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

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bThe separate entity concept

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cThe prudence concept

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dCorrection concept

✓


View Answer Correction concept

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


aContra asset revenue

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bAccrued expenses

✖


cAccrued revenue

✓


dUnearned revenue

✖


View Answer Accrued revenue

Earned but not yet received income is treated as


aAsset

✓


bLiability

✖


cLoss

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dCapital

✖


View Answer Asset

Prepaid expenses are considered as


aAsset

✓


bLiability

✖


cLoss

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dCapital

✖


View Answer Asset

Accrued expenses are considered as


aAsset

✖


bLiability

✓


cGain

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dIncome

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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

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dCash receipt journal

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View Answer Sales return journal

Sales and purchase journal doesn't record


aCredit sales

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bCredit purchases

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cCredit sales and purchases

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dCash sales and purchases

✓



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


aPurchase journal

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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

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bCash receipt journal

✖


cPurchases return journal

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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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