Which of the following are/is a current asset??
A. Sundry Debtors
B. Stock
C. Prepaid insurance
D. All of A.
B. and
C. above
Category: Accounting Mcqs
The adjustment to be made for prepaid expenses is____________??
A. Add prepaid expenses to respective expenses and show it as an asset
B. Deduct prepaid expenses from respective expenses and show it as an asset
C. Add prepaid expenses to respective expenses and show it as a liability
D. Deduct prepaid expenses from respective expenses and show it as a liability
In a three column cash book_______________does not exist??
A. Cash column
B. Bank column
C. Petty cash column
D. Discount column
Petty cash balance is a/an___________??
A. Assets
B. Expenditure
C. Liability
D. None
Which of the following specialised journals will record “goods returned by the BUSINESS “??
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal
A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________??
A. Error of omission
B. Error of commission
C. Compensating error
D. Error of principle
Provision is created for____________??
A. Unknown Liabilities
B. Known Liabilities
C. Creation of Secret Reserves
D. All the Three
_________ will be credited if goods are given as charity??
A. Cash
B. Charity
C. Purchases
D. Sales
Capital increases if __________ increases ?
A. Expenses
B. Drawings
C. Interest on capital
D. Revenue
Continue reading “Capital increases if __________ increases ?”
Favorable balance of cash book implies that?
A. Credit balance of cash book
B. Debit balance of cash book
C. Bank overdraft
D. Adjusted balance of cash book
