_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use??
A. Depreciation
B. Drawings
C. Outflow of cash
D. Appreciation
Category: Accounting Mcqs
Which of the following is an external cause of depreciation??
A. Routine repair and maintenance
B. Misuse
C. Obsolescence
D. Wear and tear
If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.?
A. Arithmetic accuracy
B. Errors of commission
C. Omissions of economic events
D. Understatements of balances
Which of the following is true with respect to providing depreciation under diminishing balance method??
A. The amount of depreciation keeps increasing every year while the rate of depreciation keeps decreasing
B. The amount of depreciation and the rate of depreciation decrease every year
C. The amount of depreciation decreases while the rate of depreciation remains the same
D. The amount of depreciation and the rate of depreciation increases every year
Fresh capital introduction will increase____________??
A. Assets and liabilities
B. Assets and equity
C. Liabilities and equity and bank balance
D. Capital and liabilities
Debit note is the basis for recording a transaction in which of the following journals??
A. General journal
B. Cash journal
C. Purchase journal
D. Purchase return journal
Bank reconciliation statement is a part of_________??
A. Cash book
B. Trial balance
C. Auditors report
D. None of these
Generally the term fund is used to mean the difference between??
A. Current assets and current liabilities
B. Profit and loss A/C and Balance sheet
C. Current assets and non-current liabilities
D. Current liabilities and non-current liabilities
Which of the following is not an intangible asset??
A. Trade mark
B. Franchise
C. Accounts Receivable
D. Secret Profit
Which of these documents is not required for Bank Reconciliation??
A. Bank column of Cash Book
B. Bank Pass Book
C. Bank Statement
D. Trial Balance
