Accounting Mcqs

Page No. 47

Payments received in advance from a customer for a contract can be__________?


aShown as a deduction from contract work-in-progress on asset side


bShown as a liability


cCredited to P&L A/c


dEither A. or B. above


View Answer Either A. or B. above

Investment in own share A/c appears in____________?


aAsset side


bLiability side


cNetted from Capital


dProfit & Loss A/c


View Answer Asset side

Tax deducted at source A/c appears in___________?


aAssets side


bLiability side


cProfit & Loss A/c


dDebited to Capital A/c


View Answer Assets side

Cost of goods sold excludes___________?


aOpening Stock


bCarriage inward


cWages & Salary


dPostage & Stamps


View Answer Postage & Stamps

When a person purchasing goods on credit he becomes a_________in the books of the seller?


aDebtor


bCreditor


cDefaulter


dOffender


View Answer Debtor

The entry for creating a Provision for bad debts is_____________?


a Debit Provision for Bad Debts A/c and credit Debtors A/c


bDebit Debtors A/c and credit Provision for Bad Debts A/c


cDebit Provision for Bad Debts A/c and credit Profit & Loss A/c


dDebit Profit and Loss A/c and credit Provision for Bad Debts A/c.



InsuranceBad debts recovered account will be transferred to______________?


aDebtor‘s Account


b Profit and Loss Account


cProvision for Doubtful Debt Account


d Either (b )or C. above



____________is also known as Appraisal system of depreciation?


aInventory system


bSurvey system


cAnnuity system


dInsurance


View Answer Inventory system

Which of the following is not depreciated?


aBuilding


bLand


cPlant and Machinery


dPlant and Machinery


View Answer Land

Which of the following is an external cause of depreciation?


aRoutine repair and maintenance


bMisuse


cObsolescence


dObsolescence


View Answer Obsolescence

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