A cash deposit made by business appears on the bank statement as _______ balance??
A. Debit
B. Credit
C. Expenses
D. Liability
Category: Accounting Mcqs
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
Which of these is a Part of cash in hand??
A. Postage stamps
B. B/R
C. Cheque Deposited with Bank
D. B/R endorsed
Negotiable Instrument Act was enacted in_________??
A. 1981
B. 1881
C. 1871
D. 2001
Purchase of office equipment for cash will be recorded on which of the following sides of a cash book??
A. Receipts
B. Payments
C. Incomes
D. Expenditures
If the total liabilities of a business decrease by $5000 what will be the effect on total asset??
(assuming the amount of capital remain same) A. Remain constant
B. Decrease by $5000
C. Increase by $5000
D. Increase by $10,000
