Category: Accounting Mcqs

A. Triplicate 
B. Duplicate
C. Single
D. Quadruplicate

A. All purchases of goods 
B. All credit purchases of goods 
C. All credit purchases
D. None of these

A. Error of casting affects personal accounts
B. Omission of a transaction from a subsidiary record affects only one account
C. Error of carry forward affects two accounts 
D. Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue 

A. Cash receipt journal
B. Cash payment journal 
C. Cash book 
D. Financial statements

A. Cost Price
B. Market Price
C. Cost price or Market price whichever is higher 
D. Cost price or Market price whichever is lower 

A. Interest payable on loans or deferred credits taken for the acquisition or construction of fixed assets before they are ready for use
B. Stand by equipment and servicing equipment
C. Expenditure incurred on test runs and experimental production 
D. Administration and general expenses 

A. Bank
B. Payments
C. Discount 
D. Cash

A. Surplus cash 
B. Bank Overdraft 
C. Terms deposits with bank
D. None of these

A. Credited in the cash book  
B. Debited in the cash book
C. Entered in the bank statement
D. Entered in the petty cash balance

i. Depreciation for 2011-2012- 7,000 understated ii. Accrued expenses as at March 31, 2013 – 10,000 understated The impact of this on the reported net income for the year ending March 31, 2013 is A. 7,000 Overstated 
B. 10,000 Overstated 
C. 17,000 Understated
D. 17,000 Overstated