The most common imprest system is the ________ system??
A. Petty cash
B. Cash book
C. Cash receipt
D. Discount
Category: Accounting Mcqs
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
Costs that change in response to alternative courses of action are called___________??
A. Relevant costs
B. Differential costs
C. Target costs
D. Sunk costs
___________ are checks that are issued by the business but not yet presented to bank?
A. Uncollected checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checks
Net loss occurs when______________??
A. Expenses are greater than Income
B. Expenses are less than Income
C. Expenses=Income
D. Liabilities are greater than income
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
When goods, in which business deals are sold, it is called___________??
A. Purchases
B. Return inward
C. Sales
D. Return outwards
Debts which are payable in the course of a month are called _____________??
A. External liabilities
B. Fixed liabilities
C. Current liabilities
D. Liquid Liabilities
Which column of a cash book will not have credit balance___________??
A. Bank column
B. Discount column
C. Cash column
D. None
Cash book records??
A. Only cash sales
B. All types of cash receipts and payments
C. Only revenue receipts
D. Only capital receipts
