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


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


cMateriality concept


dReduction concept


View Answer Conservation concept

Accounts payable has ____ balance


aCredit


bDebit


cUnfavorable


dFavorable


View Answer Credit

Interest on Capital is _____ for the business


aRevenue


bExpense


cGain


dNone of the above


View Answer Expense

Del-credere Commission is allowed to cover


aAll types losses


bAbnormal loss


cNormal loss


dNone of the above


View Answer None of the above

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