Accounting Mcqs

Page No. 18

_____ is not required in Promissory Note


aAcceptance

✓


bNoting

✖


cDiscounting

✖


dNone of the above

✖


View Answer Acceptance

Memorandum Joint Venture account is a


aPersonal account

✖


bReal account

✖


cNominal account

✓


dNone of the above

✖


View Answer Nominal account

When will the bill mature if the date of maturity of a bill is a holiday


aHoliday itself

✖


bOther agreed day

✖


cPreceding working day

✓


dNext working day

✖


View Answer Preceding working day

Revenue from sale of product ordinarily is reported as part of earning in the period


aThe planning takes place

✖


bThe sale is made

✓


cThe product is manufactured

✖


dThe cash is collected

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View Answer The sale is made

Reserve capital means


aPart of subscribed uncalled capital

✓


bAccumulated profit

✖


cPart of Capital Reserve

✖


dPart of Capital Redemption Reserve

✖



Patents accounts are


aSecured loan account

✖


bNominal account

✖


cReal account

✓


dDebtors account

✖


View Answer Real account

The concept that "an accountant shouldn't anticipate profit, but must provide for all losses"


aConservation concept

✓


bConsistency concept

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cMateriality concept

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dReduction concept

✖


View Answer Conservation concept

Accounts payable has ____ balance


aCredit

✓


bDebit

✖


cUnfavorable

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dFavorable

✖


View Answer Credit

Interest on Capital is _____ for the business


aRevenue

✖


bExpense

✓


cGain

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dNone of the above

✖


View Answer Expense

Del-credere Commission is allowed to cover


aAll types losses

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bAbnormal loss

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cNormal loss

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dNone of the above

✓


View Answer None of the above

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