Accounting Mcqs

Page No. 32

The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources


aLiquidity ratio


bLeverage ratio


cLeverage ratio


dProfitability ratio


View Answer Liquidity ratio

Balance sheets are prepared


aDaily


bWeekly


cMonthly


dAnnually


View Answer Annually

Balance sheet is a statement of


aAssets


bLiabilities


cCapital


dAll of the above


View Answer All of the above

The following is a statement of revenues and expenses for a specific period of time


aTrading account


bTrial Balance


cProfit & Loss statements


dBalance Sheet



The following is a statement showing the financial status of the company at any given time


aTrading account


bProfit & Loss statement


cBalance Sheet


dCash Book


View Answer Balance Sheet

The process of entering all transactions from the Journal to Ledger is called


aPosting


bEntry


cAccounting


dNone of the above


View Answer Posting

The following is (are) the type(s) of Journal


aPurchase Journal


bSales Journal


cCash Journal


dAll of the above


View Answer All of the above

In Journal, the business transaction is recorded


aSame day


bNext day


cOnce in a week


dOnce in a month


View Answer Same day

Real account records


aDealings with creditors or debtors


bDealings in commodities


cGains and losses


dAll of the above



The account that records expenses, gains and losses is


aPersonal account


bReal account


cNominal account


dNone of the above


View Answer Nominal account

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