Accounting Mcqs

Page No. 11

What is the next step to Journalizing in accounting cycle?


aRecording


bPosting


cBalancing


dAnalyzing


View Answer Posting

Which one of the following is INCORRECT about closing stock?


aIt is added into current assets


bIt is deducted from Material available for use


cIt becomes opening stock of next year


dIt reduces the resources of business



Which of the following assets are shown at written down value in Balance sheet?


aCurrent assets


bLiquid asset


cFloating assets


dFixed asset


View Answer Fixed asset

Salaries paid in advance should be shown on


aAsset side of the Balance sheet


bLiability side of the Balance sheet


cCredit side of the Trading account


dAll of the above



Money spent to acquire or upgrade physical assets is known as


aRevenue expense


bCapital expense


cAdministrative expense


dOperating expense


View Answer Capital expense

Net Profit = Gross Profit minus


aOperating expenses


bProduct cost


cDeferred expenses


dDirect cost


View Answer Operating expenses

Which of the following is used to record financial transactions in chronological (day-to-day) order?


aVoucher


bGeneral Journal


cGeneral Ledger


dTrial Balance


View Answer General Journal

In an account, when credit side total < debit side total, then, the balance is known as


aNegative balance


bDebit balance


cPositive balance


dCredit balance


View Answer Debit balance

Which of the following is not an item of Balance Sheet?


aAccounts receivable


bAccounts payable


cSales revenue


dMarketable securities


View Answer Sales revenue

Which one of the following is NOT true about capital expenditure?


aCreates future benefits


bIncurred to acquire fixed assets


cIncurred to increase the economic life of existing fixed assets


dReduce the profit of the concern



Goto Page No.

Page 11 of 71

Alphabetical MCQs Categories

Here below You find all kind of categories of MCQs in alphabetical order.


"Comprehensive Collection of MCQs: Alphabetically Organized by Subject"

"Discover an extensive collection of multiple-choice questions (MCQs) neatly categorized by subject from A to Z. This resource is designed for anyone eager to explore various topics in a straightforward and organized manner. Whether you're a student preparing for exams, an educator seeking supplementary materials, or simply curious about different subjects, this compilation offers a convenient way to learn and assess your knowledge. With questions arranged alphabetically, navigation is effortless, allowing you to delve into subjects of interest at your own pace. Engage, learn, and expand your understanding with this accessible and comprehensive repository of MCQs!"


BolPakistan

bolpakistan.com.pk includes Job Mcqs and Pak Mcqs is the Top Largest Mcqs Forum in World, in which you can read Mcqs of All Subjects, PPSC test preparation, FPSC, NTS and PPSC PAST PAPERS, PPSC PAST MCQS. A Collection of Repeated MCQs for JOBs seekers.

Copyright © 2024, Designed & Developed by BolPakistan