to ledger account is commonly known as?
A. Recording
B. Transferring
C. Posting
D. Entry making
Right Answer: Posting
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Goods Return by the customer are termed as ?
A. Purchase return
B. Customer return
C. Sales return
D. Inventory return
Right Answer: Sales return
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An asset must be _______ by the business to be shown as an asset in its “balance sheet”?
A. Possessed
B. Owned
C. Controlled
D. Used
Right Answer: Controlled
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Bad debts recovered account will be transferred to?
A. Debtor‘s Account
B. Profit and Loss Account
C. Provision for Doubtful Debt Account
D. Either (b )or C. above
Right Answer: Either (b )or C. above
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In which of the following methods, the cost of the asset is spread over in equal proportion during its useful economic life?
A. Straight-line method
B. Written down value method
C. Units-of-production method
D. Sum-of-the years‘-digits method
Right Answer: Straight-line method
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Period cost include which of the following ?
A. selling Expense
B. Direct labor
C. factory overhead
D. selling Expenses & administrative expenses
Right Answer: selling Expenses & administrative expenses
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Posting is the process of?
A. Posting the letters in drop box
B. Posting suitable person to a suitable job
C. Entering in the ledger the information contained in the ledger
D. All the three
Right Answer: Entering in the ledger the information contained in the ledger
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The assets which have some market value are called?
A. Fixed asset
B. Quick asset
C. Fictitious assets
D. Real assets
Right Answer: Real assets
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An income statement in which each item expressed as percentage of Sale?
A. Balance sheet
B. income statement
C. common size income statement
D. All of the Above
Right Answer: common size income statement
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When owner withdraw cash for its private use, it is called?
A. Profit
B. Income
C. Expense
D. Drawing
Right Answer: Drawing
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Identify the asset from the following?
A. Cash and cash equivalent
B. Creditors
C. Notes payable
D. Bank loan
Right Answer: Cash and cash equivalent
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Which of the following is a representative Personal A/c?
A. Outstanding Salary A/c
B. Rent A/c
C. SBI A/c
D. Bad debts A/c
Right Answer: Outstanding Salary A/c
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The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?
A. Sales
B. Purchases
C. Inward returns
D. Closing stock
Right Answer: Closing stock
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Identify the correct sequence of accounting process?
A. Communicating→Recording→Identifying
B. Recording→Communicating→Identifying
C. Identifying→communicating→recording
D. Identifying→recording→communicating
Right Answer: Identifying→recording→communicating
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Difference in Bank Balance as per Pass Book and Cash Book may arise on account of?
A. Cheque issued but not presented
B. Cheque issued but dishonoured
C. Cheque deposited and credited by bank
D. All of A. and B. above
Right Answer: Cheque issued but not presented
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Double entry means?
A. Entry in two sets of books
B. Entry at two ends
C. Entry at two dates
D. Entry for two aspects of the transaction
Right Answer: Entry for two aspects of the transaction
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Which of the following is the internal user of financial statements?
A. Creditor of the business
B. Government agency
C. Shareholder of the business
D. Manager of the business
Right Answer: Manager of the business
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When goods, in which business deals are sold, it is called?
A. Purchases
B. Return inward
C. Sales
D. Return outwards
Right Answer: Sales
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An asset posses which of the following?
A. Future economic benefits for the business
B. All kind of benefits for the business
C. Expenses for the business
D. Merits and Demerits for the business
Right Answer: Future economic benefits for the business
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The normal balance of asset account is?
A. Credit balance
B. Debit balance
C. Cash balance
D. Neither debit nor credit balance
Right Answer: Debit balance
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The real accounts are accounts of Assets, liabilities and?
A. Expenses
B. Revenues
C. Capital
D. Drawing
Right Answer: Capital
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For the business, capital is?
A. Expense
B. Liability
C. Assets
D. All of them
Right Answer: Assets
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Which of the following factors are primarily considered to determine the economic life of an asset?
A. Passage of time, asset usage, and obsolescence
B. Tax regulations and SEBI guidelines
C. Tax regulations and asset usage
D. SEBI guidelines and Asset usage
Right Answer: Passage of time, asset usage, and obsolescence
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During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true?
A. The cost of goods sold was overstated during 2011-2012 and income will be understated during 2012-2013
B. The income was overstated during 2011-12 and closing inventory will be overstated during 2012-2013
C. The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
D. The cost of goods sold was understated during 2011-2012 but retained earnings will not be affected during 2012-2013
Right Answer: The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
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Which of the following is true regarding closing entries?
