_________ Checks that are presented to bank but not yet credited by the bank.?
A. Unpresented checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checks
Category: Accounting Mcqs
Identify the nominal account?
A. Machinery account
B. Building account
C. Creditors account
D. Rent expenses account
Payment of expenses will ______ the assets?
A. Increase
B. Reduce
C. apportion
D. Overstate
Which of the following is not a financial statement??
A. Profit and Loss Account
B. Balance Sheet
C. Funds Flow Statement
D. Trial Balance
Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be??
A. Written down to zero or its scrap value
B. Shown in the Balance Sheet at its replacement cost
C. Shown in the Balance Sheet at cost, but classified as a non-current asset
D. Carried in the accounting records at cost until it is sold
The normal balance of asset account is____________??
A. Credit balance
B. Debit balance
C. Cash balance
D. Neither debit nor credit balance
An increase in provision for bad debt will____________??
A. Decrease net income
B. Decrease liabilities
C. Increase net income
D. Increase liabilities
Which of the following is true about a trial balance??
A. It lists down the balances of accounts
B. It lists down the balances of a balance sheet
C. It is a kind of financial statement
D. It is not a part of accounting cycle
The entry for creating a Provision for bad debts is_____________??
A. Debit Provision for Bad Debts A/c and credit Debtors A/c
B. Debit Debtors A/c and credit Provision for Bad Debts A/c
C. Debit Provision for Bad Debts A/c and credit Profit
The concession received on the price of defective goods is called:?
A. Discount
B. Cash discount
C. Allowance
D. Trading discount
