(A) Equity
(B) Accumulated Fund
(C) Finance Reserve
(D) Cash Fund
Tag: Accounting Mcqs
The receipts and payments account of a non-profit organization is a?
(A) Nominal Account
(B) Real Account
(C) Income Statement Account
(D) Financial Account
To obtain the amount of credit sales made during an accounting period, which account is generally used in single entry and incomplete records?
(A) Payable Account
(B) Total Revenue Account
(C) Debtors Account
(D) Stock Account
Under sales on return or approval basis, the ownership of goods is passed only?
(A) When the retailer gives his approval
(B) If the goods are not returned within specified period.
(C) Both (a) and (b)
(D) None of the above
Which of these expenses are not included in valuation of closing stock lying with the consignee?
(A) Freight and insurance
(B) Loading and unloading incurred
(C) Godown rent
(D) Custom duties
Under estimation of useful life of a depreciable asset will lead to __.
(A) Overstatement of profit
(B) Excess charging of depreciation every year
(C) Over valuation of assets in Balance Sheet
(D) Short charging of depreciation every year
Raw material and components purchased and used at the time of installation of new Plant and Machinery will be debited to?
(A) Plant and Machinery A/c
(B) Raw Material Consumed A/c
(C) Purchase A/c
(D) Profit ;and Loss A/c
Which types of errors will effect net profit?
(A) Affecting Nominal Account
(B) Affecting Personal Account
(C) Affecting Real Account
(D) None