LIFO stands for__________??
A. Lots in , Few out
B. Link input, Format Output
C. Last input, First Output
D. Last in, First Out
Category: Accounting Mcqs
Identify the correct sequence of accounting process?
A. Communicating→Recording→Identifying
B. Recording→Communicating→Identifying
C. Identifying→communicating→recording
D. Identifying→recording→communicating
In which of the following orders data is entered in journal??
A. Alphabetical order
B. Numeric order
C. Bullets order
D. Chronological order
________ is the common base for preparing a trial balance??
A. Ledger accounts
B. General Journal
C. Specialized journals
D. Balance sheet
Carriage on goods purchased is shown in:___________??
A. Profit and Loss A/c
B. Capitalized with work in progress
C. Trading A/c
D. Shown in Balance Sheet
Discount for quick repayment of debt is normally referred as____________??
A. Trade discount
B. Prompt payment discount
C. Cash discount
D. Bulk discount
Which of following best describes the increase in equity expands___________??
A. Business operations
B. cash outflows
C. Inflows of cash
D. Appropriation expenses
Outstanding salaries is shown as___________??
A. An Asset in the Balance Sheet
B. A Liability
C. By adjusting it in the P
In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.?
A. Adjusted
B. Unadjusted
C. Understated
D. Overstated
