Which of the following accounts are closed at the end of an accounting period??
A. Nominal accounts
B. Balance sheet accounts
C. Real accounts
D. None of them
Category: Accounting Mcqs
Tax deducted at source A/c appears in___________??
A. Assets side
B. Liability side
C. Profit
Which of the following accounting equation is correct??
A. Cash Other assets=Capital-Liabilities
B. Capital Liabilities=Assets Income
C. Assets-Liabilities=Capital
D. Assets Capital=Liabilities
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
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
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
