Category: Accounting Mcqs

A. Credit balance
B. Debit and credit balance
C. Cash balance 
D. Debit balance

A. In Trading A/c
B. In Profit and Loss Appropriation A/c 
C. Profit and Loss A/c 
D. Being a non operating item ignored

A. Balance c/d  
B. Balance b/d
C. Balance e/d
D. Balance f/c

A. Discount 
B. Voucher 
C. Allowance
D. Price

A. No change occurs to inventories for either use absorption costing or variable costing methods 
B. The use of absorption costing produces a higher net income than the use of variable costing
C. The use of absorption costing produces a lower net income than the use of variable costing
D. The use of absorption costing causes inventory value to increase more than they would though the use of variable costing

A. Outstanding Salary A/c 
B. Rent A/c 
C. SBI A/c
D. Debtors A/c

A. Liability 
B. Asset  
C. Expenses
D. Income

i. Debit Bills Receivable Account ii. Debit Drawee’s Account iii. Credit Drawee’s Account iv. Credit Sales Account A. Only (i) above
B. Both (ii) and (iv) above 
C. Both (i) and (iii) above
D. Both (i) and (iv) above 

A. When a discounted bill is honoured by the drawee on the due date 
B. When a bill is sent to the bank for collection
C. When a bill is renewed at the request of the drawee
D. When a debtor accepts a bill drawn by the drawer 

A. Debited to P