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MCQs

Total Questions : 842 | Page 18 of 85 pages
Question 171. The person from whom the goods are purchased on credit are called
  1.    Debtors
  2.    Creditors
  3.    Accounts receivable
  4.    None of the above
 Discuss Question
Answer: Option B. -> Creditors
Question 172. Which of the following sets of expense are the direct expense of business?
  1.    Wages, Carriage Inward, Octroi
  2.    Postage, Wages, Carriage Inward
  3.    Purchases, Wages, Coal Expenses
  4.    Both 'a' and 'c'
 Discuss Question
Answer: Option D. -> Both 'a' and 'c'
Question 173. The accounting equation is based on
  1.    Dual aspect
  2.    Business entity
  3.    Going concern concept
  4.    All of the above
 Discuss Question
Answer: Option A. -> Dual aspect
Question 174. Suspense account given in the trial balance will be entered in the
  1.    Manufacturing account
  2.    Balance sheet
  3.    Trading account
  4.    Profit and loss account
 Discuss Question
Answer: Option B. -> Balance sheet
Question 175. Different accounting policies can be adopted in the following area(s)
  1.    Valuation of inventories
  2.    Valuation of Investments
  3.    Calculation of depreciation
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above
Question 176. Normally the following accounts are balanced
  1.    Real account and Nominal account
  2.    Personal account and Real account
  3.    Only Nominal account
  4.    All accounts
 Discuss Question
Answer: Option B. -> Personal account and Real account
Question 177. Opening and closing inventories are recorded in
  1.    Journal proper
  2.    Purchase book
  3.    Sales book
  4.    Bill receivable book
 Discuss Question
Answer: Option A. -> Journal proper
Question 178. The installation expenses for a new machinery will be debited to
  1.    Cash A/c
  2.    Profit & Loss A/c
  3.    Machinery A/c
  4.    Installation expenses A/c
 Discuss Question
Answer: Option C. -> Machinery A/c
Question 179. Which of the following instruments is not a negotiable instrument?
  1.    Bearer cheque
  2.    Promissory note
  3.    Crossed cheque
  4.    Bills of exchange
 Discuss Question
Answer: Option C. -> Crossed cheque
Question 180. A Trial Balance contains the balances of
  1.    Only Real A/c
  2.    Real A/c and Nominal A/c
  3.    Personal A/c
  4.    Both 'b' and 'c'
 Discuss Question
Answer: Option D. -> Both 'b' and 'c'

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