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MCQs

Total Questions : 842 | Page 2 of 85 pages
Question 11. The following is (are) the type(s) of Journal
  1.    Purchase Journal
  2.    Sales Journal
  3.    Cash Journal
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above
Question 12. The process of entering all transactions from the Journal to Ledger is called
  1.    Posting
  2.    Entry
  3.    Accounting
  4.    None of the above
 Discuss Question
Answer: Option A. -> Posting
Question 13. The following is a statement showing the financial status of the comapany at any given time
  1.    Trading account
  2.    Profit & Loss statement
  3.    Balance Sheet
  4.    Cash Book
 Discuss Question
Answer: Option C. -> Balance Sheet
Question 14. The following is a statement of revenues and expenses for a specific period of time
  1.    Trading account
  2.    Trial Balance
  3.    Profit & Loss statements
  4.    Balance Sheet
 Discuss Question
Answer: Option C. -> Profit & Loss statements
Question 15. Balance sheet is a statement of
  1.    Assets
  2.    Liabilities
  3.    Capital
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above
Question 16. Balance sheets are prepared
  1.    Daily
  2.    Weekly
  3.    Monthly
  4.    Annually
 Discuss Question
Answer: Option D. -> Annually
Question 17. The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources
  1.    Liquidity ratio
  2.    Leverage ratio
  3.    Activity ratio
  4.    Profitability ratio
 Discuss Question
Answer: Option A. -> Liquidity ratio
Question 18. The measure of how efficiently the assets resources are employed by the firm is called
  1.    Liquidity ratio
  2.    Leverage ratio
  3.    Activity ratio
  4.    Profitability ratio
 Discuss Question
Answer: Option C. -> Activity ratio
Question 19. The following is (are) the current liability (ies)
  1.    Bills payable
  2.    Outstanding expenses
  3.    Bank Overdraft
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above
Question 20. Current ratio =
  1.    Quick assets/Current liabilities
  2.    Current assets/Current liabilities
  3.    Debt/Equity
  4.    Current assets/Equity
 Discuss Question
Answer: Option B. -> Current assets/Current liabilities

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