Accounting Mcqs

Page No. 29

Which of the following is a long term liability?


aOutstanding expenses


bShare capital


cDebentures


dAll of the above


View Answer Debentures

Profit & Loss account is prepared for a period of one year by following


aPeriodicity concept


bBusiness entity concept


cAccrual concept


dNone of the above


View Answer Periodicity concept

_____ will generally show a debit balance


aBank loan


bBad debts recovered


cDrawings


dSalary payable


View Answer Drawings

The assumption underlying the fixed installment method of depreciation is that of ____ of the asset over its useful life


aEqual usage


bUsage


cCharge


dNone of the above


View Answer Equal usage

Rs.5000 spent on maintenance of computer is


aDeferred capital expenditure


bCapital expenditure


cRevenue expenditure


dNone of the above


View Answer Revenue expenditure

Accommodation bill is drawn


aTo finance actual purchase or sale of goods


bTo facilitate trade transmission


cTo cater the fund requirements of both the parties


dNone of the above



Parties to a bill of exchange are


aDrawer


bDrawee


cPayee


dAll of the above


View Answer All of the above

Which error cannot be revealed on the preparation of trial balance?


aWrong totalling of account


bCompensatory errors


cError of commission


dWrong balancing of an account


View Answer Compensatory errors

Errors are _____ mistakes


aIntentional


bUndetected


cUnintentional


dNone of the above


View Answer Unintentional

The Journal entry in which two or more account is debited or credited is referred to as


aJournal entry


bMulti entry


cAdditional entry


dCompound entry


View Answer Compound entry

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