(A) Boost sales
(B) Make payment early before due date
(C) To evade tax
(D) All the three
Tag: Accounting Mcqs
To convert the accounts prepared on cash system of accounting into mercantile system of accounting, which of these adjustments is not necessary?
(A) Reconciliation of cash with bank
(B) Adjustment of prepaid expenses and income received in advance
(C) Adjustment of outstanding expenses and income statement
(D) Distinction between revenue and capital expenditure/income
Accounting Standard 1 requires the significant Accounting Policies to?
(A) Be suitable disclosed
(B) Be circulated to all the shareholders separately
(C) Be notified
(D) Be changed from time to time
Going run concern concept is not followed in __.
(A) Bank Accounts
(B) Joint Venture Accounting
(C) Partnership Accounting
(D) Proprietorship Concerns
Which of these term is not found in a Joint Venture business?
(A) Del Credere Commission
(B) Co-venturer
(C) Joint Bank A/c
(D) Memorandum Joint Venture A/c
Which of these expenses does not result in cash outflow?
(A) Depreciation
(B) Interest on Loan
(C) Payment on Dividend
(D) Donation
Profit and loss on Depreciation Investment Fund A/c is transferred to __.
(A) Profit and Loss A/c
(B) General Reserve A/c
(C) Trading A/c
(D) Capital Reserve A/c
Two primary qualitative characteristics of Financial Statements are __.
(A) Understandability and Materiality
(B) Relevance and Reliability
(C) Relevance and Understandability
(D) Materiality and Reliability