McqMate
| 201. |
Accounts payable normally has ……………………….. balnce. |
| A. | Credit |
| B. | Debit |
| C. | Unfavorable |
| D. | None of the above |
| Answer» A. Credit | |
| 202. |
Interest on drawings is …………………………….. for the business.3 |
| A. | Expense |
| B. | Capital |
| C. | Gain |
| D. | None of the abve |
| Answer» C. Gain | |
| 203. |
Loss leads to reduction in ………………………………….. |
| A. | Liability |
| B. | Capital |
| C. | Income |
| D. | Asset |
| Answer» B. Capital | |
| 204. |
Petty expenses paid in cash are recorded in: |
| A. | Purchase book |
| B. | Sales book |
| C. | Petty cash book |
| D. | Purchase return book |
| Answer» C. Petty cash book | |
| 205. |
Current assets does not include : |
| A. | Cash |
| B. | Stock |
| C. | Debtors |
| D. | Furniture |
| Answer» D. Furniture | |
| 206. |
Stock is ………………………………………. |
| A. | Fixed asset |
| B. | Current asset |
| C. | Investments |
| D. | Intangible asset |
| Answer» B. Current asset | |
| 207. |
All of the following have debit balance except: |
| A. | 6% debentures |
| B. | Loan to contractor |
| C. | Interest on debentures |
| D. | Audit fees |
| Answer» A. 6% debentures | |
| 208. |
Salary and wages is debited to: |
| A. | Trading account |
| B. | P/L account |
| C. | Profit and loss appropriation account |
| D. | Balance sheet |
| Answer» B. P/L account | |
| 209. |
Wages and salary is debited to: |
| A. | Trading account |
| B. | P/L Account |
| C. | Profit and loss appropriations account |
| D. | Balance sheet |
| Answer» A. Trading account | |
| 210. |
Journal proper records …………………………… |
| A. | Credit purchase |
| B. | Credit sales |
| C. | Purchase of asset on credit |
| D. | Sales return |
| Answer» C. Purchase of asset on credit | |
| 211. |
Land & building is a ………………………………… |
| A. | Fixed asset |
| B. | Current asset |
| C. | Fictitious asset |
| D. | Intangible asset |
| Answer» A. Fixed asset | |
| 212. |
Which of the following account will have credit balance? |
| A. | Bank over draft |
| B. | Carriage inwards |
| C. | Prepaid expenses |
| D. | Bills receivable |
| Answer» A. Bank over draft | |
| 213. |
Three column cash book records ………………………… |
| A. | Only cash transactions |
| B. | All transactions |
| C. | Cash bank and discount transactions |
| D. | Cash purchase and cash sales transactions |
| Answer» C. Cash bank and discount transactions | |
| 214. |
Trial balance is prepared according to : |
| A. | Total method |
| B. | Balance method |
| C. | Total and balance method |
| D. | All the three |
| Answer» B. Balance method | |
| 215. |
A person who owes money to the business is a ………………………… |
| A. | Debtor |
| B. | Creditor |
| C. | Investor |
| D. | Supplier |
| Answer» A. Debtor | |
| 216. |
A ……………………….. is person to whom business owes money. |
| A. | Debtor |
| B. | Creditor |
| C. | Investor |
| D. | Propriator |
| Answer» B. Creditor | |
| 217. |
………………………….denote goods brought for sale. |
| A. | Sale |
| B. | Expense |
| C. | Purchase |
| D. | Revenue |
| Answer» C. Purchase | |
| 218. |
Assets acquired for long use in the business are called …………………. |
| A. | Fixed assets |
| B. | Current assets |
| C. | Fictitious asset |
| D. | Liquid asset |
| Answer» A. Fixed assets | |
| 219. |
…………….. is an example of wasting asset |
| A. | Cash |
| B. | Company man |
| C. | Mines |
| D. | Loan |
| Answer» C. Mines | |
| 220. |
Assets acquired for short term use in the business are called…………….. |
| A. | Fixed assets |
| B. | Current assets |
| C. | Fictitious assets |
| D. | Liquid assets |
| Answer» B. Current assets | |
| 221. |
………………….. is the major source of revenue of any business. |
| A. | Investment |
| B. | Advances |
| C. | Loan |
| D. | Sales |
| Answer» D. Sales | |
| 222. |
……………….. refers the amount invested by the owner into business. |
| A. | Loan |
| B. | Advance |
| C. | Capital |
| D. | Prepaid expences |
| Answer» C. Capital | |
| 223. |
Aseets having definite shape and physical existensce are called………. |
| A. | Tangible asset |
| B. | Intangible asset |
| C. | Wasting asset |
| D. | Fictitious asset |
| Answer» A. Tangible asset | |
| 224. |
Assets which get exhausted to the extent of extraction are called ………. |
| A. | Tangible asset |
| B. | Intangible asset |
| C. | Wasting asset |
| D. | Fictitious asset |
| Answer» C. Wasting asset | |
| 225. |
……………. are liabilities which become due and payable within a short period. |
| A. | Fixed liabilities |
| B. | Long term liabilities |
| C. | Current liabilities |
| D. | Contingent liabilities |
| Answer» C. Current liabilities | |
| 226. |
……………….. is an example for fictitious asset. |
| A. | Machinery |
| B. | Stock |
| C. | Patent |
| D. | Preliminary expenses |
| Answer» D. Preliminary expenses | |
| 227. |
……………… is the collection of all accounts. |
| A. | Journal |
| B. | Voucher |
| C. | Invoices |
| D. | Ledger |
| Answer» D. Ledger | |
| 228. |
…………………… is the book of original entry. |
| A. | Journal |
| B. | Voucher |
| C. | Invoices |
| D. | Ledger |
| Answer» A. Journal | |
| 229. |
The process of ascertaining the balance of a particular account on a given date is : |
| A. | Posting |
| B. | Journalizing |
| C. | Balancing |
| D. | Accounting |
| Answer» C. Balancing | |
Done Reading?