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MCQs

Total Questions : 842 | Page 17 of 85 pages
Question 161. Which of the following is a real account?
  1.    Salary account
  2.    Cash account
  3.    Outstanding rent account
  4.    Sundry creditors account
 Discuss Question
Answer: Option B. -> Cash account
Question 162. Which of the following is/are fixed asset(s)?
  1.    Closing inventory
  2.    Fixed deposit in a bank
  3.    Patents
  4.    Prepaid expenses
 Discuss Question
Answer: Option C. -> Patents
Question 163. The expenses that have fallen due for payment but not paid are
  1.    Outstanding expenses
  2.    Deffered expenses
  3.    Accrues expenses
  4.    Prepaid expenses
 Discuss Question
Answer: Option A. -> Outstanding expenses
Question 164. Which of the following subsidiary books serves the purpose of ledger too, in addition to the recording of accounting transaction?
  1.    Purchases book
  2.    Sales book
  3.    Bills receivable book
  4.    Cash Book
 Discuss Question
Answer: Option D. -> Cash Book
Question 165. Accounting is the process of matching
  1.    Benefits and costs
  2.    Revenues and costs
  3.    Cash inflows and outflows
  4.    Potential and real performance
 Discuss Question
Answer: Option B. -> Revenues and costs
Question 166. Which of the following event is subject matter of Accounting?
  1.    Death of key executive of the business
  2.    Strike of workers
  3.    Payment of Rs.1000 to bank in discharge of outstanding loan
  4.    Marriage of the daughter of the MD of the company
 Discuss Question
Answer: Option C. -> Payment of Rs.1000 to bank in discharge of outstanding loan
Question 167. Which one of the following accounting equations is correct?
  1.    Assets = Owner's equity
  2.    Assets = Liabilities + Owner's equity
  3.    Assets = Liabilities - Owner's equity
  4.    Assets + Liabilities = Owner's equity
 Discuss Question
Answer: Option B. -> Assets = Liabilities + Owner's equity
Question 168. Purchase book is maintained to record
  1.    All credit purchases
  2.    All cash purchases
  3.    Purchases of goods
  4.    None of the above
 Discuss Question
Answer: Option A. -> All credit purchases
Question 169. Those transactions for which there is no separate book, are recorded in the
  1.    Cash book
  2.    Bills receivable book
  3.    Bills payable book
  4.    Journal Proper
 Discuss Question
Answer: Option D. -> Journal Proper
Question 170. A document sent to customer when he returns the goods is called
  1.    Promissory note
  2.    Invoice
  3.    Credit note
  4.    Debit note
 Discuss Question
Answer: Option C. -> Credit note

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