For the business, capital is ____________??
A. Expense
B. Liability
C. Assets
D. All of them
Category: Accounting Mcqs
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
A cash deposit made by business appears on the bank statement as _______ balance??
A. Debit
B. Credit
C. Expenses
D. Liability
Discount allowed is___________??
A. Expense of business
B. Income of business
C. Loss of business
D. Abnormal loss of business
The adjustment to be made for income received in advance is:?
A. Add income received in advance to respective income and show it as a liability
B. Deduct income received in advance from respective income and show it as a liability
C. Add income received in advance to respective income and show it as asset
D. Deduct income received in advance from respective income and show it as an asset in the Balance Sheet
________ is the gross inflow of economic benefits??
A. Assets
B. Liabilities
C. Income
D. Expenses
Depreciation Account appearing in the Trial Balance is shown in:?
A. Profit and Loss A/c
B. Trading A/c
C. Deducted from the concerned assets A/c
D. Shown on the liability side
The Balance Sheet gives information regarding the____________??
A. Results of operations for a particular period
B. Financial position during a particular period
C. Profit earning capacity for a particular period
D. Financial position as on a particular date
