Building and furniture are called ____________??
A. Current asset
B. Fictitious asset
C. Tangible asset
D. Fixed assets
Category: Accounting Mcqs
Expenses of the following nature are treated as a Revenue expenses except__________??
A. Expenses for day to day running of the business
B. Putting the new asset in working condition
C. Depreciation
D. Purchase of raw material
A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book?
A. $1000 will be added to cash book balance
B. $2000 will be deducted from cash book balance
C. $3000 will be added to cash book balance
D. $3000 will be subtracted from cash book balance
Which of the following statements are / is true? – Events after Balance Sheet are??
A. All the significant events after the Balance Sheet date
B. The events after Balance Sheet date but before submitting it to the Registrar of Companies
C. The events after Balance Sheet date but before its approval by the board
D. All changes after Balance Sheet date before its approval
Gross Profit is equal to_________??
A. Sales – Cost of goods sold
B. Sales – Closing Stock Purchases
C. Opening Stock Purchases – Closing Stock
D. None of the above
The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is_________??
A. Depreciation
B. Physical deterioration of the asset
C. Decrease in market value of the asset
D. Valuation of an asset at a point of time
The Bank Reconciliation Statement is prepared??
A. To rectify the mistakes in the Cash Book
B. To arrive at the Bank Balance
C. To arrive at the Cash Balance
D. To bring out the reasons for the difference between the Balance as per Cash Book and the Balance as per Bank Statement
The other name of journal is____________??
A. Ledger
B. T account
C. Day book
D. Cash book
Which of the following is an one sided error??
A. 500 purchase of old equipment not recorded in the books of A/c at all
B. 500 being expense on travelling expense credited to travelling expenses
C. Both
D. None
