Accounting Mcqs

Page No. 2

Which of the following is not regarded as the fundamental concept that is identified by IAS-1?


aThe going concern concept


bThe separate entity concept


cThe prudence concept


dCorrection concept


View Answer Correction concept

Revenue earned but not yet received by the business is known as


aContra asset revenue


bAccrued expenses


cAccrued revenue


dUnearned revenue


View Answer Accrued revenue

Earned but not yet received income is treated as


aAsset


bLiability


cLoss


dCapital


View Answer Asset

Prepaid expenses are considered as


aAsset


bLiability


cLoss


dCapital


View Answer Asset

Accrued expenses are considered as


aAsset


bLiability


cGain


dIncome


View Answer Liability

Credit note is the basis for recording a transaction in which of the following journals?


aPurchase Journal


bSales return journal


cGeneral journal


dCash receipt journal


View Answer Sales return journal

Sales and purchase journal doesn't record


aCredit sales


bCredit purchases


cCredit sales and purchases


dCash sales and purchases



Which of the following specialized journal records "goods returned by the business"?


aPurchase journal


bSales journal


cPurchase return journal


dSales return journal



Transactions that a business does not record in any specialized journal are recorded in which of the following books?


aCash payment journal


bCash receipt journal


cPurchases return journal


dGeneral journal


View Answer General journal

Which of the following specialized journal records "goods returned by customers"?


aPurchase journal


bSales journal


cPurchase return journal


dSales return journal


View Answer Sales return journal

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