Accounting Mcqs

Page No. 28

A company cannot issue redeemable preference shares for a period exceeding


a10 years


b20 years


c30 years


d15 years


View Answer 20 years

Preliminary expenses are treated as


aFixed asstes


bCurrent assets


cIntangible assets


dMiscellaneous expenditure



In case of opening Credit Balance, the word ______ are written on the credit side.


aBy Balance b/d


bTo Balance b/d


cBy Balance c/d


dTo Balance c/d


View Answer By Balance b/d

Revenue expenditures are recorded in the


aManufacturing account


bTrading account


cProfit & loss account


dAll of the above


View Answer All of the above

Which liability is not included in the total of Balance Sheet?


aCurrent liabilities


bContingent liabilities


cFixed liabilities


dAll of the above



Which reserve is not shown in the Balance sheet?


aSecret reserve


bGeneral reserve


cCapital reserve


dAll of the above


View Answer Secret reserve

Promissory note is prepared by


aDrawer


bEndorsee


cDrawee


dAll of the above


View Answer Drawer

Petty cash is used for payment of


aSalaries & wages of the staff


bFor purchase of assets


cSmall expenses relating to postage's and conveyance etc.


dAll of the above



Profit is a part of


aIncome


bOwner's capital


cAssets


dAll of the above


View Answer Owner's capital

Drawing is a type of


aExpense


bWithdrawal of capital


cIncome


dNone of the above


View Answer Withdrawal of capital

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