A. They must be followed by reversing entries
B. They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account
C. They must be made after the reversing entries but before the adjusting entries
D. They must be made after the adjusting entries but before the reversing entries
Right Answer: They must be made after the adjusting entries but before the reversing entries
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_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
A. Depreciation
B. Drawings
C. Outflow of cash
D. Appreciation
Right Answer: Drawings
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Closing stock in the Trial Balance implies that?
A. It is already adjusted in the opening stock
B. It is adjusted in the Purchase A/c
C. It is adjusted in the Cost of Sale A/c
D. It is adjusted in the Profit &Loss A/c
Right Answer: It is adjusted in the Purchase A/c
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For which step of accounting process the accountants of business entity prepare financial statements?
A. Identification of economic event
B. Communication of financial information
C. Recording financial information
D. Making decisions about business
Right Answer: Communication of financial information
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Revenue and expense accounts are referred as?
A. Nominal accounts
B. Real account
C. Cash accounts
D. Banks account
Right Answer: Nominal accounts
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The main objective of providing depreciation is to?
A. Calculate the true profit
B. Show the true financial position in the Balance Sheet
C. Provide funds for replacement of fixed assets
D. Both A. and B. above
Right Answer: Show the true financial position in the Balance Sheet
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BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?
A. Cash receipts journal
B. Cash payments journal
C. Sales journal
D. Purchase journal
Right Answer: Cash payments journal
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Which of the following statements is correct about Depreciation?
A. Depreciation cannot be provided in case of loss in a financial year
B. Depreciation is a charge against profit
C. Depreciation is provided in the books only when there is profit
D. Depreciation is an appropriation of profit
Right Answer: Depreciation is a charge against profit
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Payments received in advance from a customer for a contract can be?
A. Shown as a deduction from contract work-in-progress on asset side
B. Shown as a liability
C. Credited to P&L A/c
D. Either A. or B. above
Right Answer: Either A. or B. above
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Sales return is also known as?
A. Return received
B. Return Payed
C. Return inward
D. Return outward
Right Answer: Return inward
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Capital expenses are shown in?
A. Balance Sheet
B. Profit and Loss A/c
C. Trading A/c
D. None of these
Right Answer: Balance Sheet
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Which of the following enhances the earning capacity of an asset?
A. Increase in working capacity of an asset
B. Reduction in operating costs
C. Replacing damaged parts of an asset
D. Both A. and C. above
Right Answer: Both A. and C. above
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The maintenance of accounts in a systematic way is called?
A. Accounting
B. Reading
C. Book Keeping
D. Auditing
Right Answer: Book Keeping
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Which of the following is a type of cash receipt journal + cash payment journal?
A. Bank statement
B. Statement of cash flow
C. Cash book
D. Cash documents
Right Answer: Cash book
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Which one of the following is a capital expenditure?
A. Compensation paid to Directors on termination of their services
B. Expenditure incurred in connection with the renewal of a Trade Mark.
C. Gratuities paid to Directors on termination of their services.
D. Royalty paid in installments for the purchase of rights to manufacture and sell patient medicines.
Right Answer: Compensation paid to Directors on termination of their services
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Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of?
A. Error of principle
B. Error of commission
C. Error of omission
D. Error of duplication
Right Answer: Error of principle
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Sales and purchase journal don’t record?
A. Credit sales
B. Credit purchases
C. Credit sales and purchases
D. Cash sales and purchases
Right Answer: Cash sales and purchases
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Office equipments account is classified as _________ account?
A. Nominal
B. Real
C. Cash
D. Capital
Right Answer: Real
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Expenses of the following nature are treated as a Revenue expenses except?
A. Expenses for day to day running of the business
B. Putting the new asset in working condition
C. Depreciation
D. Purchase of raw material
Right Answer: Putting the new asset in working condition
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Assets having physical existence are called?
A. Current asset
B. intangible asset
C. Tangible asset
D. Liquid asset
Right Answer: Tangible asset
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Which of the following specialised journals will record “goods returned by the BUSINESS “?
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal
Right Answer: Purchases return journal
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Depreciation is a process of?
A. Valuation
B. Valuation and allocation
C. Allocation
D. Appropriation
Right Answer: Allocation
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