MCQs
Total Questions : 842
| Page 82 of 85 pages
Answer: Option A. -> FIFO
Answer: Option B. -> Dividend
Dividend appears in the profit and loss appropriation account. The main intention of preparing a profit and loss appropriation account is to show the distribution of profits among the partners.
Dividend appears in the profit and loss appropriation account. The main intention of preparing a profit and loss appropriation account is to show the distribution of profits among the partners.
Answer: Option B. -> Assets = Liabilities + Owner's equity
Assets = Liabilities + Owner's eq accounting equations is correct. It shows that a company's total amount of assets equals the total amount of liabilities plus owner's (or stockholders') equity.
Assets = Liabilities + Owner's eq accounting equations is correct. It shows that a company's total amount of assets equals the total amount of liabilities plus owner's (or stockholders') equity.
Answer: Option C. -> Credit note
A document sent to customer when he returns the goods is called Credit note. A credit note or credit memo is a commercial document issued by a seller to a buyer.
A document sent to customer when he returns the goods is called Credit note. A credit note or credit memo is a commercial document issued by a seller to a buyer.
Answer: Option D. -> Journal Proper
Those transactions for which there is no separate book, are recorded in the Journal Proper. Only those transactions, which cannot be conveniently recorded in any of the other books of original entry i.e., subsidiary books or which are not sufficiently numerous to necessitate a special book being devised for them, are recorded in this book.
Those transactions for which there is no separate book, are recorded in the Journal Proper. Only those transactions, which cannot be conveniently recorded in any of the other books of original entry i.e., subsidiary books or which are not sufficiently numerous to necessitate a special book being devised for them, are recorded in this book.
Answer: Option B. -> Creditors
The person from whom the goods are purchased on credit are called Creditors. The person, firm or an organization from whom goods or services are purchased on credit by the business are called creditors of the business.
The person from whom the goods are purchased on credit are called Creditors. The person, firm or an organization from whom goods or services are purchased on credit by the business are called creditors of the business.
Answer: Option A. -> All credit purchases
A purchase book is a special purpose subsidiary book prepared by a business to record all credit purchases.
A purchase book is a special purpose subsidiary book prepared by a business to record all credit purchases.
Answer: Option D. -> Both 'a' and 'c'
Wages, Carriage Inward, Octroi and Purchases, Wages, Coal Expenses sets of expense are the direct expense of business.
Wages, Carriage Inward, Octroi and Purchases, Wages, Coal Expenses sets of expense are the direct expense of business.
Answer: Option A. -> Dual aspect
The accounting equation is based on Dual aspect. The accounting equation is made visible in the balance sheet, where the total amount of assets listed must equal the total of all liabilities and equity.
The accounting equation is based on Dual aspect. The accounting equation is made visible in the balance sheet, where the total amount of assets listed must equal the total of all liabilities and equity.
Answer: Option D. -> All of the above
Different accounting policies can be adopted in the Valuation of inventories, Valuation of Investments and Calculation of depreciation.
Different accounting policies can be adopted in the Valuation of inventories, Valuation of Investments and Calculation of depreciation.
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