Revenue receipts are shown in___________??
A. Balance Sheet
B. Profit and Loss appropriation A/c
C. Manufacturing A/c
D. Trading and Profit and Loss A/c
Category: Accounting Mcqs
Which of the following error results in unadjusted cash book balance??
A. Outstanding checks
B. Unpresented checks
C. Deposit in transit
D. Omission of Bank charges
________ is a separate legal entity that Total capital can be divided in many shares.?
A. Partnership
B. Sole proprietorship
C. Company
D. Non-profit organization
A company is currently operating at 80% capacity level. The production under normal capacity level is 1,50,000 units. The variable cost per unit is ` 14 and the total fixed costs are ` 8,00,000. If the company wants to earn a profit of ` 4,00,000, then the price of the product per unit should be?
A. 37.50
B. 38.25
C. 24.00
D. 35.00
Bad debts recovered account will be transferred to______________??
A. Debtor’s Account
B. Profit and Loss Account
C. Provision for Doubtful Debt Account
D. Either (b )or
C. above
Closing stock appearing in the Trial Balance is shown in:?
A. Trading A/c and Balance Sheet
B. Profit and Loss A/c
C. Balance Sheet only
D. Trading A/c only
Assets-Liabilities=____________??
A. Cash
B. Equity
C. Net income
D. Net expenses
Which of the following is a Real A/c??
A. Salary A/c
B. Bank A/c
C. Building A/c
D. Goodwill A/c
Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting??
A. Identifying transactions
B. Preparing “T Accounts”
C. Preparing financial statements
D. Preparing trial balances
Specialized journals are more adequate for which TYPE OF BUSINESSES??
A. Small businesses
B. Big businesses
C. Sole proprietorship
D. Partnership
