Accounting Mcqs

Page No. 30

The process of recording in Journal is done


aTwo times in a year


bOnce in a year


cFrequently during the accounting period


dAt the end of an accounting period



Double entry implies that


aRecording entries in Journal


bRecording entries in Ledger account


cRecording two aspects of every transaction


dRecording every transaction in books



______ is the withdrawal of cash and goods by the owner of the business for his/her personal use


aDepreciation


bDrawings


cOutflow of cash


dAppreciation


View Answer Drawings

_______ is the gross inflow of economic benefits


aAssets


bLiabilities


cIncome


dExpenses


View Answer Income

An asset possesses which of the following?


aFuture economic benefits for the business


bAll kinds of benefits for the business


cExpenses for the business


dMerits & Demerits for the business



______ is a separate legal entity whose total capital can be divided into many shares


aPartnership


bSole Proprietorship


cCompany


dNon-profit organization


View Answer Company

Auditing refers to


aReporting the financial information


bExamination of financial information


cPreparation of financial statements


dMaintaining the ledger accounts



Bookkeeping mainly consists of which part of accounting process?


aAnalysing


bPreparing financial statements


cRecording financial information


dAuditing the books of accounts



The accounting process involves recording


aQuantifiable economic event


bNon Quantifiable economic event


cAll of them


dNone of them



A Master Budget consists of


aSales budget


bProduction budget


cMaterial budget


dAll of the above


View Answer All of the above

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