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MCQs

Total Questions : 842 | Page 22 of 85 pages
Question 211. Which of the following account will be credited, if business bought goods on credit from Mr. Z?
  1.    Purchases account
  2.    Mr. Z account
  3.    Cash account
  4.    Sales account
 Discuss Question
Answer: Option B. -> Mr. Z account
Question 212. Interest on loan paid by business is an example of
  1.    Revenue expense
  2.    Income
  3.    Asset
  4.    Return outward
 Discuss Question
Answer: Option A. -> Revenue expense
Question 213. Which of the following account will be credited when a typewriter is sold that has been used in the office?
  1.    Office equipment account
  2.    Cash account
  3.    Sales account
  4.    Purchase account
 Discuss Question
Answer: Option A. -> Office equipment account
Question 214. The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as
  1.    Appreciation
  2.    Depreciation
  3.    Fluctuation
  4.    None of the above
 Discuss Question
Answer: Option B. -> Depreciation
Question 215. Which of the following item will be shown on debit side of debtors account?
  1.    Discount received
  2.    Return inwards
  3.    Discount allowed
  4.    Credit sales
 Discuss Question
Answer: Option D. -> Credit sales
Question 216. When one or both aspects of a transaction are recorded in the wrong class or category of account, it is called
  1.    Error of principle
  2.    Error of omission
  3.    Error of commission
  4.    Error of original entry
 Discuss Question
Answer: Option A. -> Error of principle
Question 217. Which of the following would NOT be considered as a component of 'cost' of stock?
  1.    Transportation inward costs
  2.    Import duties
  3.    Salaries of selling staff
  4.    Purchase price
 Discuss Question
Answer: Option C. -> Salaries of selling staff
Question 218. Which of the following is TRUE about the treatment of insurance premium paid in advance
  1.    Current asset
  2.    Current liability
  3.    Short term liability
  4.    Fixed asset
 Discuss Question
Answer: Option A. -> Current asset
Question 219. Which of the following is (are) type(s) of Public Limited Companies?
  1.    Listed companies
  2.    Non listed companies
  3.    Private limited companies
  4.    Both listed and non listed companies
 Discuss Question
Answer: Option D. -> Both listed and non listed companies
Question 220. The charter of a company which defines the limitations and powers of the company is called
  1.    Memorandum of Association
  2.    Articles of Association
  3.    Statutory Report
  4.    Certificate of Commencement
 Discuss Question
Answer: Option A. -> Memorandum of Association

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