Credit purchase of plant and machinery is recorded in which of the following journals??
A. General journal
B. Cash journal
C. Purchase journal
D. Purchase return journal
Category: Accounting Mcqs
Consider the following data pertaining to the production of a company for a particular month :?
Opening stock of raw material 11,570 Closing stock of raw material 10,380 Purchase of raw material during the month 1,28,450 Total manufacturing cost charged to product 3,39,165Factory overheads are applied at the rate of 45% of direct labour cost. The amount of factory overheads applied to production is A. 65,025
B. 94,287
C. 95,020
D. 1,52,624
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
A credit balance in cash book indicates??
A. Bank balance
B. Cash at bank
C. Bank overdraft
D. Bank underdraft
Arrangement of Balance Sheet in a logical order is known as __________??
A. Dressing Balance Sheet
B. Marshalling Balance Sheet
C. Formatting Balance Sheet
D. Make up of Balance Sheet
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
For the business, capital is ____________??
A. Expense
B. Liability
C. Assets
D. All of them
Uncollected checks also referred as______________??
A. Unpresented checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checks
Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book.?
A. $500 will be debited
B. $500 will be credited
C. Non-adjustable
D. $1000 will be subtracted
Which of the following is not a deferred revenue expenditure??
A. Expenses in connection with issue of equity shares
B. Preoperative expenses
C. Heavy advertising expenses to introduce a new product
D. Legal expenses incurred in defending a suit for breach of contract to supply goods
