Accounting Mcqs

Page No. 46

During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?


aRs. 33,000


bs. 25,000


cRs. 17,000


dRs. 8,000


View Answer Rs. 17,000

Average Accounting Return is a measure of accounting profit relative to:


aBook value


bIntrinsic value


cCost


dMarket value


View Answer Book value

The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?


aGeneral Reserve A/c


bProfit & Loss A/c


cAsset A/c


dCapital Reserve A/c


View Answer Capital Reserve A/c

At the time of preparation of financial accounts, bad debt recovered account will be transferred to?


aDebtors A/c


bProfit & Loss A/c


cProfit & Loss Adjustment A/c


dProfit & Loss Adjustment A/c


View Answer Profit & Loss A/c

Under the direct write-off method of recognizing a bad debt expense. Which of the following statements is/are true?


aThe bad debt expense is not matched with the related sales


bRevenue is overstated in the year of sales


cIt violates the matching principle of accounting


dAll of the above


View Answer All of the above

The creation of provision for doubtful debts given as an adjustment requires____________?


aDebit Profit and Loss Account and deduct the provision from debtors


bCredit Profit & Loss Account and deduct the provision from debtors


cCredit Profit and Loss Account and add the provision to debtors


dDebit Profit & Loss Account and add the provision to debtors



If actual bad debts are more than the provision for bad debts, then there will be a_____________?


aCredit balance of Provision for Bad Debts Account


bDebit balance of Provision for Bad Debts Account


cDebit balance of Bad Debts Account


dDebit balance of Discount on Debtors Account



Which of the following is not classified as inventory in the financial statements?


aFinished goods


bWork-in-process


cStores and spares


dAdvance payments made to suppliers for raw materials



Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be?


aWritten down to zero or its scrap value


b Shown in the Balance Sheet at its replacement cost


cShown in the Balance Sheet at cost, but classified as a non-current asset


dCarried in the accounting records at cost until it is sold



If a company has contingent liabilities, they appear in the__________?


aBalance Sheet


bDirectors‘ report


cNotes on account to Balance Sheet


dChairman‘s report



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