(A) AS 7
(B) AS 14
(C) AS 10
(D) AS 21
Tag: Accounting Mcqs
Which of the following is a non-monetary asset?
(A) Account Receivable
(B) Account Payable
(C) Demand Bank Deposits
(D) Patents and Trademarks
The convention that states that the accounting practice should be followed consistently over the years?
(A) Consistency
(B) Conservation
(C) Materiality
(D) Disclosure
When benefit of a revenue expense extend beyond an accounting year, it is called?
(A) Revenue Expenditure
(B) Capital expenditure
(C) Deferred Revenue Expenditure
(D) Recurring profit
Depreciation amount of a fixed asset represents __.
(A) Historical cost less residual value
(B) Historical cost
(C) Historical cost less cost of disposal
(D) Book Value less scrap value
Joint Venture is a partnership __.
(A) With no firm name
(B) For indefinite period
(C) Formed for 5 years
(D) All the three
__ is the date on which a bill falls due for payment.
(A) Settlement Date
(B) Maturity Date
(C) Payment Date
(D) Due Date
If a bill is endorsed to a third party, the accounting entry in the books of the endorser, at the time of endorsement involves?
(A) Credit Endorsee‘s Account
(B) Debit Endorsee‘s Account
(C) Debit Bills Receivable Account
(D) Credit Bills Payable Account