Which of the following entries is correct in respect of reserve for discounts on accounts payable??
A. Debit P
Category: Accounting Mcqs
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
Which of the following errors affects the agreement of a Trial Balance??
A. Mistake in balancing an account
B. Omitting to record a transaction entirely in the subsidiary books
C. Recording of a wrong entry in the subsidiary books
D. Posting an entry on the correct side but in the wrong account
Bank reconciliation is a statement prepared to reconcile__________??
A. Trial balance
B. Cash book
C. Bank A/c
D. Cash as per cash book with bank balance as per bank pass book
Under the direct write-off method of recognizing a bad debt expense. Which of the following statements is/are true??
A. The bad debt expense is not matched with the related sales
B. Revenue is overstated in the year of sales
C. It violates the matching principle of accounting
D. All of the above
Goods returned by customer should be debited to which of the following accounts??
A. Sales income account
B. Sales account
C. Return inward account
D. Expenses account
Budgeted sales for the next year is 5,00,000 units. Desired ending finished goods inventory is 1,50,000 units and equivalent units in ending W-I-P inventory is 60,000 units. The opening finished goods inventory for the next year is 80,000 units, with 50,000 equivalent units in beginning W-I-P inventory How many equivalent units should be produced??
A. 5,80,000
B. 5,50,000
C. 5,00,000
D. 5,75,000
If unexpired insurance appears in the Trial Balance, it should be:?
A. Credited to the Profit
