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MCQs

Total Questions : 842 | Page 26 of 85 pages
Question 251. Which of the following account will be credited when the goods are purchased on credit from Mr. Ali?
  1.    Purchases account
  2.    Mr. Ali account
  3.    Cash account
  4.    Sales account
 Discuss Question
Answer: Option B. -> Mr. Ali account
Question 252. Documentary evidence, in a specific format used to record the details of a transaction is known as
  1.    Account
  2.    Voucher
  3.    Journal
  4.    Ledger
 Discuss Question
Answer: Option B. -> Voucher
Question 253. Cost incurred for the maintenance of shop is considered as
  1.    Deffered expense
  2.    Capital expenditure
  3.    Revenue expenditure
  4.    Preliminary expense
 Discuss Question
Answer: Option C. -> Revenue expenditure
Question 254. Double entry accounting system includes
  1.    Accrual accounting only
  2.    Cash accounting only
  3.    Both cash and accrual accounting
  4.    None of the above
 Discuss Question
Answer: Option C. -> Both cash and accrual accounting
Question 255. Which of the following financial statements show the financial health of an organisation at a stated point of time?
  1.    Balance sheet
  2.    Trading and Profit & Loss account
  3.    Cash flow statement
  4.    Statement of retained earnings
 Discuss Question
Answer: Option A. -> Balance sheet
Question 256. The estimated value at which an asset is expected to be sold after the end of its useful life is called
  1.    Residual value
  2.    Salvage value
  3.    Scrap value
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above
Question 257. Which of the following is a selling expense?
  1.    Any tax/freight is paid on purchases
  2.    General salaries paid to laborers
  3.    Tax & freight paid on sale
  4.    Interest on deposits
 Discuss Question
Answer: Option C. -> Tax & freight paid on sale
Question 258. Which one of the following is NOT true about capital expenditure?
  1.    Creates future benefits
  2.    Incurred to acquire fixed assets
  3.    Incurred to increase the economic life of existing fixed assets
  4.    Reduce the profit of the concern
 Discuss Question
Answer: Option D. -> Reduce the profit of the concern
Question 259. A debit balance in the bank statement indicates
  1.    Cash at bank
  2.    Bank overdraft
  3.    Over payment to creditors
  4.    Cash in hand
 Discuss Question
Answer: Option B. -> Bank overdraft
Question 260. Which of the following is not an item of Balance Sheet?
  1.    Accounts receivable
  2.    Accounts payable
  3.    Sales revenue
  4.    Marketable securities
 Discuss Question
Answer: Option C. -> Sales revenue

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