Which of the following will not appear in Profit and Loss Account of a business??
A. Drawings
B. Bad debts
C. Accrued expenses
D. Reserve for discount on Sundry Creditors
Category: Accounting Mcqs
A chart of accounts generally start with which of the following types of accounts??
A. Assets accounts
B. liability accounts
C. Cash accounts
D. Revenue accounts
Which of the following is the practical implementation of the accounting equation??
A. Cash flow statement
B. Income statement
C. Statement of changes in equity
D. Statement of financial position
The excess of current assets over current liabilities is called:?
A. Working Capital
B. Circulating capital
C. Fixed capital
D. Trading capital
Which of the following is not a contingent liability??
A. Debts included in Sundry Debtors which are doubtful in nature
B. Uncalled liability on partly paid shares
C. Claims against the company not acknowledged as debts
D. Arrears of fixed cumulative dividend
Cash received from debtors would be deemed as___________of funds.?
A. No flow
B. Sources
C. Uses
D. Gain
Which of these transactions will not be recorded in cash book??
A. Cash received from debtors
B. Cash paid to creditors
C. Salary remained outstanding
D. Cash deposited with bank
Keeping the log of financial information in books of original entries is called__________??
A. Recording
B. summarizing
C. Grouping
D. Processing
Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book??
A. Bank charges will be debited in cash book
B. Bank charges will be added to cash book balance
C. Bank charges will be credited in cash book
D. Bank charges need no adjustment in cash book
Period cost include which of the following ??
A. selling Expense
B. Direct labor
C. factory overhead
D. selling Expenses
