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
Category: Accounting Mcqs
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
Which of the following statements is incorrect regarding capital account??
A. Debit increases the capital account balance
B. Credit increases the capital account balance
C. Fresh capital increases the capital account balance
D. Net income increases the capital account balance
Credit balance as per Cash Book mean____________??
A. Surplus cash
B. Bank overdraft
C. Terms deposits with bank
D. None of these
Capital expenditure is an expenditure which?
A. Benefits the current accounting period
B. Will benefit the next accounting period
C. Results in the acquisition of a permanent asset
D. Results in the acquisition of a current asset
Modern system of book keeping is called______________??
A. Double entry system
B. American system
C. Single entry system
D. Italic system
