Accounting Mcqs

Page No. 45

Outstanding salaries is shown as___________?


aAn Asset in the Balance Sheet


bA Liability


cBy adjusting it in the P & L A/c


dBoth B. and C. above


View Answer Both B. and C. above

Property, Plant and Equipment are conventionally presented in the Balance Sheet at _________?


aReplacement cost – Accumulated Depreciation


bHistorical cost – Salvage Value


cHistorical cost – Depreciation portion thereof


dOriginal cost adjusted for general price-level changes



LIFO stands for__________?


aLots in , Few out


bLink input, Format Output


cLast input, First Output


dLast in, First Out


View Answer Last in, First Out

Net sales equals, sales minus:


aReturn outwords


bReturn inwards


ccost of goods sold


dcarriage on sales


View Answer Return inwards

_________is the cost of converting raw material into finished products?


aPrime cost


bExplicit cost


cJob order cost


dConversion cost


View Answer Conversion cost

Short term Assets expected to be converted into cash within 1 year or less than?


aCurrent Assets


bCurrent Assets


cCurrent Assets


dCurrent Assets


View Answer Current Assets

An income statement in which each item expressed as percentage of Sale?


aBalance sheet


bincome statement


ccommon size income statement


dAll of the Above



The compensation paid by the borrower of fund to lender, from the borrower point of the cost of borrowing fund is called?


aInterest Rate


bRequired rate of return


cNominal interest rate


dAll of the above


View Answer Interest Rate

Period cost include which of the following ?


aselling Expense


bDirect labor


cfactory overhead


dselling Expenses & administrative expenses



Which of the following form of business organization is least regulated?


aSole-proprietorship


bGeneral Partnership


cLimited Partnership


dCorporation


View Answer Sole-proprietorship

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