Accounting Mcqs

Page No. 17

Which of the following is NOT an example of intangible assets?


aFranchise rights


bGoodwill


cPatents


dLand


View Answer Land

What type of expenses are paid out of Gross Profit?


aGeneral expenses


bFinancial expenses


cSelling expenses


dAll of the above


View Answer All of the above

Commission to promote credit sale by consignee is known as


aDel credere commission


bOver riding commission


cOrdinary commission


dSpecial commission



A proforma invoice is sent by


aConsignee to consignor


bConsignee to debtors


cDebtors to consignee


dConsignor to consignee



Dividends are usually paid as a percentage of


aNet profit


bAuthorized share capital


cCalled up capital


dPaid up capital


View Answer Paid up capital

Petty cash balance is


aLiability


bIncome


cExpense


dAsset


View Answer Asset

Contra-entries are passed only when


aDouble column cash book is prepared


bThree column cash book is prepared


cSimple cash book is prepared


dNone of the above



One of the Fundamental accounting assumption is


aMateriality


bGoing concern


cBusiness entity


dDual aspect


View Answer Going concern

Transaction between business and owner are recorded following ____ concept


aPeriodicity


bBusiness entity


cPrudence


dGoing concern


View Answer Business entity

Loss leads to reduction in


aCapital


bIncome


cLiabilities


dNone of the above


View Answer Capital

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