Accounting Mcqs

Page No. 44

Prepaid expenses are valued on the Balance Sheet at


aReplacement cost

✖


bCurrent cost

✖


cCost to acquire less accumulated amortization

✖


dCost less expired portion

✓


View Answer Cost less expired portion

Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve


aDebit of 800 to Trading Account and credit of 600 and 200 to insurance company and Profit and Loss Account respectively

✖


bDeduct the 800 from closing stock in the Trading Account

✖


cCredit insurance company for 600

✖


dDebit of 600 and 200 to insurance company and Profit and Loss Account respectively and credit of 800 to Trading Account

✓


View Answer Debit of 600 and 200 to insurance company and Profit and Loss Account respectively and credit of 800 to Trading Account

Sundry debtors as per Trial Balance is 43,000 which includes 2,200 due from ‗H in respect of goods sent to him on approval basis, the cost price of which is 1,800. Rectification would involve:


aAdding 2,200 to closing stock

✖


bDeducting 1,800 from closing stock and deducting 2,200 each from debtors and sales

✖


cAdding 1,800 to closing stock and deducting 2,200 each from debtors and sales

✓


dDeducting 1,800 from debtors

✖


View Answer Adding 1,800 to closing stock and deducting 2,200 each from debtors and sales

Which of the following entries is correct in respect of reserve for discounts on accounts payable?


aDebit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c

✖


bDebit Accounts Payable A/c and Credit P&L A/c

✖


cDebit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c

✓


dDebit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c

✖


View Answer Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c

On scrutiny of a firm‘s books of accounts, it was observed that the following errors have occurred in the previous years but have not yet been rectified. 0 i. Depreciation for 2011-2012- 7,000 understated ii. Accrued expenses as at March 31, 2013 – 10,000 understated The impact of this on the reported net income for the year ending March 31, 2013 is


a7,000 Overstated

✖


b10,000 Overstated

✓


c17,000 Understated

✖


d17,000 Overstated

✖


View Answer 10,000 Overstated

The adjustment to be made for prepaid expenses is____________?


aAdd prepaid expenses to respective expenses and show it as an asset

✖


bDeduct prepaid expenses from respective expenses and show it as an asset

✓


cAdd prepaid expenses to respective expenses and show it as a liability

✖


dDeduct prepaid expenses from respective expenses and show it as a liability

✖


View Answer Deduct prepaid expenses from respective expenses and show it as an asset

Bad debts recovered is:


aCredited to P&L A/c

✓


bDebited to P&L A/c

✖


cReduced from debtors in Balance Sheet

✖


dAdded to debtors in Balance Sheet

✖


View Answer Credited to P&L A/c

A club paid subscription fees of `1,400. Out of which ` 200 is prepaid. In such case


aP&L A/C is debited with 1,400

✖


bP&L A/C is debited with 1,200

✖


c200 is shown as current asset

✖


dBoth B. and C. above

✓


View Answer Both B. and C. above

Depreciation appearing in the Trial Balance should be?


aDebited to P&L A/c

✓


bShown as liability in Balance Sheet

✖


cReduced from related asset in Balance Sheet

✖


dBoth A. and C. above

✖


View Answer Debited to P&L A/c

Insurance prepaid is shown as:___________?


aCurrent Asset

✓


bCurrent Liability

✖


cFixed Asset

✖


dIncome

✖


View Answer Current Asset

Goto Page No.

Page 44 of 71

Alphabetical MCQs Categories
—

Here below You find all kind of categories of MCQs in alphabetical order.


"Comprehensive Collection of MCQs: Alphabetically Organized by Subject"
—

"Discover an extensive collection of multiple-choice questions (MCQs) neatly categorized by subject from A to Z. This resource is designed for anyone eager to explore various topics in a straightforward and organized manner. Whether you're a student preparing for exams, an educator seeking supplementary materials, or simply curious about different subjects, this compilation offers a convenient way to learn and assess your knowledge. With questions arranged alphabetically, navigation is effortless, allowing you to delve into subjects of interest at your own pace. Engage, learn, and expand your understanding with this accessible and comprehensive repository of MCQs!"

⚛ Agriculture MCQs
⚛ Artificial Intelligence MCQs
⚛ Accounting MCQs
⚛ Auditing MCQs
⚛ Biology MCQs
⚛ Biochemistry MCQs
⚛ Bioinformatics MCQs
⚛ Chemistry MCQs
⚛ Chemical Engineering MCQs
⚛ Civil Engineering MCQs
⚛ Computer MCQs
⚛ Computer Fundamentals MCQs
⚛ Computer Networks MCQs
⚛ Computer Organization and Architecture MCQs
⚛ Current Affairs (Pakistan)
⚛ Current Affairs (World)
⚛ Dental Materials MCQs
⚛ Database Management Systems MCQs
⚛ Data Structures and Algorithms-I MCQs
⚛ Data Structures and Algorithms-II MCQs
⚛ English MCQs
⚛ English Literature MCQs
⚛ Economics MCQs
⚛ Everyday Science MCQs
⚛ Electrical Engineering MCQs
⚛ Finance MCQs
⚛ General Knowledge MCQs
⚛ General Anatomy MCQs
⚛ Human Resource Managemeent(HRM) MCQs
⚛ Islamic Study MCQs
⚛ Judiciary And Law MCQs
⚛ Mathematics MCQs
⚛ Medical MCQs
⚛ Microbiology MCQs
⚛ Oral Anatomy MCQs
⚛ Oral Histology MCQs
⚛ Oral Pathology and Medicine MCQs
⚛ Object Oriented Programming MCQs
⚛ Operating System MCQs
⚛ Pakistan Study MCQs
⚛ Pedagogy MCQs
⚛ Physics MCQs
⚛ Pathology MCQs
⚛ Pharmacology MCQs
⚛ Physiology MCQs
⚛ Relational Database Management System MCQs
⚛ Software Engineering MCQs
⚛ Sociology MCQs
⚛ Statistics MCQs
⚛ Software Architecture & Design MCQs
⚛ Urdu MCQs


BolPakistan

bolpakistan.com.pk includes Job Mcqs and Pak Mcqs is the Top Largest Mcqs Forum in World, in which you can read Mcqs of All Subjects, PPSC test preparation, FPSC, NTS and PPSC PAST PAPERS, PPSC PAST MCQS. A Collection of Repeated MCQs for JOBs seekers.

Popular Posts

Software Engineering MCQs
Computer Networks MCQs
Computer MCQs
English Literature MCQs

Support

Terms & Conditions
Privacy Policy
Contact Us
About

Copyright © 2024, Designed & Developed by BolPakistan