Cash purchases is recorded in which of the following specialized journals??
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Cash payments journal
Category: Accounting Mcqs
Which of the following statements is true with regard to written down value method of depreciation??
i. The rate at which the asset is written off reduces year after year ii. The amount of depreciation provided reduces from year to year iii. The rate of depreciation as well as the amount of depreciation reduce year after year iv. The value of the asset gets reduced to zero over a period of time A. Only (i) above
B. Only (ii) above
C. Both (i) and (ii) above
D. (i),(ii) and (iii) above
Bookkeeping mainly concerns with which part of accounting process??
A. Analyzing
B. Preparing financial statements
C. Recording financial information
D. Auditing the books of accounts
Discount allowed is a kind of deduction from_____________??
A. Account payable
B. Account receivable
C. Cash account
D. Discount account
The main objective of providing depreciation is to??
A. Calculate the true profit
B. Show the true financial position in the Balance Sheet
C. Provide funds for replacement of fixed assets
D. Both A. and
B. above
Which of these are not required in a promissory note??
A. Acceptance
B. Unconditional promise to pay
C. Properly stamped
D. Payment to be made legal currency
Which of the following is the normal balance of a rent expense account??
A. Credit balance
B. Cash balance
C. Overdraft
D. Debit balance
If Cash=$1000 inventories=$4000 Debtors=$5000 fixed assets=? Capital Liabilities=$15000 What is the Amount of total assets??
A. $5000
B. $10,000
C. $15,000
D. $20,000
Which of the following is a real account??
A. Office equipment
B. Rent expenses
C. Rent income
D. Insurance expense
An Art of reading, classifying
A. Accounting
B. Accountancy
C. Auditing
D. Book Keeping
