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
Category: Accounting Mcqs
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
Closing stock in the Trial Balance implies that______________??
A. It is already adjusted in the opening stock
B. It is adjusted in the Purchase A/c
C. It is adjusted in the Cost of Sale A/c
D. It is adjusted in the Profit
BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction??
A. Cash receipts journal
B. Cash payments journal
C. Sales journal
D. Purchase journal
Tax deducted at source appears in the Balance Sheet?
A. On the assets side under current assets
B. On the assets side under loans and advances
C. On the liabilities side under current liabilities
D. On the liabilities side under provisions
Computers taken on hire by a business for a period of twelve months should be classified as:___________??
A. Current assets
B. Intangible assets
C. Deferred revenue expenditure
D. Not an asset
