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MCQs

Total Questions : 842 | Page 21 of 85 pages
Question 201. One of the Fundamental accounting assumption is
  1.    Materiality
  2.    Going concern
  3.    Business entity
  4.    Dual aspect
 Discuss Question
Answer: Option B. -> Going concern
Question 202. Contra-entries are passed only when
  1.    Double column cash book is prepared
  2.    Three column cash book is prepared
  3.    Simple cash book is prepared
  4.    None of the above
 Discuss Question
Answer: Option A. -> Double column cash book is prepared
Question 203. Petty cash balance is
  1.    Liability
  2.    Income
  3.    Expense
  4.    Asset
 Discuss Question
Answer: Option D. -> Asset
Question 204. Dividends are usually paid as a percentage of
  1.    Net profit
  2.    Authorized share capital
  3.    Called up capital
  4.    Paid up capital
 Discuss Question
Answer: Option D. -> Paid up capital
Question 205. A proforma invoice is sent by
  1.    Consignee to consignor
  2.    Consignee to debtors
  3.    Debtors to consignee
  4.    Consignor to consignee
 Discuss Question
Answer: Option D. -> Consignor to consignee
Question 206. Commission to promote credit sale by consignee is known as
  1.    Del credere commission
  2.    Over riding commission
  3.    Ordinary commission
  4.    Special commission
 Discuss Question
Answer: Option A. -> Del credere commission
Question 207. What type of expenses are paid out of Gross Profit?
  1.    General expenses
  2.    Financial expenses
  3.    Selling expenses
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above
Question 208. Which of the following is NOT an example of intangible assets?
  1.    Franchise rights
  2.    Goodwill
  3.    Patents
  4.    Land
 Discuss Question
Answer: Option D. -> Land
Question 209. The unfavorable balance of Profit and Loss account should be
  1.    Added to liabilities
  2.    Subtracted from current assets
  3.    Subtracted from capital
  4.    Subtracted from liabilities
 Discuss Question
Answer: Option C. -> Subtracted from capital
Question 210. Which of the following is an example of business liability?
  1.    Land
  2.    Building
  3.    Cash
  4.    Creditors
 Discuss Question
Answer: Option D. -> Creditors

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