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MCQs

Total Questions : 842 | Page 20 of 85 pages
Question 191. Accounts payable has ____ balance
  1.    Credit
  2.    Debit
  3.    Unfavorable
  4.    Favorable
 Discuss Question
Answer: Option A. -> Credit
Question 192. The concept that "an accountant shouldn't anticipate profit, but must provide for all losses"
  1.    Conservation concept
  2.    Consistency concept
  3.    Materiality concept
  4.    Reduction concept
 Discuss Question
Answer: Option A. -> Conservation concept
Question 193. Reserve capital means
  1.    Part of subscribed uncalled capital
  2.    Accumulated profit
  3.    Part of Capital Reserve
  4.    Part of Capital Redemption Reserve
 Discuss Question
Answer: Option A. -> Part of subscribed uncalled capital
Question 194. Patents accounts are
  1.    Secured loan account
  2.    Nominal account
  3.    Real account
  4.    Debtors account
 Discuss Question
Answer: Option C. -> Real account
Question 195. Revenue from sale of product ordinarily is reported as part of earning in the period
  1.    The planning takes place
  2.    The sale is made
  3.    The product is manufactured
  4.    The cash is collected
 Discuss Question
Answer: Option B. -> The sale is made
Question 196. When will the bill mature if the date of maturity of a bill is a holiday
  1.    Holiday itself
  2.    Other agreed day
  3.    Preceding working day
  4.    Next working day
 Discuss Question
Answer: Option C. -> Preceding working day
Question 197. Memorandum Joint Venture account is a
  1.    Personal account
  2.    Real account
  3.    Nominal account
  4.    None of the above
 Discuss Question
Answer: Option C. -> Nominal account
Question 198. _____ is not required in Promissory Note
  1.    Acceptance
  2.    Noting
  3.    Discounting
  4.    None of the above
 Discuss Question
Answer: Option A. -> Acceptance
Question 199. Loss leads to reduction in
  1.    Capital
  2.    Income
  3.    Liabilities
  4.    None of the above
 Discuss Question
Answer: Option A. -> Capital
Question 200. Transaction between business and owner are recorded following ____ concept
  1.    Periodicity
  2.    Business entity
  3.    Prudence
  4.    Going concern
 Discuss Question
Answer: Option B. -> Business entity

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